Peking, Jan, 18.
There is some prospect of improve ment in the Salt Revenue Collectorate's position, since Nanking now favours a resumption of foreign supervision of the Yangtze Valley collections. Since foreigners have been ousted from Yangtee stations, the Nationalists' efforts to operate their own Collestorate have been a dismal failure, the revenues reaching Nanking being insufficient to pay overhead expenses. Revenucs amounting to milieus annually have been absorbed by local "patriots."
It is believed by the bankers interested in service loans on Salt that the Nationalists are ready to return the administration to the old Collectorate if 70 per cent, is made ible for their government, 30 of foreign loans. Feuds within the being used for the service
Kuomintang may damage " the chances of such an adjustment, but negotiations nevertheless" are progressing.
Failing such an arrangement, the spring payments of the Crisp, Anglo-French and Hukuang Loans will be impossible, because the Teserve, which formerly was seven millions, was exhausted in meeting the autumn payments, while £24,000 still is due on last September's amortization instalment of the Anglo-French Loan. The present revenue available is limited to pittance from the Changi dist and is barely adequate for the Administration's expenses and the partial upkeep of the pension fund.
The spring payments falling due roughly are:—
Crisp Loan (March 30) £114,000; Anglo-French (Aprit 5) £62,000; Hakuang (June 8) £200,000.
The general rise in Chinese bond values in European markets remains Inexplicable in the Legations and Banks here. The Legations deny all. knowledge of any change of Policy warranting optimism, while the bankers are reluctant even to guess. The commonest surmise is that some fatuous remark on coming peace, or improved con: tions, by an alleged authority, has been" taken seriously by an ill-informed public.
Nanking, Jan. 13.
The Nationalist Government received a telegram yesterday from Mr. Sun Fo, former Minister of Finance, declining his new appointment as Minister of Reconstruction and pleading that as the revenues, fof the Government at present have to be devoted to military expenditure, pending the conclusion of the Northern Punitive Expedition, he does not deem it timely and practic-fable "to carry out reconstructive measures as laid down by the late leader. Following is a translation of Mr. Sun's telegram "Owing to the difficulty of the times and my inability to cope with the "demands of the situation, T have already petitioned the government to be relieved of my Guties as Minister of Finance. I felt lately a sense of both mental and physical exhaustion and have been confined at home, in the hope that I may temporarily be relieved from the heavy burden and devote myself to the pursuit of learning.
"Recently I read in the papers that the Nationalist Government Council has adopted a resolution, transferring me to the Ministry of Reconstruction as its Minister, Yesterday, I duly received the official appointment from the Government. Whereupon, I carefully considered, and came to the' conclusion that I cannot advisedly accept the appointment.
have always held that the primary aim of the Revolution is, national reconstruction, and that the success of any endeavour towards reconstruction must depend upon its accord with the specific plan handed down by our late leader. But in view of the fact that the Northern Punitive Expedition has not as yet been completed and that military affairs are still existent, the government under the cireumstances has to concentrate all its revenues for military expenditure fand it seems to me that the time for the execution of this gigantic programme of reconstruction has not yet arrived. But if we should Assume the good name of reconstruction and waste our national revenue by establishing organs for useful purposes, the government would be glossing over facts, while on my part, T would be holding a sinecure position, making me there by an object of ridicule in the eyes of the people. For these reason I consider it most beneficial to to confine myself at home and devote my whole time and faculty to the pursuit of learning: and I would be most grateful if the Government can. speedily withdraw the appointment,"—Kuo Min,
Text read from the printed page and cleaned; old type leaves the occasional error.