An important decision was reached by the qui going Shanghai Municipal Council "at its last meeting. A. full complement of attendance was secured, thus indicating a happy resump-Won of the good relations between all members. The proposal to post-one the reversion to the 10 per cent. rate until Jan. I'next was oe cepted. The necessary amendment at tosmorrow's Ratepayers' Meeting will be moved by two of the ineom* ing Council, thus assuring the brine ciple of continuity. The Chinese Councillors, all of whom are to be warmly congratulated on their' re election—thelr experience will be specially valuable in a Council with a large proportion of neweomers—have "signified their' readiness to support the application of the 16 Ber cent. rate as from Jan. 1 next, aviding that Municipal revenue on that date has not in the meantime Increased sufficiently to. make this unnecessary." Thus the Chinese representatives recognize the Council's duty to balance the Budget and have gracefully conceded the force of the arguments which have been brought forward. to justify the reversion to the old rate. The natural opera: Uon of the law of compromise has moved the other Members of the Coune ell to agree to a period of six months race. 'That will mean a loss of about $12 million in revenue as originally estimated for the current year and a consequent addition of $75,000 p.a. of future budgets in the loss of interest charges. By' further drawing. on Feserve and. the search for" more means of retrenchment the Council may meet that difficulty. "It is. im= portant, however, to point out. that such a device, in'view of the already severe retrenchments and heavy strain on reserves, is only acceptable because the proposed postponement implies also an automatic operation of the 16 per cent. rate on Jan, 1 without further controversy. If the postponement had not been final' the Councit's credit would be impaired owing to the obvious deductions. 10 be drawn from. such uncertainty. The outgoing Council is to be commended on reaching this agreement and so saving its successor from om-barrassment at the beginning of 2 new term of office,
Text read from the printed page and cleaned; old type leaves the occasional error.