"Would Britain aid China independently should Japan decline to extend Joint assistance?" he was asked, "I do not believe that such a ques tion could arise now that the Japanes0 Government has signified its intention to extend joint assistance, Sir, Frederick replied, Conerete proposals' for the establishment of new railway lines and the reform of the Central Bank of China were impossible, he said in a reply to a question, unless China's international credit was heightened.
"I believe that the question of the Customs should be noted as having'
important bearing on China's credit abroad," he remarked.
Sir Frederick declared that he be-
Meved it was essential for Japan abandon unnecessary competition, by avoiding over-production tending 10) flood markets, if the present trade barriers being erected against Nippanese products were to be removed.
"It is true that Japan has little resources but raw malarials can be Imported cheaply from abroad," he said, "That is why I believe' that Japan should restrict production and Increase the price of her products if she hopes to overcome the trade dif culties she is now facing.
"Britain is ready to compete with 'Japan, not only in China, but every: where, on the basis of mutua], ogreements. Japan, on the contrary' seems bent upon competing without restrie-
Text read from the printed page and cleaned; old type leaves the occasional error.