The change instituted by the Minister of Finance is generally understood to have been advocated by the Kemmerer Commission, But, fact, the latter merely revived a scheme which had been invented by the late Sir Robert Hart, Inspector General of Customs, and urged by after the Boxer year. In those however, China had not Customs autonomy and the Powers were not inclined to agree. Now that she has Customs autonomy, and annual gold payments to make of £9,000,000, she not unnaturally wishes to protect herself against fluctuations of exchange by stabilize ing the recurring claims on her silver revenue. According to the "China Year Book" there are six Toans secured on the Customs, on which payments have to be met this month aggregating £2,285,102 and In commenting on the above order, iter of Finance pointed out that its effect, generally speaking, will be to restore the import tari duties to the same proportion of the jo value as at the time the tariff entered into force, and will thus restore the normal relationship between the specific and ad valorem rates of duty.
"This measure is necessary in erder to safeguard the Government finances," continued the. Minister. "The gold payments made by the Government are over nine million pounds sterling (£9,000,000) yearly. The cost of meeting these payments national currency at current rates of exchange is 60 per cent. greater than at the average rate of 1925, and over 20 per cent. greater than at the rates of a year ago. In view of the fact that such increases duty as may result after March 16, would in most cases be only two per lent. or three per cent. of the value of imported goods and would be even Jess on the basis to be in effect between February 1 and March 15, the new order should have no aplo effect, upon trade. the basis of conversion that will be used is not unduly favourable to the Government, as the rate selected, namely, the average rate in January, 1929, is slightly lower than the average rate during the four years ending December 31, 1929.'—Kuo Min,
Text read from the printed page and cleaned; old type leaves the occasional error.