The Nationalists are making a great mistake in trying to
force the Powers in this way, and they weaken their claims to such a just revision of treaties as Great Britain is most sincerely advocating. Of course, the Nationalist Government will have to borrow, but nobody will lend except to a Government firmly established, and the worst way of securing trust and respect abroad is for Nationalism to denounce Treaties without notice. Chang Hsueh-liang has been chosen to succeed his dead father Chang Tso-lin (the War Lord of Manchuria), but as he is a progressive in politics objections are raised to his succession by the Manchurian die-hards. It is an open question whether Chang Hsueh-liang can bring off a working plan with Japan, but it is clear that nobody will rule Manchuria for long who is at cross-purposes with Japan. The best sign in a confusing situation is that Nanking is contemplating the calling of a Financial Conference. The right course would be to act on the very sensible suggestions made, recently by the Chinese bankers in Shanghai. They proposed that only one bank should have the authority to issue notes ; that there should be only one mint instead of several ; and that the tael, which varies in value throughout China, should be stabilized. AboVe all, they demanded the rapid dis- banding of the armies which are steadily eating up what little money remains in China.
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