As is always the ease in China, ay soon as the actual barriers are removed, trade has once again bogus renscal activity down channels and "some recovery in values has been made, bt, when we welcome, as, of course, we do welcome, any signs of improvement, itis well that we shankd 'View them' with caution. T can sce at the moment to justify any feelings of¢ complacent optim= fam. If some of the violently hostile elements are removed, there remain some that are merely dorvant. From time to time, outbreaks, ghastly in their display, afdance that Communism has leated. The work of reconstructions has not yet. beseun, True that conditions in Hankow are much nearer normal than they were a year ago, but the interests of the debenture holders have still to cared for, The North and the South are still gazing across the distance that separates them, with undis-It is to be hoped there will be no renewal of and fruitless hostilities.
With the experience of the deplorable results of military activi ties in the past few years, and with the change in temper of the people, the occasion would seem to ute an unexampled oppor! unity for leadership from China's well-wishers in this country to show that, by negotiation, and not by fighting, can her difficulties be sur-amounted. If the salt collections are again in the hands of the forcigner, there is little to warm the hearts those who hold bonds secured on the ealt collections unless these collections are to be made available for satisfying the service of whith are purt'of, or Lhe. whole
Text read from the printed page and cleaned; old type leaves the occasional error.