1 the value of paper Money 18 a test, then Chang Tso-lin's position beyond the Great Wall is as strong as ever. The paper dollars of Fengtien Province are known to depend on the prestige of ruler, even though there is an actual silver reserve deposit, of a debateable amount, somewhere in Mukden. During the recent War, our paper dollars fell considerably ju value, as compared with Mexicans. But with the return of Marshal Chang to his capital, the exchange rose again. The war has in fact made no apparent difference in the stability of Manchurian dollar notes. Possibly the chaos in Peking may by contrast make the financial position in Mukden still stronger, unless Marshal Chang's ambition should again lead bim too far.
There is no doubt that the Manchurian army is being overhauled and prepared for whatever may come. Compared with the Chihli troops, the reputation of the Fengtien men along the railway was On account of the severe cipline of tha Fengtien army, looting was kept in check. After the return of the Oommander-in-Chief to Mukden, if was said that, on account of their misconduct, officers were court-martialled and shot right and left. In the city, after tha defeat at the front became known, if was touch and go. The officers of tha local garrison wera on the verge of losing contre! of their men. A few days more without effective handling from above, and pandemonium might have reigned throughout—the capital.
Text read from the printed page and cleaned; old type leaves the occasional error.