The political history of China, during the past year, has again been one of deep disappointment; and the general condition of the country so far from realizing the fair expectations raised by its Delegates at the Washington Conference, has become steadily worse. The standing army jis larger than ever, and continues not only to be a crushing financial] burden upon the country, but its ill-disciplined units have become a serious menace to both foreign and Chinese life and property everywhere, outside the protection of treaty ports. Bands of brigands, consisting of deserting or unpaid soldiery, maraud through the provinces, burning, looting and kidnapping with impunity; while the whole country continues to be rent by ever-shifting political dissensions and military intrigues.
The Pekng Government, central only in name, is a puppet in the hands of contending Tuchuns. The railways are over-run, their traffic disorganized and their equipment damaged by hordes of disorderly troops. The revenues which should go to maintain the railways and to pay the service of the foreign loans secured qn them, are appropriated at their source by the military authorities. 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 China show their determination to insist upon effective measures being taken by the Govern: ment for the disbandment of troops the consolidation of the unsecured debt, and the unification of the country, every attempt to assist her from outside must be regarded as futile. The Consortium, which was continue to stand by a patient and passive spectator of events. No financial assistance which would serve the regal interests of China, while at the same time securing protection of bondholders is possible in, existing circumstances.
Text read from the printed page and cleaned; old type leaves the occasional error.