Bondholders in Conclave las the British and. Chinese Cor-'The Ministry of Railways, as well oration, should find its hands considerably strengthened by the formation of the Committee to watch over the interests of bondholders of the Nanking-Shanghei Railway. Mr. David Gubbay on June 1 made it clear that, the committee would work jin that Sense. The Ministry of Railways has shown evidence of its Jearnest desire to place its railway systems on a reasonable footing of Jsound management. The deplorable Jeonditions which it has to face must command for it general sympathy, The special position of the Nanking-[Shanghai Railway as a line which, under fair treatment, would be high:
profitable and which charges the Chinese Government itself with peculiar obligations. must appeal to the Ministry's admitted jealousy of China's credit. The difficulty experienced in obtaining from the military authorities proper payment fox their use of the Ministry's systems is highly damaging to the JGovernment's reputation. Apart Hfrom the proof which it gives of imperfect administrative control, it saddles the unfortunate Ministry' of Railways with an opprobrium which, in that respect, is really undeserved. 'The stimulus of the activities of the Bondholders' Committee may well be usefully applied to such "representations "as the Ministry may feel called upon to make to the Central Government.
valuable constructive suggestion was made by Mr. Gubbay'in pro-Posing to call for the publication of Jcevtain periodical trafic and finanial returns. In the Ministry's own interests the provision of full. formation for the guidance of bondholders and the general public is to strongly recommended." Tt} should enable criticism to. avoid unfair exaggeration of the Rail-tway's capacity and it also should invite the Ministry to persevere its efforts to institute more. bu: Inessclike methods of management.
Another East Lancashire Record When Liewtenant-Colonel A. C. Marsh wag appointed to the com: mand of the 2nd East Lancashire Regiment now in Shanghai, he was }said to be the youngest Commanding [Officer of any British infantry te Jment on the list. The officer whom ie succeeded, Lieutenant-Colonel W, Holmes, has achieved a record of his own in ing promoted Colonel in peacetime, at the early age of 413. This journal's military correspondent in yn has conveyed that information which shows that. \Colonel Holmes's career is likely to, continue to be of great interest to {the fine battalion recently commnandled by him. He entered the Great far as a Lieutenant and was an acting tenant-Colonel from September 1916 to December 1918, winning the D.S.0. and bar, two. brevets, the Italian Silver Medal for Military Valour. After the War he served in the Waziristan and Mahsud campaigns from 1919 to 1924 and was awarded the Frontier Medal and two clasps. Colonel Holmes has thus crowded much distinction and promotion in a military service of less than twenty two {to the Royal Welsh Fusiliers in years for he wag frst commissioned [October 1911. He joined the East Lancashire Regiment asa Major in
Text read from the printed page and cleaned; old type leaves the occasional error.