view of the recent controversy about the terms of this oan itis most interesting to note thal it was heavily oversubscribed and also to learn privately that Tntge proportion of the applications came through foreign sources, Whether or not these applications have been made by foreigners in ignorance of the facts, I do not now: but It does seem to me to be dismal fact that dur Council has smashed in fifteen minutes a system of calculating liabilities in China which has held good for generations 'Can it be that our Councillors and their senior officials are elderly gentlemen who anticipate leaving the country within a few years, and are thus willing to leave the younger yneration nursing the baby of their'
sri? One very good reason for all Toan transactions. In China being. fon a metal and not on a currency basis, is that China is consistently a borrowing and not a lending ni tion; in Europe and America there always a certain amount of reciprobity in these matters, so that the evaluation of currencies do not have such serious effects. Tt the future position is going to be that the Chinese authorities of generations to come, whether Municipal or National Shanghai, May 30
Text read from the printed page and cleaned; old type leaves the occasional error.