In view of their bearing on exchange and trade balances, I. should here mention the various credits and Joans which China has received during the year from foreign sources, Detailed particulars have not been made Public, but you must be aware that such "loans were made chiefly for political reasons. The published an-ouncement dealing with the most Fecent of the United States loans showed that the donors were desirous that "arrangements for purposes of monetary protection ud manage. ment" (the words actually used) Jshould be completed, That is satisfactory so far as it goes but that is all the information which is at present available.
Text read from the printed page and cleaned; old type leaves the occasional error.