This post concerns merchants who have investments or commercial
interests in the City of Shallam.

The land valuation price of all shops within the City have been raised
to keep track with the current market equilibrium price. If you profess
to know the economics of shops within the City, you would too have
realised that the land valuation price placed on your shop is far below
that of the market value. I have since sought to address this fault.

I have lowered the tax rate to 1% of its land valuation price in order
to prevent a Herculean leap in the amount of taxes which all of you
merchants are now obliged to pay. However, as much as you might find it
undesirable, shop taxes do still increase, albeit slightly.

If you currently own a shop within the Zanzibaar/Fish St and
Hakhim-Medina belt, you'd be obliged to pay 10 grand per annum as tax
rate now. This is a mere upward revision of 7 grand which you used to
pay.

If you own a shop in Fish St (not bordering Zanzibaar) and shops within
the Medina district, you are now obliged to pay 8 grand or 7 grand of
tax rate per annum. The variation in tax rate shall therefore depend
upon the commercial viability and accessibility of your shop.

Some might question the rationale behind this move. I would like to say
that this increase would serve a dual function. Firstly, it would give
you merchants a fair gauge of your shop's current market value if you
are planning to sell it to the market. Secondly, the increase in taxes
shall hopefully correct a recurring market failure which has happened
for the past few decades: excess demand vs a perfectly fixed amount of
supply. The Chancellory hereby wishes to register their hope that the
new increase shall reduce the demand, maybe even to the point where the
equilibrium level is reached.

I register my apologies to all merchants who are disgruntled with this
move. However, I too am affected as I own a shop in Zanzibaar St. If you
have any questions, you can direct it to me or my aides. My aides are
Maiya (priest), Tehuti (Magi), Harrold (sentaari) and Acratin (paladin).

Thank you for your co-operation.

Chancellor of the City of Shallam,
Walter Weltsdown

Penned by my hand on the 18th of Ero, in the year 316 AF.