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12.
It is as yet too soon to venture a guess
as to the outcome of these new developments. The
immediate result has been the restoration in some
degree of confidence in the Canton currency.
This
But
A
a source of anxiety is the uncertain attitude of the Kwangsi generals. Should they endeavour to regain control of Kwangtung, fighting may be expected to
occur almost at once. So far, however, no
definite pronouncement has been made by them.
further complication, as I have already noted, is
the presence in Kiangsi of the Fourth Army, under
Generals Cheung Fat-fui and Mau Pui-nam.
army is recruited from the Ha-sz-fu in Kwangtung
province, and contains some of the best fighting
material of the Nationalist armies, having earned
the nickname of "Ironsides". Its leaders and
soldiers are, however, tinged with Communism and
are greatly feared on that account by the Cantonese,
who suffered severely at their hands in 1927.
is unlikely that a large body of Cantonese will be
willing to remain indefinitely exiled from their
own homes. So long, therefore, as the Fourth
Army remains in being near the Kwangtung frontier,
it will be a distinct menace to the preservation of
peace in that province. A more remote, but
nevertheless a possible source of danger is the
contingency that the Hankow armies, now fighting
Marshal Chiang Kai-shek, may, if defeated, retreat
southward with the intention of establishing
themselves once more in Kwangtung. The general
outlook, therefore, although better than it was
last week, is still menacing; and the elimination
It
of
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