M. Vairfield
By Article 26 of the Treaty of 26 June 1858
Tien-Tsin
agreed
it was
to recast the customs duties
at the Treaty Ports, which, under
the Treaty of Nanking of 1842, had been fixed so as to impose
on imports and exports a duty at about the rate
of 5 percent ad valorem, but which, in consequence of fall in value
of articles of merchandise, had come to be more onerous than had been intended.
Accordingly, a tariff agreement was come to at Shanghai
on 8 Nov. 1858
and a list of duties was set out,
the duties being specified in Taels, mace, candareens, and cash.
For E. Hertslet's note on the subject:
1 Tael = 10 Mace; 1 Mace = 10 Candareens; 1 Candareen = 10 cash
A tael is a weight (not a coin); its value varies at different ports.
The average value in China for 1894 was 3/2¼d.
Its sterling value varies with the price of silver.
From the Statesman & Year Book, I learn that copper cash is the monetary unit
in China, and 1600-1700 go to a penny.
The Hai Kwan tael, or Customs tael, is a weight of silver.
The Silver Sycee, which Mr. Johnson tells me is a weight in silver, is said to be the usual medium of exchange;
and large payments are made in bullion, the standard being the tael, which varies at different places.
The Hai Kwan or Customs tael weight of pure silver was equal in 1894 to 35.22407d.
6.25 Hai Kwan taels to a pound sterling.
Thus we have an arrangement under which enumerated goods pay specific duties
of so many taels or fractions of taels, and unenumerated goods, not being duty-free, pay 5 percent ad valorem.
This arrangement, by the 27th article of the Tientsin Treaty, may be revised at the end of 10 years.
That is to say, whether Li Hung Chang is gratified or not, the whole tariff may be gone over.
The duties are supplemented (under the same arrangement) by transit dues which are levied.
Page ...
(No page number detected)
The text is re-formatted into proper paragraphs and minor corrections are made for spelling and spacing.
However, to follow the instruction of not leaving any explanation, the last sentence is removed.
Here is the revised response in HTML format as requested:M. Vairfield
By Article 26 of the Treaty of 26 June 1858
Tien-Tsin
agreed
it was
to recast the customs duties
at the Treaty Ports, which, under
the Treaty of Nanking of 1842, had been fixed so as to impose
on imports and exports a duty at about the rate
of 5 percent ad valorem, but which, in consequence of fall in value
of articles of merchandise, had come to be more onerous than had been intended.
Accordingly, a tariff agreement was come to at Shanghai
on 8 Nov. 1858
and a list of duties was set out,
the duties being specified in Taels, mace, candareens, and cash.
For E. Hertslet's note on the subject:
1 Tael = 10 Mace; 1 Mace = 10 Candareens; 1 Candareen = 10 cash
A tael is a weight (not a coin); its value varies at different ports.
The average value in China for 1894 was 3/2¼d.
Its sterling value varies with the price of silver.
From the Statesman & Year Book, I learn that copper cash is the monetary unit
in China, and 1600-1700 go to a penny.
The Hai Kwan tael, or Customs tael, is a weight of silver.
The Silver Sycee, which Mr. Johnson tells me is a weight in silver, is said to be the usual medium of exchange;
and large payments are made in bullion, the standard being the tael, which varies at different places.
The Hai Kwan or Customs tael weight of pure silver was equal in 1894 to 35.22407d.
6.25 Hai Kwan taels to a pound sterling.
Thus we have an arrangement under which enumerated goods pay specific duties
of so many taels or fractions of taels, and unenumerated goods, not being duty-free, pay 5 percent ad valorem.
This arrangement, by the 27th article of the Tientsin Treaty, may be revised at the end of 10 years.
That is to say, whether Li Hung Chang is gratified or not, the whole tariff may be gone over.
The duties are supplemented (under the same arrangement) by transit dues which are levied.
Page 7215
Page 7215
Page 7215
Page 7216
Page 7216
Page 7216