Signor Mussolini has now been created a Marshal of the Italian Empire, and in returning thanks to ù number of members of the Senate for that promotion, he is reported to have used the sentence:—"This new appointment increases my responsibility for a third great and victorious campaign of the Empire in which I shall lead you." The sentence is fully reported by Reuter, and confirmed by a somewhat different version given by the United Press, though up to the present there has been no official confirmation. It is believed that the reference was to the successful conclusion of the Ethiopian campaign and the victories of the Nationalist troops in Spain.' There will naturally be some speculation as what is the third victorious campaign which Il Duce means. It is not easy to discover from what has happened in the past exactly what Signor Mussolini has in mind. That such a statement should be made while endeavours are being made to improve Anglo-Italian relationships makes it impossible to believe that he is contemplating action in the Mediterranean inimical to Great Britain, though if this ultimately proves to be the case, then Mr. Anthony Eden's foreign policy will be vindicated by the event, and Mr. Chamberlain's will have proved to be wrong. On the other hand practically any other action he may contemplate in Europe would carry with it the danger of widespread war, It is quite possible that Il Duce was speaking for home consumption, for there are rulers in Europe who find a little sabre-rattling of no small assistance in dealing with internal matters. That the statement, if confirmed officially, will have a disturbing effect in the capitals of other states seems to be inevitable. His description of the condition of Italian armaments makes interesting reading, though it will probably be a matter for satisfaction in other countries, against whom Signor Mussolini may ultimately decide to lead his nation, that they also are by no means in a state of unpreparedness, "Economic Facts"
One of the tragedies of the Sino-Japanese hostilities has been the serious blow dealt at Chinese scholastic institutions, especially" in Shanghai and Nanking. Apart from the primary purposes of education, a great deal of research was being made into China's economic problems but there-has been serious interruption owing to the wide dispersal of these colleages which are now temporarily based in places hundreds of miles from their original location, One of these institutions is the University of Nanking which has done such excellent service in agricultural research through its Department of Agricultural Economics under the guidance of Dr. J. Lossing Buck. Probably no college in China has contributed so much to the knowledge of agriculture as the University of Nanking and its bulletins, published regularly in the days prior to hostilities, not only analyzed and expounded China's problems to the benefit of the country but acquired international recognition as source books emanating from a trusted authority. It is pleasing to know that although this Department of the University is now temporarily located in Chengtu, the valuable publication "Economic Facts" is still being issued in mimeographed form and is performing the same service as before. The latest issues deals with the seasonal variation of prices for farm products and the profitability of storage—a problem of great importance to the Chinese farmer. It Points out that prices paid to farmers are often lower at harvest time than later. At harvest, pressing debts have to be repaid and produce is forced on the market in order to obtain the necessary cash. Also, to store produce and sell later involves the likelihood of deterioration, risks of fire and flood and the use of capital, and therefore the costs of storage must be met by a corresponding increase in prices from one harvest to another. The purpose of the study in the latest issue is to measure the seasonal variation of prices so that the profitability of storage and the losses incurred having to sell at harvest time can be determined.
Text read from the printed page and cleaned; old type leaves the occasional error.