No more heartening reading could have come to hand regarding the campaign in Finland than the report of the big Finnish victory, an account of which appears elsewhere. It was reported some days ago that the Finns had succeeded in isolating, and Receivers surrounding a large body of Russian troops, and it now transpires that not only did they Trustees do so, but that they managed to cut off all assistance from the beleaguered forces, and to deprive them of all supplies. The result is that, after suffering untold hardships for several days, reduced to eating their horses, and subjected to the terrific cold which has been a feature of this winter in northern Chinese New Year if all the signs and portents are to be accepted at their full value, the Chinese New Year—or the Spring Festival to give it its modern name—ought to herald a happy and prosperous year for China in spite of the hostilities, happily removed hundreds of miles from Shanghai. This city and the lower Yangtze has experienced one of its heaviest snowfalls in many years, and although many people miss the significance of such an occurrence and think it has some sort of superstitious import, the Chinese farmer knows it is a good sign for it helps him with his crops. It is difficult to make any definite analysis of conditions as the old year draws to a close because there are too many complicated economic and political factors in existence which render the picture incomplete. Locally, conditions appear to be. much better although the high cost of living. caused largely by the fall in exchange, is hit ting both the Chinese and the foreign com. munities. Throughout the Lower Yangtze, however, a marked improvement has been recorded within the last year as comparative normality has returned again to once thriving and populous towns and cities devastated in the hostili-
Text read from the printed page and cleaned; old type leaves the occasional error.