Under the disturbed conditions pay. ment for goods has not been easy' to obtain. But the large merchants }as well as the banks have been taking care to protect themselves against thad debs by dealing only with [Chinese who can provide assured terms. Nevertheless, the banks have had to extend drafts in cases where exporters have not been able to pay owing to the delay in distribution their goods. In many cases extensions have been granted for as much jas six months and it may be some time before the extent of the losses!
known. The Japanese have not interfered with any cargoes landed Shanghai but there has always! been the danger that they will con-'Aseate goods despatched through the Japanese lines to the interior.
Text read from the printed page and cleaned; old type leaves the occasional error.