The Old Guard consists mainly of compradores, bankers within the Concessions and the political mercliznt. The Reformers consist mainly of the younger business men, the heads of the specific commercial and industry guilds, the leaders in the Shanghai Commercial Federa. tion and the League of Street Unions, and the younger element in the Canton and Ningpo Guilds. The Old Guard possesses wealth and prestige and to an extent, foreign support. The Reformers are closer to the masses of the Chinese people, are active in civic development and are slowly becoming captains of the infant industries of the country. Among these indus. tries, however, cannot be counted cotton.
The membership of the Chamber has regularly been kept down to between 300 and 400, the effect of this being the creation of a monopoly in Chamber privileges. As new men came up, as new industries started, as new problems brought more merchants within the scope of public action, there was a constant demand for an increased membership to the Chamber. This demand the Old Guard has been able to resist. But as a result the Shang: hai Commercial Federation and the League of Street Unions has been organized. The former body is made up of 52 specific trade and industry guilds, the latter consists of the merchants organized according to streets.
Text read from the printed page and cleaned; old type leaves the occasional error.