London, Dec. 22.
This week the papers published the appointment of Gen. Chang Shao-tseng "as Prime Minister "of China. These politicians of China come and go with such amazing rapidity that we are unable to! follow their careers, but we gather that the new prime Minister is a tan of considerable ambition and perhaps not too great scrupulous ness. We understand, too, that his daughter is engaged te be married to the nephew of Gen. Wu Pei-fu, now his adopted son. In the circumstances, no one expects the present Ministry to last very long, and this in any case will be unfortunate, because the frequent political changes at Peking have been productive recently of a very bad im-
The main trouble with which the friends of China at the present time are faced is that of trying to explain away many of the innumerable objectionable aspects of her affairs. One is finance, the position in respect to which has been very much damaged recently by the failure to meet the interest on the Marconi and Vickers' Bonds. The interest on the Hukuang Coupons Was just mot in time, as, 24 hours before the time to pay, it had not been received in' London by the Hongkong & Shanghai Bank, but it came along just at the right moment, although a rumour, very damaging as it proved, had gone round the Stock Exchange indicating failure. The Chinese Legatioa naturally puts the best face on matters, but the task is not easy. Indeed, Mr. Chu Chao-hsin, the Chinese Charge d'Affaires, this week issued to all the chief London papers the following—statement, which may interest China:—
"Within the last few days 4 ere has been yet euother financial rumour witir regard to China, and in view of the temporary reaction on Chinese credit on the Stock Exchange, a few words of critic. ism may be permissible. This rumour, which suggested that the interest on the Hukuang Tan would not be paid on Friday last, occasioned many inquiries at the Legation in Portland Place, but a refutation was speedily forthcoming, as the result, of a telegraphic inquiry to Peking, since the immediate reply announced that the Hongkong & Shanghai Bonk, who act as agents of the Chinese Government, had received all the necessary funds advanced for the purpose from the surplus of the Salt Tax. By this time the payments have been duly made.
"Students of Chinese finance and economics doubtless are aware of the absolute reliability of this investment, en which default is unimaginable. It is secured, not only on the Hukuang Raiiway Line itself, but also on the Hupeh and Hunan likin, on the Hupeh and Hunan salt revenue allocations, and on the Hupeh imported rice duty. In addition, Chinese Government assumes respon-ug adequate revenue from
Text read from the printed page and cleaned; old type leaves the occasional error.