On her northern frontiers China seemed girding for war last week (see below), but 1,200 miles to the south a victory for peace was scored by the famed House of Soong, the Chinese bankers who hold the purse strings and often dictate the policy of the Nationalist Government.
Fortnight ago Banker T. V. Soong told his brother-in-law President Chiang Kai-shek that China's huge military establishment must be curtailed. Otherwise, he said, not even the House of Soong could keep China's treasury from going bankrupt. When President Chiang—onetime field marshal and conqueror...
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