Chinese Report That Powers Have Agreed to an Upward Revision A-project for a new bank, 16 te capitalized from funds raised. on an increase in the land tax in the International Settlement, has been revealed ina letter addressed by the Construction Committee, a Chinese organization for the' improvement of Greater Shanghai lund the surrounding district, tothe local Chinese authorities," Complaining that the land tex paid by landholders in the Settlement too smal, and stating that the foreign Powers have agreed to. the proposed increase, following ntgotiations which were commoned in Europe by members of the Nie tionalist. Government while on tour, the Construction Committee says:
"the land tax collected by the Chinese Government in the International Settlement is low and the rate has t6 be revised. When mem bers of the Construction Committee, Messrs, Li Zatseng, Wang Ching: hui, and Wel Tao-ming went Europe to investigate reconstruction conditions. there, negotiations. wer opened with various nations for a revision of this taxation, Tt has been proposed to eairmark the increased revenue' obtained for use as the capital of news construction bank, " Accord ing to the reports of these delegates the resulté'of the negotiations have been quite satisfactory, us the British, French, American and other governments have accepted the proposals. Recently discussions have been held with various consuls Shanighal andi og soon as a decision has been reached, the mew taxation will be enforced, ""As Shanghai is under the jurisdiction of your municipality it is expected that fou will second this movement apd once the proposed bank is opened assistance will be rendered your municipality to: promote construction work."
Text read from the printed page and cleaned; old type leaves the occasional error.