The note delivered in Washington, of which our telegrams speak to-day, to the effect that rear Britain has no idea of floating new loans in America but rather of reducing her indebtedness there, is to be welcomed, in view of the manner in which some American politicians have latterly been talking. In this connexion it is pertinent to recall that the first British, loans floated in America were made in direct response to the request of American bankers, who were alarmed at the enormous quantities of gold which Great Britain was sending across the Atlantic to pay for her purchases of munitions. What men like Mr. Glass, of the United States Treasury, appear to overlook is that America was very little hit by the war, as compared with European countries, and that, for at least two and a half years of it, her factories were making very large money out of it. At the present time, with Russia, Austria and other countries in 'a modified degree clean wiped out of the circle of producers, it' stands to reason that economic balances are upset. If American finance comes to the aid, Europe certainly does not underrate the help, but there are two sides to the question, as the growing recognition by American business men (if not by Mr. Glass) of the injury done to their export trade by the height wf the gold dollar sufficiently indicates.
Old Chefoo Boys correspondent, who writes quite disinterestedly, calls attention to one particular war memorial to which we should think a good many people in China would like to give a trifle, namely a new hall at the I. M. School to old boys who fell in the war. How far the school is self-supporting, or how far it may need a grant from the Mission we do not know. If the
Text read from the printed page and cleaned; old type leaves the occasional error.