CHINA
Loans to Hanychping Colliery Company:
1901, Nov.---Industrial Bank at 6 per cent. 1905, June-Yokohama Specie Bank at 7 per cent.
""
at 7 per cent.
รว
""
1905, Nov.-
""
""
""
1907, Sept.-
""
1907, Nov.
""
11
1907, Nov.-
""
1908, Mar.-
"
""
""
at 6 per cent.
1912, Feb.
""
""
""
at 7 per cent.
1912, Feb.
25
""
""
at 8 per cent.
1912, Nov.
1912, Dec.-
""
at 7 per cent.
""
多痛
""
at 8 per cent.
""
at 7
""
per
cent.
$ 3,000,000 1,500,000
500,000
830,158
612,730
614,395
6,000,000 3,000,000
Hk. Tls. 120,000
$500,000 Y.2,500,000 $6,000,000 $ 765,707
559
1913 Dec.-
1913, Dec.--Mitsui Bussan Kaisha
1914, June-
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1915, Feb.--
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1915, Feb.
""
""
""
""
""
5+
1913, July- Mitsui Bussan Kaisha
1913, Nov.- 1903, Feb.-
""
""
""
19
""
88,400
150,000
150,000
100,000
500,000
1,000,000
Towards the close of 1918 the Powers agreed that no further advances should be made to China until a settlement between North and South had been completed. The observance of this undertaking has rendered administration since extremely difficult. Innumerable private sources have been approached for financial accommod- ation with unsatisfactory results. National bonds have been hawked about until they have depreciated lower than previous below-par quotations. Redemption of the 4th year Domestic Loan should have been commenced in 1918, but was not commenced till 1919. Likewise the principal of the Premium Bonds should have been returned, but was not. The feature of 1919 was the announcement that America, Britain, France and Japan would form a new Consortium. Associated with this proposition was a plan for the unification of China's railways. Japan, at first, disapproved of both schemes, but in 1920 changed her attitude. It is now the stated policy of the Powers to with- hold "political" loans from China but to help her in any constructive projects she wishes to initiate. As yet, however, China has not recognised the Consortium, and the joint note from the British, American, French, and Japanese Legations at Peking, enclosing the Consortium dossier and dated September 28th, 1920, still remains
unanswered.
This chapter on finance would be incomplete without a reference to the preposterous currency reform promulgated in August, 1918, which contemplated the establishment of a gold currency with the Yuan or dollar as basis. A gold note issue was to follow, the reserve for which was to be furnished by Japanese notes held in the banks. All this was to be accomplished by the decree promulgating the scheme. Naturally, the Group Banks protested, and the scheme was dropped. It is hoped that the erection of the National Mint at Shanghai may be a step in the direction of currency reform. This mint is to be established out of funds provided by the Chinese bankers, who, on March 3rd, 1921, loaned the Government $2,500,000 for that purpose, and retained an interest in the proper spending of the money.
Budget Statements in China have yet to become the precise documents that they are in other countries. The last published was for the fiscal year ending June, 1920, when the total of the Extraordinary Receipts was $80,581,785 and the grand total of both the Ordinary and Extraordinary Receipts $490,419,786. The total Extraordinary Expenditure was $224,473,681, and the grand total of both the Ordinary and Extra- ordinary Expenditure $495,762,888. During the autumn of 1919 Parliament framed a Budget which showed a deficit of $120,000,000. To meet this it was proposed to reduce military expenditure by $20,000,000 and to introduce reforms in the collection of taxes which would yield another $20,000,000. For the balance a loan was to be raised. The corruption that has marked Peking finance for the last few years was demonstrated in the spring of 1922, when Tung Kang, then acting Minister of Justice, published the conclusions of a Loan Commission which had been appointed by the Government and