China Market Entered.

The economic challenge issued by Russia is still so new, in point of time, that its progress is not yet based on statistical facts. The favourable predictions of Western observers like the Canadian Customs Minister, Mr. Stevens, who declared that the Russian “five years plan” was succeeding “all along the line,” are not a sufficient substitute for proved performance. There is no denying, however, the blow that Russia has given (with or without forced labour) to the timber and the wheat markets. Shanghai cabled on 8th May a serious invasion of Middle China by Russian timber, oil, and also piece goods. How seriously Britain views the struggle for Eastern markets, including the Chinese and Indian, is shown by Mr. Snowden's repeated contention that a revival in the purchasing power of the multi-millions of India and China could do far more to relieve British unemployment than could possibly be done by sparsely populated Australia.