In their reply to our criticism, of the surtax resolution adopted at the recent conference, the Associated Eritish Chambers of Commerce objected strongly to our claiming support for our views in the chairman's speech at the annual meeting of the Hongkong & Shanghai Bank. One the contrary, the TS as serted, he was all for them. Well, the speech has at last arrived and may be read in full on another page of this issue, With this reference, there can be no possible charge that we are quoting to suit our own purposes, which the context would upset, in giving here the paragraphs which deal with the point at issue between the Chambers and ourselves. After describing how the Peking Government is "central only in name, a puppet in the hands of the Tuchuns," with all the accompanying disorganization and Jawlessness that prevail, the chairman continues Over-shadowing this chaotic condition of affairs like a dark cloud is the load of unsecured indebtedness, foreign and internal; an indebtedness with which the Peking Government, in its present circumstances, has shown itself entirely unable to deal unaided; but which, measured by the area, wealth and population of the country, would, if properly consolidated, entitle China to be placed almost at the head of the solvent nations of the world.
So long as present conditions persist, however, and until the people of Chine show their determination to insist when "[eeccees measures being taken by the Government for the disbandment of troops, the consolidation of the insecure?
SMATISTS. provided debt, and the unification of the country, are every attempt to assist her from outside an interesting announcement must be regarded as futile, "he Conn the "'Sinwanpao."' It appears sortium, which was formed to give suck that dollars showing the head of assistance, must continue to stand by a President Yuan Shih-kai are no patient and passive spectator of events. longer in favour, and it is said No financial assistance which would that at a recent Cabinet meeting serve the real interests of China, while the resolution was arrived at to at the same time securing protection of tend holders is possible in existing cir {have this representation erased from all coins in circulation an to imprint in its place "severa he italics in the above are ours articles of Chinese historical in-and we consider that we are justi terest." fied in using them. For surely nothing could possibly be clearer. Peking, it is true, cannot deal with Noruine seems to daunt the its debts unaided, but itis the peo-Chinese journalistic mind, and the ple of China who must come to the latest hinted-at feat of engineer-aid; it is they who must bridle the ing makes no impression worth Tuchuns. Until they do so, "every while recording. This project, ac-) attempt to assist her from outside' cording to the "Sinwanpao," is the digging of a tunnel from Shanhai-Kuan to Mukden so that Italian! is futile. Ihe Consortium. must continue to stand by a passive spectator of events." What possible in the past two or three years, ins. may be smuggled to. Chang! support will the Associated British Tso-lin, Information to this effect Chambers.of Commerce get from the building projects are likely to be of almost equal interest. Plans for a new Customs House are understood to be in preparation, and at no distant date we ought to see a beginning of the demolition of the present edifice and the building of a new. That, however, can be put down as an evidence of Shanghai's past development, and is a case of bringing Seems to have been received by' secret service agents of Wu Pei-fu, Chang's late rival in arms, and is duly recorded by cur contemporary.
'y. The futility of constructing this tunnel, which would be about 40 kilometres in length, seems to have impressed itself upon somebody, for a suggestion is made that in order to save money, the Central Government might buy the arms, se doing away with years of unnecessary labour, 4 this? In the plainest_ possible words it endorses the view repeatedly urged in these columns that there must be no consolidation loan until we'know that it will go toa Government representative of thes united people of China. And now let us go a little further. At the end of a most masterly speech, packed with-incisive description of ihe present state of affairs in China—facts which were certainly available to the Associated Chambers of
Text read from the printed page and cleaned; old type leaves the occasional error.