The Salt Revenue in 1937 is reported to have been very much the same as in 1936 owing to further increased taxation, but the Salt Administration has unfortunately failed to maintain its control over the North China Salt areas. This administration has been in the situation of an ugly duckling alongside the favoured Customs, and i has therefore been rather neglected by its foster parents, the international powers. Nevertheless it is important that the Customs and Salt Should be treated on an equivalent basis, as the arguments used in the one case apply also in the other. The outstanding foreign loans secured on the salí revenues require a comparatively modest anhaal remittance of funds and the revenues collected should continue to be ample for these requirements.
It is satisfactory to be able to note that in spite of the war, the Naional Government has continued regularly to pay the foreign loan obligations secured on the Customs, salt and railways.
Text read from the printed page and cleaned; old type leaves the occasional error.