Word: manchuria
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...Nation." To some nations, the results brought dismay. It had been Tom Dewey, after all, who had insisted on more help to the sagging government of China. "Next January," Chinese had told themselves, "will be the turning point." Last week, as Nanking read the bitter bulletins from Manchuria and the north (see FOREIGN NEWS), it received a depressing dispatch from Washington: "There is little reason to believe that President Truman's astonishing victory will affect greatly the Democratic administration's existing China policy...
...Communists had finished off Manchuria, prices were skyrocketing, and Dewey had lost the U.S. elections. At 40 to the dollar, the gold yuan had sunk in two weeks to a tenth of its original value. A wave of defeatism swept Nationalist China. Frail Wong Wen-hao, a geologist in private life, tried three times to resign as Premier, finally agreed to hang on until Chiang Kai-shek could find a successor...
Coming at China's darkest hour, the fall of Mukden, after the government's stubborn attempt to stay in Manchuria, gravely affected public confidence in the regime. Economic pressure forced the government at week's end to give up its price-control program as a failure, unfreeze price and wage ceilings. Overnight Shanghai prices increased four to five times. The new gold yuan (TIME, Aug. 30) had started on the same giddy spiral as the old Chinese national dollar...
With the fall of Mukden the Chinese Communists have completed their conquest of Manchuria. North China as far south as the Yangtze is in danger of falling under their control. On the economic side, Chiang Kai-shek's government has removed price controls and with them has vanished all hope for its economic reforms. The resulting inflation is destroying the newly-issued money for which the middle class was forced to sacrifice its holdings of gold and foreign currency. With the Republican defeat in the U.S. election discouraging Knomintang expectations for increased military aid, the Nationalist Cabinet has resigned...
...since the worst years of the Japanese war had China faced a prospect so bitter. The Communist autumn offensive had overwhelmed the Nationalists in Manchuria; the vital North China corridor was under heavy attack. For the second time in a generation, a great Nationalist retreat was under way. Isolated outposts would now be evacuated and lines shortened to save men and materiel for a long war of attrition...