Liu Jo, who recerttiy" returned. from Nanking, where ko had been sent at the en. tigation of the Mukden, authorities, is confronted with the difficulty that the railway's coffers are now empty, and, as the export season dees not begin until the end of nex' month, ways and means have found to, meet the big. pay-roll and other accounts duc. The loan of three million dollars from the Bank of China, recently concluded, has enabled the railway to pay September salaries, but there is nothing left for other payments and no provision either for October salaries. Another Youn will be necessary, and it will have to come from the Chinese, for the Dalbank has no spare cash, whilst it is hardly likely that, under Present conditions, any of the fore eign banks will step forward, even though a very high rate of interest is offered.
The reason the C.E.R, has found itself in such a predicament can be told in a few words. Three monthe in a year it always loses money, for the export season is dead, and for four months, little over expenses is made, Thus, the railway actually only "makes! money during five months ina year, and this money has hitherto been placed in-the bank, a9 that there was always-a reserve to Ww upon when required. It la an-history that, months a the Chinese part of the cexpital had been taken from bank and placed into Chink the whole of this sum, to many millions, was transferred to Peking for the uso of Chang Ts Jin, and in addition to this another few millions of the Chinese share of the estimated" next. few months profits was also handed over by the railway for the same purpose, the same time, the Russians ti their share and. transferred it int the USSR, Thus, at one stroke, all the liquid money.' of the railway was with. drawn from Harbin, "The railway President, who is a Inwyer and shrewd man, foresaw what would come and protested against this action, which had been advocated by the Civil Administrator of the Raitway Area, who thereby secured the food graces of the late Marshal, who, whilst, in Peking, had never money enough. Now that this: money irretrievably lost. as well as goodly sums that the gentry and busines men were foreed to contribute at the same time, the Chinese here, headed by Mr. Lui Jo, are very' wrath with Gen, Chang Huang-hsiang, the Civil Administrator, who, has." Jost much of the popularity he hitherto enjoyed, and this is not surprising. The CER. is placed in a very. precarious position, and if this year's bean crop be a failure the: line will on the verge of bankruptey,
Text read from the printed page and cleaned; old type leaves the occasional error.