The merchants expressed their willingness to forgo repayment of the loans in question, if Liu Hsiang, would agree not to put on the new tax. It seems that the bankers refused to accept this proposal. As protest against the new tax, the merchants of Chungking and Wanbbsien declared a general tri with the result that for nearly a month no cargo entered or left these ports. Shipment of goods into the interior was entirely suspended, as was export to down river ports.
'A compromise has been reached whereby the tax will be levied, but will be based upon Customs vains tion in place of market valuation This is a concession to the merchants. Also, the export tax has Deen reduced from 24 per cent. to 2 por cent, the import tax being 24 per cent.
Now business is gradually being resumed. The result of the strike, although not entirely satisfactory, at Toast shows what power. the merchants can exert if they take concerted action. Possibly they will be able to exert a fair amount of control over revenue, if they follow up this advantage.
Text read from the printed page and cleaned; old type leaves the occasional error.