ALMOST BANKRUPT.

New Zealand Herald, Volume LI, Issue 15504, 10 January 1914, Page 7

ALMOST BANKRUPT.

PESSIMISTIC PRESIDENT.

THE BURDEN OF CHINA.

LAWS DRAGGED IN DUST.

ON THE VERGE OF RUIN.

By Telegraph—Press Association Copyright.

Pekin, January 8. China ended the year 1913 owing £72,000,000, and economically weakened by the revolution. She is burdened with heavy permanent interest on the national debt, and confidence in the Government is slender.

Yuan Shih-kai, the President, addressing a day ago the consultative body he chose to supplant the Republican Parliament, said that.during the two years' existence of the Republic the laws had been dragged in the dust, and morality, selfrestraint, and righteousness had been swept into oblivion. Men talked glibly about patriotism, but if the government of the country was entrusted to a man simply on the score of his patriotic zeal without inquiring into his capacity, it was almost an inevitable consequence that there would be national ruin.

Continuing, the President said: " It is hopeless to anticipate success in any enterprise unless money be available for your needs, and for this reason I regard the present situation with profound pessimism. Only a very brief interval divides us from bankruptcy- When our finances are under alien supervision, and our territories apportioned as spheres of influence, the fate of Annam and Corea will be upon us. and it will be too late for repentance."