We have but to imagine the application of the principles which we have named, to the whole Chinese empire, and we get new light upon the nature of the Chinese New Year festivities. They are a time of rejoicing, but there is no rejoicing so keen as that of a ruined debtor, who has succeeded by shrewd devices in avoiding the most relentless of his creditors and has thus postponed his ruin for at least another twelve months. For, once past the narrow strait at the end of the year, the debtor finds himself again in broad and peaceful waters, where he cannot be molested. Even should his creditors meet him on New Year's day, there could be no possibility of mentioning the fact of the previous day's disgraceful flight and concealment, or indeed of alluding to business at all, for this would not be "good form," and to the Chinese "Good Form" (otherwise known as Custom), is the chief national divinity. An ingenious device by which to secure the desirable result that a family shall be sure to have a supply of the food most indispensable for a proper treatment of guests at the festive New Year season, is found in what are called New Year Societies. Each member of the society contributes a few hundred or perhaps a thousand cash a month for the first five months of the year, until the wheat harvest in June when wheat is at its lowest price, for example 1,200 cash for 100 catties or picul. During the five months which have elapsed, the money thus assessed upon the members has been put at interest, and has already accumulated a handsome income. As soon as the new wheat is in the market, the loans are all called in, and the treasurer takes the whole of the sum belonging to the association and invests it in wheat. This he keeps until the close of the year, by which time it is not at all unlikely that the price of the grain has doubled. He then exchanges the wheat, at the current rate, with some maker of bread-cakes (_man-t'ou_), and these are divided among the stockholders. In this way, each one gets not only the benefit of the interest on loans for five months, but also nearly or quite double the value of the wheat bought just after harvest. Sometimes the monthly payments are continued throughout the year, and the sum is then expended in a lump for bread-cakes, wheat, cotton, or whatever each family most needs for the New Year season. In societies of this kind, the rate of interest is sure to be at least three per cent. per month, and perhaps four per cent. The amounts borrowed are usually small, and each borrower must have a security from among the contributors to the fund. In case payment is not forthcoming at the due date, the next step is to raise an uproar, and if possible to collect the debt by force. The inevitable and universal uncertainty and difficulty attending the collection of any money on loan, give emphasis to the adage that "where the profit is large, the risk is correspondingly great."