' In Friday's Times is published a telegram from its
Pekin correspondent describing the report of the Com- mittee of British, German, French, and Japanese Ministers regarding the indemnity. They give four alternatives for raising the loan of £65,000,000 needed to satisfy the claims of the Powers : (1) A Chinese loan not guaranteed by the Powers ; (2) a loan guaranteed by all the Powers; (3) an issue of Chinese bonds to each Power for the satisfaction of the par- ticular indemnity clause; (4) payment by annual instalments. The Committee leave the onus of choice on the Home Govern- ments. The Committee agree that the sources of revenue which shall be utilised for payment of the indemnity are: (1) The maritime Customs ; (2) an increase of Customs to an effective 5 per cent. ; (3) native Customs to be placed under maritime Customs; (4) imposition of Customs on goods now free. The Committee also express the opinion that neither the Land-tax nor the Likin can be touched. There are other recommendations, such as a Salt-tax and an increase of Customs by 10 per cent., but they are not unanimous. Ridiculous as it sounds in theory, we have no doubt that if the loan is ever raised it will be by guarantee of all the Powers, for if there were no such guarantee the burden on China would be too great. But a guaranteed loan is very apt to lead to internationalism and all its evils.
