Until fuller and more authorita. tive details come to hand it is. not possible entirely to assess the significance of the big loan effected on a commodity basis by Mr. T. V. Soong, in the United States of America. It is understood that the wheat involved is mainly surplus stock ac-Jquired by the American Goveroment in relief of the farmers. The Chinese Government cannot be said have any special reason—as_ for example after the disastrous Yangtze floods—for importing whea,, and cotton on a big scale. It seems to be entering upon the adventure of state trading mainly because its credit is not equal.to the task of acquiring. funds by' direct applica tion. The consequences will perhaps unpleasant for the markets which have to face the prospect of the sale lof wheat at undercutting prices. Important questions regarding the financing and marketing of wheat and cotton seem also to arise; if|0 full benefit is to be reaped by the! ultimate consumer elaborate "measures will have to be taken to pre-Yeng indirect and direct profiteering. 'The American Government, presumably, has made a good" bargain and' although it has not yet. been 1992 $110 million worth of cot and $29 million worth of wheat and wheat flour, The Commodity Loan The satisfaction felt in Washi ton and Nanking over the 000,000 loan of wheat and cotton to China not markedly reflected Chinese opinion which affects to speak for rural interests, freely pointed out that the sorption of wheat in the last two years has been inflated by the import of famine relief wheat. Therefore, unless steps are taken to safe. guard the local producers of wheat, the proposed disposal of wheat abroad in 1a may defi ly harm already sorely di essed cultivators, The same argument applies in some degree to cotton. Moreover the difficulty of gauging the Goverrment an ability to make the ion really beneficial China is considered to lie in the absence of in formation regarding the handling of tile commodities in question. it recalled that to the import of famine relief wheat conditions governing freight were attached ang they, of themselves, added to the cost of the grain when a freer hand would perhaps have ensured cheaper means of transpo1 distribution. rt a brained by this loan process, ie e[expression tentatively" fully paid for the wheat previously] the view which is finding
no doubt satisfied with the security|Chinese quarters same less productions of the Hongkong, A.D.G., when many who are now, grey-headed in the service of the colony and out of it delighted hu, audiences, and the Philharmonic Society made the rafters ring with the oft reiterated question "And shall Trelawney die?" The Oi Hall itself saw national society Balls, that really were Balls, when tired dancers stole down to "Blake Pier to have their tired feet in the waters of the harbour before returning to continue the mad fling. But that was long before the gentle fox.trot id the anamie waltz of nowadays, and dancing was danced by men who were men.
The Lama in the Machine 'That wag a gorgeous picture which Mr. Findlay' Andrew and his friends Saw "in Kansu—a minor Living Buddha in his red cerement robes. riding' in an aeroplane Pilgrimage to the holy mountain of Wu Tai-shan. 'The reverent pen of Chesterton alone' could to it. 'Yet, in the mere the adventure, the sense lof imagery, of the perfectly irrelevant is created. Far more impressive is itveven than the sight of Mr. George Bernard Shaw' posture ing in front of the talkie micro-Iphone. As a portent to the impend-Ing World Economic Conference it might be invaluable. In such a whirl of ancient theories and prac. tices with modern superstitions and stunts have the affairs of the world become involved that the peaceful anachronism of a Lama aloft in an now offered, Whether corresponding benefits will accrue to China remains to be seen. The deal has ereated_much interest and its developments will be closely watched accordingly. At the best it seems to provide the Government of China with very. temporary acco tion, "And, on the baris of recent China can within three years absorb $160 million and $40 million worth of cotton and. wheat, (and wheat flour), respectively with. lout great effort. "In 1931 and 1982 she spent on cotton $180 million and $119 million; on wheat and wheat flour $116 niillion and $87 million. Qf these purchases the United States supplied $112 million worth fof cotton and in 1931. $28. million worth-of wheat and wheat flour; in ind it desirable before long to gi facroplane seems to be & commonplace. "And a commonplace is surely in order to dissipate the anxiety twanted when economists have thus displayed. themselves up into knots, financiers have taken all the frenzy out of Hongkong Changes finance and politicians know not Work is about to commence on Jwhether to be dictators or sacrifithe razing of the City Hall in Hong. cial lambs. So the spectacle of Kong in preparation for the erection Prime Ministers rushing about in of the new fies of the Hongo the air to utter platitudes in pro-picture of the elevation of which Shanghai Banking Corporation, a found concealment of non-existent plans for recovery fades into insigrecently appeared in these columns.
'The frst. portion to. to be Inificance before. that vignette in 'Theatre Royal high wil duties the|Kansu, Cannot the Flying Lama, Jaflame'in his red robes, be persuade Fronskong so' thave of Shanghai regretted Tealdents of Jed to turn his machine in a speed iight.to Europe and then lead bac svhovonce, ved in the colony for the if. was-a building [statesmen to attain.
Text read from the printed page and cleaned; old type leaves the occasional error.