Mar, 19.
PEKING does not seem disposed to pay much attention to the Diplomatic Body's protests against the Fourteenth Year Loan of $15,000,000. Judging by the mandate reported yesterday all arrangements have been made and the scheme goes through. The basis of the Diplomatic Body's protest _appears to be the objection they raised in December, 1923, to the then Government's meditated filching of Customs money marked for the service of existing domestic loans: if this money was to be taken away from its specified purpose, out of the hands of Sir Francis Aglen, custodian of the loans in question, then the Diplomatic Body would claim it for certain unsecured foreign loans, This was. their meaning, although their note was otherwise worded; and so the Government understood the threat and let the surplus alone. Unfortunately the Diplomatic Body have rather spoilt their case for objecting to the Customs surplus being used for borrowing purposes, by not objecting to the $4,000,000 loan raised by Peking last October, on the same security, for the prosecution of the war. (The plea that the money was borrowed for administrative expenses was, course, mere camouflage). The position was then taken by Peking that, with what Customs money might, remain after charges thereon had been met, the Government could do as it pleased. If the Diplomatic Body {did not protest against a war Joan, how shall it get respect for its objections to one in a time of nominal peace?
Neventheless some one certainly ought to protest against the Joan—it ix the Chinese bankers' merchants' business to do xo, not the foreigners—whieh is wasteful and generally - uneconomic a project as could be found. After deduction for the horribleness of a crowd and a and the first three years' interest, policeman taking names and only $9,500,000, or less than two-numbers, \thirds "of the total debt, will We believe it would be fair to accrue to the Government and eay that the overwhelming is pledged to pay out $5,000.00 majority' of motorists in Shang-of this for the arrears of pay of hai drive carefully. as it is cer-Chinese Legations and Consulates tainly true to say' that the trafic abroad. The remaining four and is mostly well managed by the 'a half millions is estimated to: police, But there are exceptions over administrative expenses for beside the opium smugglers just two months. (This is the and armed robbers who largely calculation of a Japanese news use motor-cars nowadays and} agency, which is probably acnaturally heed no rules—and curate enough). The idea in the: against these every man's hand Chinese officials' mind is easy to should be raised. The motor-car see. If they can carry on till is a great promoter of class, the hatred; it suggests to the nonowner an arrogant display of wealth, whose insolence aggravated by.the blaring and discordant horns too commonly in use, The driver, who sends his car along at forty miles an hour; on a road where twenty would be the maximum possible with safety, is an enemy of all his class, and they should have no! hesitation in reporting him. Wel often receive letters ushing why able to borrow gloriously on their expec The officials' confidence in the Powers' consent to the conference appears quite well founded. Indeed it is being said already in Peking even by for eigners that the amount of tari increase agreed to at Washington would be useless: much more and mischievous excuse that if!
Text read from the printed page and cleaned; old type leaves the occasional error.