Referring to the improvement in China's Customs revenues, "The Times" says that the Customs loans have always been fully honoured and that Sir Frederick Leith-Reas Lelieves they will continue to be 50 honoured. Therefore, it should not be difficult to improve Chinese credit to a point at which recourse could advantageously be had in foreign es pital markets, thus eliminating the present need for internal loans at excessive rates of interest finance the large "programme of internal development—Reuter,
Text read from the printed page and cleaned; old type leaves the occasional error.