Nanking, Apr. 14.
'That the import duty' on. foreign cotton be increased in order to Prevent further aggravation of the monetary crisis, is urged by the Shanghai Bankers' Association in a petition to the Ministry of Finance. 'The message is despatched in endorcement of a previous petition despatched by the Shanghai Cotton Merchants' Guild to the Government.
'The Shanghai Bankers' Associa tion observes that since rationalization of the cotton industry was instituted by the Government, through the Cotton Control Committee of the National Economic Council we years ago, various measures have been devised and adopted to increase the acreage for cotton -cultivation and to Improve the quality of native cotton.
Due to the unrestricted dumping of foreign cotton on the Chinese colton market, however, prices native cotton have fallen considerly. Not only are the aims of the Government in exercising centralized control over the native cotton industry likely to be defeated, but, through the continued dumping of foreign cotton, a large amount of silver is bound to flow out of the country.
Such being the situation, the Bankers' petition adds, a further aggravation of the monetary (silver) crisis is a melancholy possibility.
Moreover, the banks have extended Toans to the cotton growers on the security of their products. If the Stamation in the motive cotton industry continues without Improvement, serious losses will be sustained by the banks.
In the interests of the farmers and their financial sponsors, 1 lo therefore urged that the Import duty on foreign cotton be raised immediately, 59 as to call a halt to foreign dumping—Kuo Min.
Text read from the printed page and cleaned; old type leaves the occasional error.