In a good hour may it be said, the development of the Sino-Japanese crisis, with all its attendant uncer-fainties and anxieties, has been received by Shanghai with admirable calm. Experience perhaps has told. However that may be, the good sense and friendliness of the Chinese and Japanese authorities have been loyally reinforced by their respective communities, The dignified attitude of Chinese Government has comted itself to Chinese here and catly to the credit of the City ment and local Chinese that the atmosphere has been so free from excitement. The steadiness of the markets has reflected this composure. No less a tribute should be paid/to the Japanese whose officials and non-officials alike have preserved an unrufled courtesy, sturdy commonsense, and propriety er demeanour, The crisis has undoubtedly aroused deep anxiety. Both Chinese and Japanese view the prospect of a breakdown in the efforts to avoid war with real apprehension. Yet somehow they have managed to maintain an unaffected placidity which will be pleasant to remember, especially if, as all hope, an eleventh hour way out of the present impasse be found. Should that be impossible, even then this achievement in deportment will not have been recorded in vain. For, sooner or later, Sino-Japanese friendship must find its place in the sun. In fact western controversialists might well take a lesson from this eastern restraint.
Text read from the printed page and cleaned; old type leaves the occasional error.