How long can Shanghai continue to do business in a currency different from and hostile te the currency of the hinterland? How long can Shang-bai pay in Chinese dollars stitute, must inevitably become the daily currency of Shanghai, and sub-Ject itself to the same external conirols which now surround practically every currency in the world. Clear Sight should foresee this, and seek io have a hand in fixing the control, and at all costs to avoid having that control thrust on it from outside without the power to re-arrange a syllable of an official decree. It has been Shanghai's misfortune—that, partly by poor anticipation, and partly because, in any case, nothing could be done, the city has found itself forced into line time and time again on the most disadvantageous terms, when ce-operative action earlier on might have obtained a better bargain—better fcr big business and better for the three million Chinese, without the sacrifice of s|any fundamental principle. It has been a surprise that for the last six months at least what would appear to be the inevitable and only soundly logical course of economic action by the Central China authorities has been put off so long, and Shanghai should remain. so económically separate from its body—the Yangtsze valley. But, then, perhaps there is sound symbolism in this, for the traditional ghost usually carries his head under his arm.
Text read from the printed page and cleaned; old type leaves the occasional error.