At the time of my departure from Peking it looked a3 if the import duty on raw cotton would be increased—should this become an accomplished fuct it will handicap cotton mills in El competing, against similar institutions in other countries, as China does not grow mills and large quantities require to be imported.
It is argued by some that this handicap will be neutralized by the probable increase in import duties fon manufactured cotton goods shipped to China, and while that may be admitted, speaking as a millowner, I do not feel that the Peking Government is' adopting measures that will encourage capitalists Invest in additional mills _the existing ones are experiencing great difficulties.
Another matter that vitally affects cotton mills is excise. It rumoured that some officials are in favour of increasing the taxation manufactured goods, but I sincerely trust we shall at least see no change as any advance would be calamity, and that at no distant date the Government may see its way to abolishing all internal levies on native products.
Text read from the printed page and cleaned; old type leaves the occasional error.