It Is satisfactory to know that Mr. TT. V. Soong and the banking interests in Shanghai—foreign and Chinese-fre in close touch at this moment special monetary difficulty. 'The contacts made with Mr. Soong since he came definitely into the fore-Ground of financial affairs again, have Blready, it is believed, established a healthy' feeling of confidence. This {5 all to the good and it greatly helps to remove anxieties which were prevalent when it was perceived that between the bankers themselves, to say nothing of their relations with the Government, there waa a certain, lack of ce-ordination. and ce-apers tion. "Mr. Roosevelt's latest mor has made it all the more necessary that China's monetary position should be protected by all means at the Aisposal of the Government and the important banking institutions which so much depends. It would be idle to pretend that America's silver-purchasing policy has complete ly declared itself. Mr. Roosevelt's political requirements are always lable to carry his Government Into operations which, on purely economic grounds, it would fain avoid. Yet shrewd observers are not inclined to believe that Washington is prepared to jettison all sense of proportion. Silvef speculators hay before now been checked. They may have the same experience again. In the meantime, in spite of the vagaries of the market, it is held that Mr. Soong, with the backing which he is now able to command, is resolutely adhering to sound principles, and is facing his exceedingly dificult taste with the courage ard grasp of essen tials for which he acquired a sound reputation in his term of office as Finance Minister. It is encouraging, to note that reports of conditions upcountry are by no means untavou: able and even in the situation more Immediately affecting Shanghai there are signs of a definite, if faint, im-
Text read from the printed page and cleaned; old type leaves the occasional error.