Foreign financiers, like the diplo mats, have been looking forward to the tariff conference here, hoping that it would provide an opportunity to help China to straighten out her tangled finances. These same financiers, like all other foreigners, were inclined to regard the decency and efficiency of the late lamented Cabinet as an omen of lasting improvement in Chinese administration, as the inauguration of a new era. It was therefore whispered about that foreign financial interests were almost ready to guarantee to carry the Government over the rough and dangerous places at least until the conference. This consideration alone made possible the floating of the recent 11th year bonds secured on the Russian indemnity. No such considerations will now influence the minds of Ohina's foreign creditors. They are disillusioned like all the rest of us.
General Wu_ Pei-fu of course comes in for his share of censure and expressed contempt. The Tsao Jui clique works under the patronage of Tsao Kun, whether he is a party to their machinations or not, and Wu Pei-fu is solely responsible for Tsao Kun's continued residence in Paotingfu. Therefore although Wu Pei-fu was largely responsible for establishing de-_ cent Government in Peking and is given due credit for it, he is also held largely responsible for that Government's collapse before the
Text read from the printed page and cleaned; old type leaves the occasional error.