Page:Brinkley - China - Volume 2.djvu/131

chased at an officially fixed price, so he must sell through an agent of the salt government, which fixes the selling price also. The merchant, having chosen the place where he wishes his salt to be disposed of, must enter it at a sort of bonded warehouse, which is established in every town of importance, under the charge of a deputy appointed by the salt commissioner of the circuit. The salt is stored there under the control of the deputy to await its term for sale. For this purpose the merchants' names are entered in a book in order of application, and the salt is strictly disposed of in the same order. The warrants are handed in at the same time, and are retained by the deputy till the salt they cover is all cleared, when they are handed back, and the merchant is at liberty to try a new venture. Each warrant thus follows the other in order of rotation, and the only advantage one merchant can gain over another is in choice of locality for disposing of his salt. The object of every one, of course, is to get the salt into circulation quickly. The sooner it is sold, the sooner does he get his money and his warrant back, and the sooner he is ready to apply for a new issue. If he can use his warrant once in a year or once in nine months, his profits are naturally double what they would be if he could only use it once in two years or eighteen months." The number of warrants in circulation is seldom increased by the issue of new ones. Thus to ob-