We would call special attention to the tremendous decline in German credit in Holland which is reported elsewhere to day—particularly the attention of Chinese readers. In this connexion we quote the following extract from a proclamation which, the "Novoe Vremya" of Petrograd has learnt, has been distributed, recently, by millions throughout the southern provinces of China "Peace is to be concluded between Ger-
Russia. The latter country, which is vanquished, leaves in the hands of Germany all her posscesions in the Far East_as well as her naval bases in the Pacific Ocean. Thanks to these ncquisitions the powerfal German fleet will crush the navy of detestable Japan, all whose ships, both mercantile vessels and warships, will be given to China as a personal present from William IT."
Nobody understands better than the Chinese what is meant by the decline of national oredit, and how, they will ask, does this vainglorious statement fit in with the solid fact that German credit has declined, in a country so well placed for mutual trading as Holland, and within only three months, from 14.7. to 28.7 per cent., so that for every 100 marks worth of goods Germany has now to pay Holland 1401 The plain meaning of it all is that neutral countries are learning the hollowness of German power. It will not be long before Germans learn it also, in spite of their Government's desperate efforts to keep them in darkness.
Text read from the printed page and cleaned; old type leaves the occasional error.