Tur "SHenghai United News," the only Japanese newspaper here now, is much interested in the manner in which the Chinese Liberty Bonds are being sold. It then goes on to comment on the cost to China of carrying on hostilities as follows:—
Referring to the expenses being sustained by the Chinese Government in carrying on hostilities, the paper asserted that the daily cost is approximately $3,500,000 for the Shanghai area only. The monthly expenses, the journal adds, will exceed $10,000,000. "How," the paper asked "can the Nanking Government continue paying out such huge war expenses?"
If the newspaper's estimate is correct, then China appears to be spending £6,000,000 a month around Shanghai. It is reported that Tapan's expenses for the whole of her military adventure totals £1,000,000 a day, so that supposing China were spending at the same rate, her northern defense campaign should cost her bout £24,000,000 a month. But Nanking knows a thing or two better than that.
Text read from the printed page and cleaned; old type leaves the occasional error.