Negotiations between the Ministry Jot Finance and the local bankers fever a $3,000,000 loan to the Jernment are progressing favo according' toa. report em from Chinese banking circles. The security offered by the Ministry for the loan will be the revenues to be derived from the bank-notes tax Following the arrival of Mr.
Soong, Minister of Finance, from tanking' on and several local bankers, including Mr. LuMing and P. K. Hou of the China & "South Sea "Bank, Mr. Chang Show-yung, former vice: Minister of Finance, is also assist-Ing' His. Soong inthe negotiations for the loan' and the bank-notes taxes to be imposed.
Much opposition hi bby local bankers. tion of Chinese bank-notes, It is expected that with the arrangement lof the new taxes, the loan will authority mistry is persistent on the imposition of the new levy, but in view ion certificates will have to be filled in by the various concerns, loficials stated. Tt may be deemed necessary to make actual investigations by officers of the Business Tax Collection Department and. the Chamber of Commerce concerned. Books will also be examined by them.
Tt is also planned by the Finance [Bureau to establish an arbitration feommittee to settle disputes arising lout of the collection of the tax.
Text read from the printed page and cleaned; old type leaves the occasional error.