CHINA: Soong's NRA

China's militarists last week again had China's bankers on the run. The famed budget of Finance Minister Dr. T. V. Soong—a Chinese marvel because it balanced last year for the first time in the history of the Republic (TIME. Jan. 2)— teetered as the Government admitted a $10,000,000 current deficit and Generalissimo Chiang Kai-shek demanded of his brother-in-law, Dr. Soong, an additional $18,000,000 to pay his troops.

"Sell $18,000,000 of bonds at once!" urged Generalissimo Chiang, according to Shanghai gossip. "I must have the money now!"

When Japan was bombarding Shanghai last year...

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