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232 fact that, in addition to binding itself to supply a million pounds of copper annually to the central Government at a fixed low rate, and to meet the requirements of the provinces at local market rates, the company undertook to pay 35 per cent of its net profits on paying properties in royalties (making good all losses on other mines from its own funds), and to pay a pit-mouth tax of 5 per cent on all produce."

The Mining Regulations referred to by Taotai Wei were those issued by the Chinese Government in 1907, and were of such a character as to practically prohibit the employment of modern methods and of foreign capital in the development of the mineral wealth of China. They were denounced by the Legations as a breach of treaty engagements; but the case of the Yün-nan Syndicate is only one of many that might be cited as examples of the avidity with which provincial officials have grasped hold of any cover, behind which they might shelter their arbitrary and exclusive procedure where foreigners are concerned.

During the night the usual hubbub of a Chinese inn was accentuated by the late arrival