Chinese Coded Telegram (1916) from Huang Xing

I presented a coded telegram (1916) from Huang Xing to Lin Hu and Li Genyuan in "Chinese Cryptography: 1871-1945" and also included in "Unsolved Historical Ciphers". The other day, I found my memo that the reading is filed after the telegram. (The telegram is followed by the decoded text and an annotated text to read it in Japanese word order (Wikipedia).) After all, this is not "unsolved", but the specific encryption scheme (e.g., the specific code condenser used) is yet to be identified.

For what it's worth, the following is my preliminary analysis made some years ago. But I cannot get further at least because I have some difficulty in the handwritten Chinese characters.

The decoded text has 2+12+11+12+11=68 characters.

KUTA may be 電 (7193).
While 電 should occur three times, the only quadgram occurring three times is KINI, which does not seem right.

KISU at the end may be 径 (1777).
NIRA, the second last, may be 興 (5281).
OSO, the fourth from the last, may be 電 (7193)?

Transcription in kana:
れくたた　うほやかて　せかなおく　さけきにせ　おすかくち　れうほにうす　まかすさく　ふれおひへ
YEにきYEひ　たかすれう　さしきへ　わおにああほ　さYEひて　うひなくた　ねあてむYE　すへうはか
YEそみかぬ　てあすうく　すはこせ　けきになき　てあけたし　こぬおひけ　ひみかの　しくさへ
うはたかさ　けきにか　あたれうさす　おそゆあにら　きす
(May be YE is え.)

There are 139 syllables:
RE KU TA TA
U HO YA KA TE
SE KA NA O KU
SA KE KI NI SE
O SU KA KU CHI
RE U HO NI U SU
MA KA SU SA KU
FU RE O HI HE
YE NI KI YE HI
TA KA SU RE U
SA SHI KI HE
WA O NI A A HO
SA YE HI TE
U HI NA KU TA
NE A TE MU YE
SU HE U HA KA
YE SO MI KA NU
TE A SU U KU
TSU HA KO SE
KE KI NI NA KI
TE A KE TA SHI
KO NU O HI KE
HI MI KA NO
SHI KU SA HE
U HA TA KA SA
KE KI NI KA
A TA RE U SA SU
O SO YU A NI RA
KI SU

Frequency:
A 7
CHI 1
FU 1
HA 3
HE 4
HI 6
HO 3
KA 10
KE 5
KI 7
KO 2
KU 7
MA 1
MI 2
MU 1
NA 3
NE 1
NI 7
NO 1
NU 2
O 6
RA 1
RE 5
SA 7
SE 3
SHI 3
SO 2
SU 8
TA 7
TE 5
TSU 1
U 9
WA 1
YA 1
YE 5
YU 1

Frequency in descending order:
KA 10
U 9
SU 8
A 7
KI 7
KU 7
NI 7
SA 7
TA 7
HI 6
O 6
KE 5
RE 5
TE 5
YE 5