The Chinese Government's objective Ju launching its scheme for the Conversion of Domestic Bonds is that of keeping its expenditure within the Bounds of its revenue. This admire able intention demands close _altention not merely to expenditure arising from the amortization charges on loans but also to what might be called expenditure of the positive kind. The danger always is that when means have been found fo rectify an adverse Balance, the encouragement to further expenditure becomes irresistible. What is really wanted is a definite policy of economy in administration. Tonday a correspondent from Nan-King makes the constructive suggestion. thatthe Government should avail Itself of the services of an expert and representative committee order to ascertain whether unnecessary and unproductive expenditure can be further reduced. The adoption fof this proposal would have the Practical advantage of giving the Government real assistance; it would also do service to the Government's tered it by giving the public addition rounds for confidence in its fnanci obey. The suggestion that some sort Of private effort might be made Voluntarily to assist the national finances, calls to mind the existence in Great Britain of the National Fund which was started in 1927 an. anonymous donation of £500,000 for redemption of the National Debt. The other day by the
Text read from the printed page and cleaned; old type leaves the occasional error.