The Waichiaopu's Argument the 1901 Protocol: Metal or Currency: Possible Advantages of Fluctuations Poking, Dec. 28. resulted _in the drafting of At-tide VI leads to the same the' Niininters of the eight Powers Waivhiaopu sent a Note to run POWERS' OnOICE, signatory, to the Protocol of 1901, Fast evening, of which the. follow: If there is any doubt as to what Inge sin sunaimary was intended *5 be the manner payment, it was resolved by the] ceipt of the Powers Rerangement of duly % 1905, 'November which, while declaring the indem-ug that the delay nity a gold-debt, settles definitely due to the neces once and for all' the precise sity" ichensive auaudy and of payment. Tt provides that: to the importance ation i ce of the question "Qhina shall make, these payments: valved. to te Note, calculated on the basis set forth unanimous above which fixes the value of the eihion Bhat "there iB, no Haikvan Protocol Tac in rela-Sis the arrangement} the Protocol of tion to the money of each country Jor, us well as manner. cither in silver according to the los, provide me price in the London market, or in clear ud indi metal Fors at the choice of each Power. old bills, or. in telegraphic tran: that the indemnity should
Power col dive to ea in gold, namely, for each Haikunn China may ° bills or, telegraphic dhaghe to pay. thou vias best suits the equivalent of one tael.' which is shown in Article, any place or any bank at the low-lest price, or by public tender, ince the foregoing expression a session provided the payments in gold be of opinion, follows closely each Power direct on the cement, of di Tt is understood that Tanguage of the 1005, the Chinese China is responsible for the exact unfavourable as they are for time being. do not appear to constitute a "practical ground for the medi-for adopting would ly what stage of fluctuations in. the exchange rate currency should be abandoned in, favour of specie."
The Note then argues
method of payment is meted of pope ts inoaepa ble. with the accepted practice of hie transfer and also contrary to, tho intent and purpose of the arrangement of 1005. - Tt realls that. no sooner had the first instalment of the indemnity been paid than difference of opinion arose with regard to the precise nature and extent of the obligation which China, had assumed under Article VI. The controversy was brought.about by the unexpected rise in the gold exchange rate which caused a deficit in res-'pective sums.in gold currencies though Chioa paid the stipulated amount in Haikuan Taels.
QUESTION OF FLUCTUATIONS,
obligation was expressly limit Ching maintained that ber total Hik. Tls. 480,000,000, with interest at 4 per cent., in the bond she signed and delivered to the|1 Diplomatic Body.
For nearly would have little they Bach Power in accepting the pre-|tHFee years the Chit payment of trai Govern-have declined either to sign wiviig their' concurrence tele-sure of the. precise meaning sent proposals must inform Ghinene Government which of the] the! fractional bonds in gold or to which, the signatories old." Judeing three methods cited above is the one it chooses until the. debt is make up the deficit on account of payment in silver.
Tt was only] Sen the General amounted to 009, equalling £779,390, an increase of Tis, 162,000 as compa 1922, All foreign loans and_indems ties secured on the including the Toan, have been covered.
DOMESTIC LOAX SERVICE, Of the domestic loan obligations intlirevtly secured on thie Customs, which i under the Tnspector-@enoral, "those of the ard, 4th nnd 11th years were fully. met. The revenue funds, however, did not permit the service of the consolidated debt to be fully maintained. While all' interest payments were punctually made according to schedule, funds have been. sufficient to. allow only one Joan drawing during the year and redemption payments are now approximately $7,720,000 in arrear, RETURNS OF PRINOIVAL, PORTS, The following are the Customs collections for the Tata Te 1113,000, soon
Text read from the printed page and cleaned; old type leaves the occasional error.