"I am opposed to extravagance in all its forms, but opposed also to an indiscriminate reduction of expenditure at the expense of quality of the public services ed to us a system of ES gov-"Our predecessors have bequeath-
ernment which has been the envy of many cities and has earned for Shanghai the name of the "Model Settlement".
"That system, in common with many other systems, is being put to an unprecedented strain through depreciation of the currency and other causes which could not have been foreseen. It is our duty to adapt ourselves fo changing circumstances, but in my opinion the essential features of the administration should be preserved. We should avoid yielding to panic and we should look forward to the future with courage and confidence."
Text read from the printed page and cleaned; old type leaves the occasional error.