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Shan & Office Agency
Minute by the Governor
The 414
I have looked into the question of the Stamp Duty and its operation on Chinese trade. The result is that I have been convinced that more relief should be given in the direction of what may be called "Short-term promissory Notes." The Chinese banks do a very large business in loans for a few days only. Now suffice it to say that to borrow $1,400,000 for 3 days only, the bank would probably charge him 12% per annum.