The Richmond Virginian. (Richmond, Va.) 1910-1920, 1910-10-31
CHINA WILL ENTER
ON ERA OF REFORM
Consummates Big Loan to be
Used in Revising Fin
ancial System

pEkING. Oct. 31.--With the sign
ing of an imperial edtct to-day for
maliy concentrating the s50,o0e,ooo
loan To be. fioated b.. the syndicate
of American bankers. headed by j.
p. Morgan X Co. Kuhn. Loeb Il Co.
the National CITY Bank and First
National Bank Of New York. China
enters upon a period of reform which
every foreign power with interests
in the Far East has striven to bring
about for the past ten years.
The greater portion Of the loan will
be utilized to effect a reform OF the
Chinese currency system. The Chi
nese government is bound by treaty
with Japan, England and the United
States 10 effect various reforms such
as the abolition OF the Likin tax,
which Is tax imposed upon goods
in interior transit In China. the re-
vision OF the customs schedule and
OF the general system OF tax colisc-
tons The treaty with the United
States was signed In 1902. and those
with Japan and England in 1903.
Delayed by Death.
The Chinese government acted in
perfect faith In the fulfiliment of
Its pledges and the plans Of reform
had so far progressed that Tang
Shao-ff, governor of Mukden. had
commenced negotiations in America
when the death Of the dowaEer en-
press threw China into chaos and the
negotiations We're abandoned.
Now China Is commencing anew to
put itself upon a trst-class CONNER
cial basis. The need OF reform OF
the currency may be realized when
it is considered that there now are
in circulation In China at least a
zen kinds of dollars" and over
l99 coins known as the tael, the
standard coin Of the empire Bar
cult for foreign merchants to do bust
ness in China under these circum-
stances.
Abolish Ltkin Tax.
The I.ikin tax is one of the worst
and Oldest abuses in China. The fees
are imposed upon goods shipped from
one part of the empire to another,
very much like the American toll
system on public roads AS 1t Is col
iected by the provincial governments,
it has degenerated into such misuse
that almost any price obtainable Is
demanded
In the farther future comes the
vast reform Of Chinese tariff. This
is such mammoth undertaking that
II Is impossible to Judge of II now
Undoubtedly the contamination OF this
loan has been one of the greatest
| victories which American inanciers
have scored here in many years. Its
import is vastly larger than the
amount involved, and by II America
is placed in a most favorable posi-
ton TO capture the commerce in the
market which American capital 10
opening to the world.
The bonds covering the loan will
be taken by the American syndicate
II Is stated. at So.
The HUI KuanR railroad loan Is
/ stlll pending. In il the share of the
United States is to be $7.500.eo0.
Scott T. A. Boyd.
(Spe cial to The Richmond Virginian.)
SOUTH BOSTON. VA. Oct. 3i.-
Scott T. A. Boyd. prominent and
highly esteemed citizen. died at his
home near Vernon Hill. this county.
Sunday, after an illness of several
weeks He was in his seventy seventh
year and is survived by his wife and
four children. two sons and two
/ daughters.
| He was a brave Confederate soldier.
! serving through the entire war m
| Captain Young's company: also a
prominent Mason. The funeral will
! take place at Pleasant Grove church
! on tomorrow at 2 o'clock.