CHINA
571
33
any amount, and even to the extent of paying off the national debt of China at one time, might be forthcoming.
The Maritime Customs and the Salt Gabelle are the only two sources of revenue for which exact figures are so far available. The Customs receipts for 1923 aniounted in round numbers to Hk. Tls. 63,504,251, as compared with Hk. Tls. 59,359,194 for 1922, the highest on record up to that time. If the Famine Relief surtax which was collected during 1921 and up to February 28th, 1922, is eliminated from the receipts for those two years, the revenue for 1923 represents an increase of Hk. Tls. 4,870,001 over 1922 and of Hk. Tls. 9,041,607 over 1921. To the increase of Hk. Tls, 4,870,001 over 1922, the revised Import duties, which came into force on January 17th, 1923, with the object of making these duties equivalent to 5 per cent. ad valorem, contributed Hk. Tls. 2,582,114-much Hess than expected.
China had no foreign debt till the end of 1864, when a loan of £1,431,664 was contracted from the Hongkong and Shanghai Bank under Imperial authority and secured by the Customs revenue. Up to 1894 the total foreign debt of China was inconsiderable, but subsequently extensive borrowings had to be made to meet the expenses of the war with Japan and the indemnity, which was Taels 200,000,000 (at exchange of 3s. 31d.), with a further Tls. 20,000,000 for the retro- cession of the Liaotung Peninsula. The last instalment was paid in 1898, and the total indebtedness of the country up to 1900 was £55,755,000, the principal loans being the Russian of 1895, the Anglo-German of 1896, and the Anglo-German of 1898, each of £16,000,000. The country's obligations in 1901 were increased by a sum of Tls. 450,000,000, the amount of the indemnity paid to the Powers to meet (1) the expenses of the Expeditionary Forces, and (2) claims for compensation for losses to missions, corporations, individuals, etc. Several Loans were subsequently obtained, chiefly for railway construction, and, as a result of the Revolution, China's indebtedness was increased by an international loan of £25,000,000. China's foreign debts are in various currencies and, owing to fluctuation of exchange and the paucity of statistical information in Peking, considerable difficulty is experienced in arriving at an accurate figure of China's national indebtedness. The generally-accepted estimate $1,500,000,000, although some authorities put it as high as $2,000,000,000. The Ministry of Finance reckon it on the basis of $4 per capita, which, taking China's population at 400,000.000, would make the National Debt $1,600,000,000. The following statement is as accurate as any, and represents the result of the examination of many returns:-
1. General Foreign Loans
.....
2. Foreign Railway Loans 3. Foreign Indemnities 4. Internal Long Term Loans 5. Internal Short Term Loans 6. Treasury Notes, etc.
$268,978,252
334,802,631
482,841,744
275,226,738
69,101,978
18,640,000
$1,449,592,343
S
(The last item is only a rough estimate the amounts of some of the issues are not ascertainable).
On this computation China has a smaller per capita national debt than any other State with the exception, perhaps, of Switzerland and the little States in Africa and South America. Yet the Land Tax remains as unpledged security for further foreign. loans.
The foreign debt secured on national revenue (Japanese loans excluded) out- standing in January, 1920, is shown in the following table:-
Date
Title or Source
1895 81895
General Loans
Orignal Amount
Rate of Date of Re- Principal Outstanding Security laterest demption
January, 1920
4
7-1931
F198,538,904
[ a ]
£16,000,000
5
3-1932
£8,655,797
[ a ]
Russian-French Loan ... F400,000,000
Anglo-German Loan
[a] Customs revenues.