Peking, Mar, 27. venturer-commanders, with long re~ cords of misbehaviour, cowardice and bad any one of whom might in a critical situation turn ttle into a hopeless defeat and rout, There is no one of these three men who is not aware of the danger, nor who has not publicly pronounced against the practice of absorbing mercenary or doubtful allies, but the temptation to take over Jarge bodies of armed men when they offer themselves and "reorganize" them has been too strong for then all.
'The interest on the Anglo-French Loan, secured on the Salt funds,' which should have been remitted to the banks on March 26, has not yet been paid. Hence it is feared that there will be a default in this matter as well as on the Crisp Loan, the interest of which should have been paid into the banks on March 18.
The Anglo-French' Loan interest is due to bondhold-
A. Bitter Experience in Honan The Inst time that Fengtien went into Honan, about a year ago, and withdrew with little credit, the sevcfest blow that they received was the loss of nearly, a division through ers on April 5 and the Crisp Loan interest on. April 1.—Reuter. army he would leave behind over an attack from the rear, eaxried out by a large body of Honanese ¥-hom they had been tempted to take over and hold as reserves. Since then senior officers in Peking hi quently pledged themselves never to take another risk, One of the argu-monte against another campaign into Honan lately has been that, with 100,000 of his mercenary riff-raff whom the Fengtien troops would Lave cither to disarm or incorporate in their own forces, to the latter's plete demoralization.
Text read from the printed page and cleaned; old type leaves the occasional error.