This, it was provided, should take place "after a reasonable period grace" had been allowed to elapse.
The loan contracts also provided for likin being reduced or abolished and. the revision of the Customs tariff, Should this eventually materinlise the loans wore to be given first charge upon any increase of Customs revenues consequent upon the change.
In 1928 China was conceded tariff autonomy and a new enhanced schedule came into force on February 1, 1929. The rates agreed were virtually the same as those which were recommended by the Peking Tariff Conference of 1926, and proximately double the import duties prior to that time.
As stated in the "Financial "Times" of December 1, the Legislative Yuan on, November 29 adopted a new tariff schedule, It was reported that this ecole of charges is considerably higher than those} proposed by the Commission appointed by the Ministry of Finance.
Despite the fact that the tariff has been raised and announcements have been made of the intention abolish likin, no definite move has been made to place the Tientsin-Pukow and Hukuang loans among] those ranking on the revenue of the Maritime Customs. None of the bonds of issues directly secured upon the Maritime Customs are in default, the foods conveyed, Likin' has Proved exceedingly onerous to- many houses trading with China. Goods, for instance, landed at Shanghai Lound for some distant town, which necessitates a long journey up the Yangtze, may have to poy likin several times. This, of course, materially adds to the final cost of the goods, For many years. past efforts have been made through the usual diplomatic channels to induce China abolish likin, although England, in common with Germany and other countries, has accepted likin as} security for railway loans, Slight Control The control exercised in the country districts by the Central Government is so slight as to render Practically impossible the enforeement of any decision itin:
The fact that i various Ministries are kept carefully independent one of the other renders the more difficult the task: of transferring loan obligations from the control of one body to another.
Both the Tientsin-Pukow and the Hukuang loans were made by the Ministry of Communications. Re-Presentations to this Department] in regard to the service of the bonds has been met with the reply that the matter has been brought before the Finance 1, who deals with National indebtedness, or the Imperial Maritime Customs Administration; response from these quarters invariably states that the matter is under consideration.
Sir Francis Aglen, who was Inspector-General of Maritime Customs in China from 1911 to 1928, dealing in 1924 -with the abolition of likin, said that the solution might stated in two clauses:—I. The removal of all restrictions, whether imposed by treaty or by} the Chinese Government, on the taking out and use of transit Passes.
Il, While retaining in Maritime Customs hands the issue of transit Passes and the duty of collecting]
transit' dues, definitely allocate to.the Provincial Exchequer the entire transit dues collection under some arrangement for pro rata distribution,
Text read from the printed page and cleaned; old type leaves the occasional error.