The series of four articles in which Pheros has set out to demonstrate the economic progress of Shanghai has been carefully directed to pres" ent the relevant figures and facts without attempting to formulate por-teutons conclusions. At this partlcciar time it is useful to have information of that kind, for by diagnasis of the present ills, in the light of past achievements, "the way of ordering the future on improved ines may be best perceived. Shanghai is courageously facing an economic storm, the intensity of which is due partly to uncontrollable outside fences, including the inevitable if belated operation. of the world depression, and partly to Shanghai's own lack of foresight and restraint Crying over spilt milk is not Shang: hal's way and, in spite of the sti distressing signs of stringency, efforts are being quietly and firmly made for the mitigation of hardship and for the better coordination of resources to shorten the period of depression. It will be hoped that this tendency will develop and, indeed, acquire strength as the weeks past.
Text read from the printed page and cleaned; old type leaves the occasional error.