ic is growing at a
phenomenal rate, it being estimated that at least 50 million people read
the daily publications, or hear what they say,--a fact which is deemed
so politically important that all political parties and groups have
their chains of organs throughout the country.

[28] The mediaeval condition of Chinese trade taxation is well
illustrated by a Memorandum which the reader will find in the appendix.
One example may be quoted. Timber shipped from the Yalu river, _i.e._
from Chinese territory, to Peking, pays duties at _five_ different
places, the total amount of which aggregates 20 per cent. of its market
value; whilst timber from America, with transit dues and Peking Octroi
added, only pays 10 per cent.! China is probably the only country that
has ever existed that discriminates against its own goods and gives
preference to the foreigner,--through the operation of the Treaties.

[29] We need only give a single example of what we mean. If, in the
matter of the reform of the currency, instead of authorizing
trade-agencies, _i.e._ the foreign Exchange Banks, to make a loan to
China, which is necessarily hedged round with conditions favourable to
such trade-agencies, the Powers took the matter directly in their own
hands; and selecting the Bank of China--the national fiscal agent--as
the instrument of reform agreed to advance all the sums necessary,
_provided_ a Banking Law was passed by the Parliament of China of a
satisfying nature, and the necessary guarantees were forthcoming, it
would soon be possible to have a uniform National Currency which would
be everywhere accepted and lead to a phenomenal trade expansion. It
should be noted that China is still on a Copper Standard basis,--the
people's buying and selling being conducted in multiples of copper
cent-pieces of which there has been an immense over-issue, the latest
figures showing that there are no less than 22,000,000,000 1-cent, ten
cash pieces in circulation or 62 coins per head of population--roughly
twenty-five millions sterling in value,--or 160,000 tons of copper! The
number of silver dollars and subsidiary silver coins is not accurately
known,--nor is the value of the silver bullion; but it certainly cannot
greatly exceed this sum. In addition there is about L15,000,000 of paper
money. A comprehensive scheme of reform, placed in the hands of the Bank
of China, would require at least L15,000,000; but this sum would be
sufficient to modernize the cu