"The prospects of the currency and indeed of the whole financial situation of China for the future will depend first on the maintenance of peace and order in the interior of China, and secondly on a settlement. of the special situation in North [China, In particular, the Customs Tevenues are a vital factor in Chinese finance and every effort should be made to put an end to the difficulties the way of their collection in East Hopel. These difficulties cannot be removed without a better political understanding between China and Japan. During my last visit to Tokyo, I was assured that the Jopanese Government desires such an understanding; that it favours the maintenance of the Chinese Customs: administration and will give no sup-ort to the creation of a special tariff
Text read from the printed page and cleaned; old type leaves the occasional error.