$850,000. Needed tà: Cover Unforeseen Expenditure Two Resolutions Passed Tientsin, Aug. 14.
Faced with the necessity of raising an additional sum of $850,000 to cover unforeseen expenditure for the current year's budget, largely due to the drop in exchange, additional unexpected liabilities and loss of revenue, the British Municipal Council called an extraordinary meeting of electors this afternoon to consider two resolutions.
The first provides for a 30 per cent. surtax on rent assessments of all properties in the British area. The second calls for revision of licence fees for shops, professions, hongs, factories, mills, banks, real estate firms and the largest concerns.
The second proposal taps new sources of revenue as heretofore shops alone paid licence fees, but the proposed new fees are on a moderate scale, ranging from $1 to $10 monthly for shops, with the highest group from $10 to $50 monthly.
Revenue from these two proposals is expected to produce about $215,000 in the current year, leaving the balance to be raised either by a loan or overdraft with the proviso that the Council shall submit to the next annual general meeting measures designed to shorten the gap between revenue and expenditure. Both proposals were carried unanimously.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.