Puzzle of the Customs Revenue Returns for 1924: Reports of Bad Times Yet Certainty of Increased Turnover in Port's Business The figures just issued by the) Inspector-General of Customs showing an increased revenue for 1924 of ix million Haikuan taels over 1923, included in which is an increase of over three and a bult millions for Shanghai, have come as an astounding surprise to local merchants. During the whole of 1924 complaints of bad trade have been rife locally, yet when the end-of-the-year {figures come out it is found that the revenue from Shanghai alone is higher by Hk-Tls. 3,000,000 than 1923, the first' year when the in-Jcreased. tariff was in force. The duty effective 5 per cent., this means that as compared with last year Shanghai's trade is Hk. Tls. 70,000,000 more—a truly striking figure. The increased duty was not actually in force at the beginning of 1923, but was operative a very few weeks thereafter, so for all Practical purposes we may regard the comparison as absolutely effective.
The Figures Analysed We have been able to obtain an Janalysis of how the increase as far fas Shan, concerned is made up, and it makes the ease yet more. striking. They are:—
Text read from the printed page and cleaned; old type leaves the occasional error.