The American Chamber of Commerce received a telegram from Mr. J.B. Allman on Monday, Aug. 26, that the revenue bill had been passed by, the United States Congress, and now awaits the signature of" President Roosevelt. Included in the bill is a provision exempting China Trade Act Grms from taxation on capital stock and on excess profits. Mr. Allman, brother of a Shanghai attorney, has been in Washington representing the (China Trade Act firms in their campaign against the proposed taxes to be levied on capital stock and excess profits While the telegram did not give much information," it did state that the bill had passed through Congress and had gone to President Roosevelt for his signature.
The China Trade Act provides for the incorporation of firms. here is Jsuch a way that they would have an equal chance in competition with the companies of other nations, Mr. All. man based his support of Trade Act Grms, of which there are about 100, fon the fact that the companies other nations are not taxed for capital stock and excess stock.
The campaign: for the provision 1n the revenue BIN" began at a meeting last November of representatives of the firms concerned. They raised '$2,400 to carry on the campaign, and Mr. Allman was made the Washington, representative.
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