The Provincial Finance Bureau is making a determined attempt to improve the value of the paper notes of the Central Bank, At pre~ went they are at a discount of 62 per cent, Tt has been arranged to issue at Nanchang $9,000,000 worth now notes, All old notes must be exchanged for these new notes before the end of July, whereatter they will be valueless. A. silver reserve for the new notes will be obtained from the rice export tax.
Kiangsi of recent years has only produced sufficient rice for its own woods, and there has been an embargo on the export of rice. This embargo has now been lifted and tax of $1.50 per picul willie levied on all rice exported. The National Government officials thus expect to kill two birds with one stone, They produce a silver reserve for the new note issue and at the same time they encourage rice to find its way to Hankow to re-Tieve the shortage at that port.
The money collected is to be paid into a special fund, which will be pa used 4o support the note issue, But the Chinese have no confidence in the special fund. They know very well that no rice export tax money. will ever find its way into that fund but that the money will disappear as all monies disappear in China, so the notes have shown no signs of appreciating in value.
Tt is said the Finance Bureau officials are indignant, and recently three merchants in Nanchang, who had refused to tender the correct amount of copper change for a Inote, were shot, Amongst other methods of raise are the kerosene tax of and a heavy tax on cigarettes.
'Then we must not' overlook opium,
Text read from the printed page and cleaned; old type leaves the occasional error.