The story of the stamp scandal in' Peking is a truly wonderful illustra-' tion of what passes for finance the capital, The Government, having neither revenue nor securities to be pledged, hit upon the brilliant wes of pritating 5,000,000 wort oe revenue before, they were needed, and pawning them with the Chinese. It would be interesting to know whether this was Peking's own idea or born of information from the Civil Governor of Kuangsi that that province was actually without a stamp tax. and that this serious deficiency must be remedied at once. The result is the same either way. "While the Director of the Bureau: of Printing and Engraving was working day and night to get this large number of stamps printed, the Director of the Revenue Stamp Department found out what was going on and was indignant because he had not been previously informed of the matter." One may imagine that; the rest of the Cabinet had been particularly anxious that he should not know, seeing that it was the revenue due to his department which was to be mortgaged The Directors of the Treasury Department and of the Printing. and Engraving Department have since been sacked: one wonders how much they were guilty and how much mere scapegoats. But what a study in general chicanery and bad_ faith. Meanwhile the rumour that Peking! is negotiating for a loan of $20,000,- 00 from the Consortium deceives nobody. The London market which is perfectly well satisfied with the old, well-secured and properly.controlled China loans, looks with unpleasant suspicion on Peking's more recent manceuvres.
Text read from the printed page and cleaned; old type leaves the occasional error.