Shanghai Chinese Scheme Not Supported in Peking: An Alternative Suggestion With reference to the establishment of a public Customs treasury in Shanghai, the Chinese General Chamber of Commerce here has again sent a telegram to the Peking Government stating that the establishment of the proposed Customs treasury is in accordance with the will of the people of China and that the people's requests should be con-lered by the Central Government.
pointed out that the de-iting of Customs funds in foreign banks is contrary to the desire of the people whereas the keeping of customs funds in a Chinese public treasury, established for that pure Pose would prevent the domination of the financial market in China by a few foreign banks—Kuo Wen News Agency.
The Altern:
Peking, Mar, 6.
The Chinese delegates to the Tariff Conference in Peking are not supporting the proposal of the Chinese bankers and merchants to establish a public Customs treasury. As the result of a joint consideration by the various delegations, it has been decided that 30 to 40 per cent, of the revenues from the Customs surtax be set aside for the repayment and consolidation of foreign and domestic unsecured loans, the different portions of the Customs revenues of China allocate ed for the liquidation of loans from any country being deposited in a bank of the country concerned.
Thus, British, Japanese, American, French Italian, Dutch and Belgian banks will henceforth all enjoy the privilege of having por-tins of the Chinese Customs venues deposited with them. Chinese banks also will have a small portion of the money, but the amount will not compare with that of any for~ eign bank, As a result of this arrangement,: the Japanese Yokohama Specie' Bank, the American Interoational Banking Corporation and the Belgian Bank will all be allowed to participate in the keoping of Chinese Customs revenue. The Chinese merchants and bankers are very much opposed to this arrangement which is quite contradie~ tory to their proposal of establishing a public Custom Treasury and having Customs funds deposited at one place-—Kuo Wen News Agency,
Text read from the printed page and cleaned; old type leaves the occasional error.