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I venture to think The Times would regard the difficulty as removed if the Manchu Empire were restored.

As to the "splendid salt surplus," there are two telegrams from the Peking correspondent to The Times (of January 12th and 23rd, respectively) showing what we gain by making the Peking Government artificially bankrupt. The first telegram (sent on January 10th) is as follows:—

Present conditions in China are aptly illustrated by what is happening in one of the great salt revenue stations on the Yangtsze, near Chinkiang. That portion of the Chinese fleet faithful to the Central Government—the better half went over to the Canton Government long ago—has dispatched a squadron of gunboats to the salt station and notified Peking that if $3,000,000 (about £400,000) arrears of pay were not immediately forthcoming the amount would be forcibly recovered from the revenue. Meanwhile the immense salt traffic on the Yangtsze has been suspended. The Legations concerned have now sent an Identic Note to the Government warning it of the necessity for immediately securing the removal of the obstruction to the traffic and to the operations of the foreign collectorate.

The second telegram is equally interesting. It is as follows:—

The question of interference with the Salt Gabelle is assuming a serious aspect. The Chinese squadron of gunboats referred to in my message of the 10th is still blocking the salt traffic near Chingkiang, while a new intruder in the shape of an agent of Wu-Pei-Fu [the Liberal military leader] has installed himself in the collectorate at Hankow, and is endeavouring to appropriate the receipts for his powerful master. The British, French, and Japanese Ministers accordingly have again addressed the Government, giving notice that if these irregular proceedings do not cease they will be compelled to take independent action. The Reorganization Loan of £25,000,000 is secured on the salt revenues, and