rrency and establish a universal silver
dollar standard.

The Bank of China requires at least 600 branches throughout the country
to become a true fiscal agent. It has to-day one-tenth of this number.

[30] It should be carefully noted that not only has Japan no unfriendly
feelings for Germany but that German Professors have been appointed to
office during the war. In the matter of enemy trading Japan's policy has
been even more extraordinary. Until there was a popular outcry among the
Entente Allies, German merchants were allowed to trade more or less as
usual. They were not denied the use of Japanese steamers, shipping
companies being simply "advised" not to deal with them, the two German
banks in Yokohama and Kobe being closed only in the Autumn of 1916. It
was not until April, 1917, that Enemy Trading Regulations were formally
promulgated and enforced,--that is when the war was very far
advanced--the action of China against Germany being no doubt largely
responsible for this step.

That the Japanese nation greatly admires the German system of government
and is in the main indifferent to the results of the war has long been
evident to observers on the spot.

[31] A very remarkable confirmation of these statements is afforded in
the latest Japanese decision regarding Manchuria which will be
immediately enforced. The experience of the past three years having
proved conclusively that the Chinese, in spite of their internal strife,
are united to a man in their determination to prevent Japan from
tightening her hold on Manchuria and instituting an open Protectorate,
the Tokio Government has now drawn up a subtle scheme which it is
believed will be effective. A Bill for the unification of administration
in South Manchuria has passed the Japanese Cabinet Conference and will
soon be formally promulgated. Under the provisions of this Bill, the
Manchuria Railway Company will become the actual organ of Japanese
administration in South Manchuria; the Japanese Consular Service will be
subordinate to the administration of the Railway; and all the powers
hitherto vested in the Consular Service, political, commercial, judicial
and administrative, will be made part of the organization of the South
Manchuria Railway. This is not all. From another Japanese source we
learn that a law is about to take effect by which the administration of
the South Manchuria Railway will be transferred directly to the control
of the Government-Genera