Admiral Tseng Ju-cheng, who enjoys the fullest confidence of the Central Government, since he suppressed the—rebellion of 1913, has run many a rebel to earth, given adequate protection to the people and defended the district all sucorssfully. At the end of the year just elapsed, he received a telegram from—the Ever since the outburst of the European conflagration, danger has been lurking around us on all sides, Foreign obligations have had to be discharged not a moment later, whilst Customs receipts have decreased more and more every day. Coupled with the rising rate of exchange in favour of the gold pound, we have had to make increasing disbursements while facing a shrinkage in our incomes. Fortunately, with the loyal cooperation of both our Peking and Provincial officials, we have, with the exception of some $40,000,000 on account of small loans which could not be wholly repaid, paid off all large foreign debts which fell due this year to the laet cent, really not thought possible at first. In view of the fact that from next year (1915), the amortization of the foreign loans will begin, our disbursements will be thereby increased very considerably. Hence the necessity of devising means to meet these obligations; for as long as the European war lasts, ambitious persons will watch for and seize an opportunity to grasp the power of directing our financial administration, thereby sucking dry our fat and marrow, and forever depriving us, as a nation, of any hope to recover our wanted greatness. The governors and the financial secretaries. should exch exert his utmost in developing the Fesourees of chis, province and raix
Text read from the printed page and cleaned; old type leaves the occasional error.