Dr. H. W. Luce. formerly president. of Yenching College in Peiping, left Changsha to-day after a visit of several days with friends in the Yale Union Middle School. Dr. Luce has been revisiting China after an absence of ten years, and is making short excussions to' as many varied points as he is able to. Many people who have seen and admired the famous Yenching water tower, built as a Pagoda, will be interested to know that it was Dr. Luce who. planned this many years ago, and succeeded only with great diticulty in having his plans accepted at that time. This was his first visit to Changsha in almost twenty years, and the many changes that had taken place, most notably the disappearance of what had been a most solid city wall, impressed him very much, His son is editor of "Time.
Kobe, Oct. 21.
A gloomy picture.of China's tional finances was painted to-day by Mr. Naojiro Kikumoto, President of the Board of Directors of the fagitsui Bank, on his return her [from a ten-day trip to Shanghai and Nanking.
'The Central Government, he said, ig now in an extremely difficult position, holding between $1,000,000,000 and' $1,200,000,000 worth' of bonds, Which cannot be easily marketed, The Chinese investors, he, said, welcome. short term bonds, tp to ten years, but decline to buy any long-term securities, The former sell for about 60 per cent, of their face value, he added.
Although it was generally be-Heved that a high price of silver would ald in the recovery of China, the purchasing power of the Chinese negligible, Mr. Kikumoto pointed out, He said that a "certain foreign country" seems to have failed in proving ancial aid to China, and declared that the Chinese were ob-[viously earnest in their desire for collaboration with the Japanese.
'The Japanese financial circles, he continued, should negotiate with' the members' of the Chinese Economic Mission now visiting Japan to form-late positive measures to render tance to China.
'During his stay in Shanghai and Nanking, Mr. Kikumoto said, he had interviews with Dr. H. H,' Kung, Minister of Finance; Gen, Wu Teh-chen, Mayor of Shanghai; Mr. T. V. Soong, Chairman of the. National Economic Counc; and Mr. Chang Kia-ngan, Vice-President of the Central Bank of China—Ren}
Text read from the printed page and cleaned; old type leaves the occasional error.