News has been received from Canton by wire, to the effect that H-E. Li Han-chang has reconsidered his determination as to the imposition of the extra tax on cotton and cotton yarn, Wiser counsels have prevailed with the Viceroy, and his Excellency haa decided to forego this levy, which would have almost put an end to a sound branch of trade. As was seen by the protests and appeal made by. the native hongs (which appeared in our issue of the 12th' inst.), this trade—that is to say, the distribution of these products throughout the Southern provinces—is in the hands of the native merchants, and the vigour of the protest put forward by these Chinese traders may possibly have thrown new light upon the question, and demonstrated to the Viceroy the harm which the new was bound to do to his own national: far as we can understand—and the referred tu corroborates the supposition the new Viceroy is being misled by unwise advisers upon his modes of raising money and it is to be hoped that the fililure of the China Mail.
Text read from the printed page and cleaned; old type leaves the occasional error.