By February 3, 1912, the Manchus had fully discussed abdication. It was proposed that the sacerdotal succession should be maintained, thus continuing the famous Chou and Confucian sacrifices and ancestor worship among the Manchus. This would reduce the Manchu emperor to a Confucian pope, similar to the Mikado before he conquered the Shoguns, and similar to the Taoist pope at Lung Hu Mountain, in Kiangsi province, and the Buddhist popes at Urga, in Mongolia, and Lhasa, in Tibet. The Manchus also stipulated that their hereditary titles should remain. This was a foolish move, as it removed them more than ever from participation and influence in the social body, just as the private retention of titles keeps the descendants of the old French nobility hopelessly divorced from power in republican France. The republicans again offered Yuan Shih Kai the presidency, with Sun Yat Sen as premier, this being a union of the democratic principles in the American and British systems. Yuan was inclined to insist on a dual republic, but the Nanking republicans insisted that Yuan should come to Nanking. The republicans under Generals Hsu and Ling now advanced their right wing, striking General Chung Fung of the imperialists, at Siuchow, in northern Kiangsu province, and winning a great victory. I have said that the most brilliant diplomatic move of the republicans was that by Wu Ting Fang, who announced in December, 1911, that if any foreign syndicate or nation made loans to the Manchus, the republicans, if successful, would repudiate those loans. The most brilliant strategic move of the republicans was made in November, 1911, when General Li induced Admiral Sah’s navy to join the republican cause. This enabled the republicans to hold the large commercial fleet of the China Merchants’ Steamship Company, and it was on this latter fleet that the republicans were able to raise a loan in February, 1912, from Hongkong and Shanghai Banking Corporation, when they were at their wits’ end where to find money to balance the subscriptions which the Manchus had made from their hoards, and the money which they were drawing from the cash tills of the rich imperial railways of North China. The Nippon Yusen Kaisha tried to buy out the China Merchants’ Steamship Company so as to give Japan dominance in the China coastal trade, but Britain interposed. The republicans had only one little railway from Shanghai to Hangchow, 104 miles, whose surplus earnings could help them, as compared with the 4,000 miles of successful railway in the territory controlled by the Manchus.