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• (2)
Coast trade duty i.e. half duty charged on import of goods of domestic origin into Chinese ports shall be abolished. By way of compensation $4,000,000 will be credited from surtaxes to ordinary customs revenue.
2.
* (3)
*
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(4)
* (5)
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$750,000 per mensen shall go to Ministry of
Finance solely for currency construction and/or administrative expenses.
Remaining portion of the increased revenue to
be accumulated by the Customs Administration free ¡ from all encumbrances for eventual liquidation of unsecured and inadequately secured debt in
accordance with the treaty to be concluded at this Conference or failing conclusion of treaty,in
or,
accordance with principles to be agreed upon with- in two years after the signature of the agreement. Proceeds of surtaxes to be deposited in custodian banks in manner to be specified in a resolution annexed to the agreement.
In conclusion it is understood:
(1) that foregoing arrangements are adopted in
expectation new treaty superseding present agree-
ment will be concluded providing for larger
customs revenues to serve purposes to be agreed
upon.
" (2) that China will take steps to restore commercial
efficiency of her railways and to ensure service
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of railway financial obligations from the railway
revenues."
The first comment I have to make on these pro-
posals is that they presuppose the existence of a central govern- ment in China. But no such government at present exists and it
is not known whether any effective central government will again
be
No comments yet.
Private notes are available after approval.