1926-01-05 — Page 2

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JUST ARRIVED

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CHINESE TARIFF REVISION. SIR CHARLES ADDIS'S SURVEY,

THE BANK OF ENGLAND GARDEN.

DISAPPEAR.

In view of the importance of the agreeHISTORIC OASIS DOOMED TO ment reached at the Tariff Conference at Peking that an article should be embodied in the Treaty to be concluded by the been preparing the internal site of the For nearly a year house-breakers have delegates conceding, on the one hand, Bank of England in readiness for the tariu autonomy to China on January 1st, 1929, and, on the other, containing-a

great rebuilding operation. And so the end of the present Garden Court ap pledge by China to abolish lišin at that date, the Times reproduces the following proaches, for it has been ruled that it report of a speech made by Sir Chages Addis at a banquet given to the Council of the Consortium for China in New Kork on October 18th.

Thus will pass, says the Observer, no mero

canaos continue in the new scheme.

pleasant area of greenery? For the Garden Court is embodied history; it is a witness that the Bank, alike in architecture and finance, was once of small account..

Sir Charles Addis said that he was an impenitent optimist with regard to China. His opinion was based on the solidarity of the Chinese race. An ancient people words of Paterson, who first proposed it, As a lame expedient," to quote the which had for centuries withstood the the Bank received its charter on July shocks of time, was not going to grimbla, 1851. The first meetings of the directors and subscribers were held at up on impact with the civilization of the Mercers Hall. At one, held on Septem West. In spite of the disorders of which ber 28th, 1894, it was resolved to begin so much was beard, it was a fact that operations at Grocers' Hall, in the throughout China the vast majority gf the Poultry. The Bank opened for business people were still dwelling in security and on January 1st, 2695, having fifty-four pursuing their ordinary avocations, in clerks. peace and with profit. It was doubtful if in the whole course of the history of China the nation had ever obtained. a er reward for the work of its hinde The political side the picture was less cassuring. Constitutional government 743 5000. There was but the shadow of a provisional administration left in Pexing. Several provinces were in open rebellion; revenues destined for Peking were intercepted; and the central at ministration might be said to be on the verge of bankruptcy.

length found it both necary and Depite a troubled history, the Bank at advisable to in-large building. Accordingly, in 1732 it was decided to build a hall and office in Threadneedle. street. The site chosen was that occupied

the house and garden of the Bank's- we situated east of the Church of St. first Governor, Sir John Houblon. It Christopher-le-Stocks-so called, it is said, from the Stocks Market for fish and flesh which occupied the site of the Mansion House. The new building open. cd for business on June 5th, 1734

The Bank" was then hardly visible from Threadásedle-street, being approached by an arched court. A writer in the Gentleman's Magazine says that "it was comparatively a small structure, al- most invisible to passers-by, "being sur rounded by many others," including the church, several taverns, and about twenty dwelling-houses.

Still more alarming (said Sir Charles Addis) was the sinister influence of the Bolshevik, which to an increasing extent was promoting native discontent, and particularly discontent with foreigners. Never within his recollection had the tide of anti-foreign feeling run so high as it did in China to-day, and he was not award of anything that we had done to deserve tais. The Shanghai and Canton incidents were merely the occasions of the general manifestation of ill-feeling. He had fear that Soviet propaganda would, alt to the need for ampler accommodation Again, the passing of years gave risu mately be successitil. But what the and also room for development. There Soviets had done with considerable suc-fore, in 1765, the Bank bought the rectory cess was to inflame popular disconicnt and garden of the neighbouring Church and poison the native mind against the of St. Christopher. And the church foreigner Practically, all classes in Ching itself was soon to be no more. In the were now arrayed against foreigners, and Gordon Riots, in 1780, the Rank was all had joined together in a general out feebly, but abortively, attacked by the cry against the tyranny of the Treaties mob. But the authorities, fearing that and demanded their revision.

in the event of ancther attack the church tower might become a dangerous fortress, had the church demolished.

None the less, the churchyard remain-

Sir Charles recalled that the Powers at Washington in 190 had agreed to a re- vision in three successive stages of the Chinese tariff. First, raising the existing tariff to an effective 5 per cent. This had. Today it is the Garden Court. already been done. Second, a surtax of 2 per cent, to tide over the interim con ditions prior to the abolition of like when an additional re- per cent, was to be imposed, hringing the total impart duty up to 121 per cent.

ORIGIN OF IRIN..

2.

The speaker continued: Let me say just one word upon the origin of liki. It is of comparatively recent origm The word, or rather two words, means in Chinese contribution of a thousand, that is, one-tenth of 1 per cent. Up to the middle of last century, previous to the conclusion of treaties with foreign Powers, there was no well-defined distinc. tion between Central and Provincial Government finance. Theoretically, all rovenues belonged to the Emperor. Prac tically, the provinces enjoyed fiscal auto- nomy. Tribute was remitted in kind or in bullion, but so long as collections did not show any serious falling off from the conventional estimates no questions were asked.

The bones were removed to Nunhead in 1867. According to tradition, the Carden Court shelters the bones of no ordinary being. Once, when, the body-smatchers practised their nefarions calling, the Bank had a clerk more than seven feet high. But be defeated the body-snatchers by being buried, at his own wish, in the Garden.

To-day the Garden Court contains no hint of those inhumane times. With ita ancient and spreading limetree, its bloom and grenery, it is a pleasant and restful place. But its end approaches. It is true that a new garden is to be provided in "the centre of the site. But it cannot compensate for the richness of. the historical associations of the present,

government which is capable of pro- riding safeguards or guarantees. It is to this that the Special Conference will first have to address themselves. They "The creation in 1854 of the Maritime will also have to consider that no ar Customs as a substitute for the Native rangement made with the Central Gov- Customs, which in consequence of the ernment for the diversion of provincial Taiping Rebellion were unable to ope

revenues is likely to be satisfactory un- rate, completely changed all this. The less it is also accepted by the provinces. revenues continued to now as before into The administrative machinery has to be the Provincial Treasuries. But the Mari-ercated. .” - time Customs now rendered statements of The task is difficult, but not, I think, cash receipts as opposed to conventional estimates. To protect themselves the pro- vinces instituted - likin. The abuses of the system in the hands of the local authorities and the uncertainty of the tax led to a demand for the protection of foreign commerce, which was met by the introduction of what is known as the Transit Pass system by the. Treaty, of Tientsin in 1858. Foreign merchants he now the option of clearing goods in transit by means of a pass. If this re- venue or part of it had been allocated to the provinces as a substitute for the likin, of which they had been deprived, all would have been well. Unfortunate ly, no such provision was made, and for 60 years the provinces have been driven more and more to resort to other means to supply the deficit.

insuperable. The fatal thing would be if the Conference were to break down at the start. It is worth tome sacrifice to avoid that, even if it should involve asking the creditors of China to post- pone their claims antil the constructiva measures have been agreed, upon which in the last resort the discharge of debt must ultimately depend.

I agree that no settlement' with China can be adequate which does not provide for the redemption of the debt, But is is only fair to say that the word repudiation has never been mentioned a Chica. China will pay when she can. Of that I have no doubt. But is it good policy for a Conference, con- yened under the Washington Treaty, where from beginning to end the word debt is not even mentioned, to put debt Then came the period of foreign loans repayment in the forefront of our pro- secured upon the Customs In practice, gramme? Will if not be playing into this did not lead to any material change, the hands of the extremists by giving The service of the loans was levied on the then occasion to say that, far from provinces and the Central Government acting in the spirit of the Treaty, our washed its hands of the matter. As for object in agreeing to the surtax is not the foreigner, he cared little at that time to increase the revenues of China, where the money came from so long as but to secure something for ourselves? the service of the loan was paid. It was If the Conference is to break down, let the revolution that changed all that. The the break come from China and not revenues then came under strict foreign from us. control-the Customs revenus became in fact a Central Government revenue. Yuan Shib Ki did the same with the Galt Gabelle. The provinces were left to fill in the gap in their revenues as best they could.

"AN, ESSENTIAL NEED.

"The abolition of likin, then, which is the main objective of the Washington Treaty, and the provision of the interim conditions prior to its abolition, which it is the primary function of the Special Conference to determine, involve poli- tical and fiscal questions of the first magnitude, which cannot be .dissevered from the financial problem. You must have a government with which to deal, (Continued on nezt column.)

tolerance, for conciliation, for com- I plead, therefore, for patience, for promise, and I do so because I am honestly afraid that if an intransigent, attitude is adopted there is a danger of the two races, yellow and white, drifting into hostile camps, with results upon the future of mankind of which I shad- der to think. There never was a time then the call was more urgent for men of courage and of vision who can read the signs of the times; who are strong enough to make concessions, where con- cessions are required, in despite of public opinion; who refuse to be deterred by a lavish, insistence on the letter of our treaty rights from a just and gen- erous recognition of the rights of others.

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