Feb, 23, As the discussion over the sad plight of silver gathers strength it seems that heroic measures for transforming the situation, although given special pro: minence in cables and other media of communication, do not win the favour of those whose ty it is to take action.
the frequently made Suggestion that America should present China with a big of silver at a nominal interest appears to. hi ignored by the Pittman Committee, just as one of its enthusiastic, if not particularly impressive, sponsors here can quote in their favour the views of every member of the Chinese Government except those of the Minister chiefly concerned with the country's financial obligations. Of course, from the Point of view of' China and, therefore, of all who business here, an American loan on the lines ' suggested would have distinct attractions. The difficulty is to prove that there fs any reason for America to perform such an act of quixotic altruism. It will be noted that the Pittman report has evoked the definite suggestion that international action should be sought for the rehabilitation of silver, This reinforces the cogent plea recently made by Mr. Chang Kai-ngan, of the Bank of China, in the columns of this journal. The cables to-day show that Mr. Chang's views have made an impression in Europe whence also come proposals for international consultation. The sound view that the present slump is in the main due to economic conditions which cannot be artificially adusted is in no way stultified by 4 proposal to consider means for ensuring mote extensive monetary use of silver. It may be that, on closer examination, the contention that demonetization of silver has been the chief cause of present difficulties will fire modification. Investiga-by an international body might nevertheless be of profound value and it will have been noted that, while disclaim ing the necessity for> Great Britain to take a ead in the matter, Mr. Philip Snowden quite ready to ce-operate in such an inguiry.
In December last Mr. J. F. Darling, a London banker with eleven years, not very recent, experience in India and.with ideas of his own, gave certain evidence before the Sub-Committee of the Foreign Relations Committee of, ited States Senate, Full
Text read from the printed page and cleaned; old type leaves the occasional error.