New York, Jan, 17.
Commenting editorially upon the action of the Chinese Minister of Finance in doing away with the! haikwan tael as regards foreign imports, the "New York Herald-Tribune" to-day expresses the opinion that this probably the beginning of an important step in China's economic life.
Officials of the American Asiatic Association to-day declared that} decision to place foreign ffs on a gold basis was a serious blow directed at silver ab}
"On and after February 1, 1930, the Haikuan Tael will be diseontinu-
Jed as the unit of calculation of duties on imports from abroad. Instead, new gold unit will be used. - This unit will be equal to 60.1866 centigrames of pure gold and will, therefore, be equivalent to Gold Dollar 0.40' or 19.7265 Pence Sterling, 025 Gold Yen. From February 1 to March 15, 1930, inclusive, specific duties on imports' from abroad now expressed in Haikuan taels will be converted into the new unit en the basis of Haikuan tael one equal 1.50 of the new unit; and beginning with March 16, 1930, on the basis of Haikuan tael one equal 1.75 of the new unit, As heretofore, dollars, taels and ther currencies will be received in payment of duties. The rates at Which such currencies will be accepted in payment of duties ex-prosed in the new Unit will be offcially announced from time to time. At Ie three days' public notice will be given in the event of change in rates, While for obvious reasons no attempt will be made to follow daily exchange fluctuations, these rates will closely approximate market rates between the respective local currency and gold-standard currencies." rican products in the interior of China, according to the Association, and it will further weaken the country's credit.
The opinion was expressed, however, that it will prove a sound move eventually and will build up the gold reserve and help pay off the Ohinese national debt.—United Press,
Text read from the printed page and cleaned; old type leaves the occasional error.