July 24, 1905.1
against Catholic in common with other Missionaries in the interior. But the subject naturally became more acute when it was known and probably pretty plainly intimated that the power of the nearest French Consul or Consul General would be invoked if the local authorities did not listen to missionary protests; and this is actually the position which it is attempted to uphold under the French protectorate of Catholic Mission; generally. Many years ago, when the first Chinese Minister went to Italy, he took the opportunity of suggesting that Italy instead of France should be the China. The Protector of Catholics in suggestion came to nothing, but the fact that it was made shows how opposed the Chinese were to the assumption of such a position by France. It was one which apparently suited her at the time when it was taken up, but certainly it has proved anything but satisfactory in its working, and if the recent raising of this question leads to the abolition of what is
an
CHINA OVERLAND TRADE REPORT. extraordinary was swoller by carrying over an amount from the Chinese indemnity. General economies, in administration costs effected by all departments, accounts for the fact that the ordinary expenditure, in spite of increased pensions, camphor monopoly, and education outlays, is only There is a special triflingly increased. Budget for the War, which treats as one period the time since war began. The expenses are put at seven hundred millions
with an (£71,699,273),
extraordinary reserve fund of eighty million yen.
8
The money is thus obtained: First there
revenue the surplus iu ordinary
of 124,880,000 yen, saved by the departmental economies referred to. Eight millions at special account were transferred. Increased rates, special taxes, and the salt mouopoly account for over seventy-four millions, Patriots have voluntarily subscribe some. thing like a million and a half. The remaining 571 millions are raised by public loans, Exchequer bonds, and temporary anomalous attitude, it will be loans. The special accounts exploited to a subject for congratulation both polit- eke out the war revenue were the fund for ically and in the true interests of Mis- replenishing warships and torpedo boats, sionary enterprise. So long as such an the fund for the relief of sufferers by attitude is assumed by any nation the natural calamities, and the education fund. Chinese will continue to regard Missions as The total of the extraordinary war ex. being essentially political and will be dispenses is 1,356,000,000 yen, or £138,891,734. posed to oppose them accordingly. It is, The income from the special war taxes is therefore, to the interests alike of diplomacy expected to reich a hundred and fifty and of missionary enterprise that an end million yen; but this enormous sum does should be put to such an unsatisfactory not give an accurate clue to the burden as state of affairs. Such considerations as felt by the taxpayers. Although it is these were probably brought before the admitted that taxation and the cost of German officials after the first somewhat living is greater, things might have been hasty suggestion that Germany should
It is pointed out that on account seek to be appointed as Protector of of the restriction put by the extraordinary Catholic Missions in China; and it special tax law upon local taxation, reduc- is not difficult to understand that the tion of local taxes in consequence of the Cologne Gazette should find it desirable to curtailment of local expenditures, and also retreat from a position which it bad taken of national thrift, the country is in a up too enthusiastically, and apparently position to bear the increased taxation without any adequate knowledge of the "without the slightest inconvenience." facts. It is, however, perhaps going a little Happy country! One of the most significant too far for that paper to question the right passages in the Financial Annual is of France to such a position, seeing that the perhaps Chinese have acquiesced in it now for more than thirty years. Such a question might be raised by China if she sees fit, but it does not concern other nations with sufficient directness to make it necessary for them to protest. The protectorate of Missions does not, as appears to be assumed, in any way interfere with the principle that German subjects in China are under the Had jurisdiction of their own authorities. that been the case, it would certainly have been challenged long ago.
MORE JAPANESE FINANCES.
worse.
that which says, "As we
the economic condition
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look back upon of the country since the outbreak of the war, we find that the nation has not in any way suffered from those evil effects which usually appear in time of war, but that it was throughout the past year under favourable economic conditious. The specie reserve of the Central Bank continues to be on a firm basis; although there has been an increased issue of convertible banknotes, still, if we deduct the notes circulated in China and Corea, the circulation at home does not exceed its normal amount. Our foreign trade attained last year unpre- cedented prosperity; and the most recent statistics show that the nation at large has ample funds at its command, and deposits; made in banks and in the post office savings bank have reached the highest figures ever We live in fact evidence in attained. every direction that the heavy burden im posed by the war has not in the least degree impaire the economic development of the nation."
(Daily Press, 18th July). In our notes on the Japanes efinancial statement for 1905-6, published on July 10th, the reader must have been struck by the very noticeable disproportion of revenue and expenditure, the former being considerably over 120 millions more than the latter. That revenue was, however, classed as ordinary or Lormal, the explana- tion being that "the increas? is due The graduated income tax, for which to the natural increase of the receipts on English socialists have long agitated, is the whole as a result of the general a-lopted by Japan in i's most complicated economic development and increase of form. Incomes of not less than 100,000 national wealth; to the fact that the yen have the privilege of paying 55 per extraordinary special taxes and the tobacco or more than half their income! A monopoly baving been brought into five-hundred-dollar-a-month resident must operation in the spring of 1904, the full pay a quarter of his income; and out of a year's receipts could not be obtained from salary of a hundred a month, the Japanese them last year, whereas in the current fi-cal employee is not asked to pay more than 180 No tax is levied upon the year they will be collected in full; and to yeu a year. the increase in the receipts from the cam. income derived from the money loaned to phor monopoly and profit from the the Government for war purposes, nor Government railways.' The revenue upon “interest of the Savings. Debentures
*
cen
47
to be issued in accordance with the Savings Debentures Law of 1904."
These Savings Debentures are now being ssued,i and so far as we know, have not yet been described in the Press. The Specia Bank has received a quantity within The idea of the last week for issue," them seems to be as follows: The depositor lends (any) five yen to the Hypothec Bank on fixed deposit for twen'y Each five yen years at three per cent. bond bears nineteen coupons, one of which may be exchanged each year for the interest. (on five yen, fifteen sen) and at the end of the twentieth year, the bond itself is surrendered for Y5.15. In the meantime, the depositor has to be compensated for the difference between three per cent. and This is very the actual market rate. attractively done by means of drawings. In the first five years, there are three drawings a year, at each of which the depositor of Y. 5 has a chance of winning one of numerous cash prizes, the highest being five hundred yen. After the fifth year, there is on drawing a year. In the Orient, where so much money is squandered in lotteries, this form of investment is calculated to be very popular; and the Japanese Government, which frowns on gambling, seems to have hit upon a shrewd compromise. The fascination of the scheme lies in the fact that for five dollars the gambler now has thirty chances of winning five hundred, and numerous chances for the other prizes, while supposing him to be uniformly unsuccessful, he gets his money back plus three dollars interest; whereas the speculator in a Chinese or other lottery has only one chance at a bigger prize, and in any event must lose his original capital. These new Savings Debentures, we understand, are not really a Japanese invention, something very like then being in vogue on the European Continent. They are issued to foreigners as well as 'to Japanese. The Japanese have this year adopted another foreign financial scheme, a Succession Tax, known in England by
Death duty." referring to the Japanese national debt, the gentleman compiling these returns remarks that
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the sombre name of
**
In
large proportion of the loans was redeemed before maturity, "to the great satisfaction of the bondholders." Those who were receiving nine per cent would scarcely be greatly satisfied by the prema- ture redemption.
TO ENSLAVE CHINA,
(Daily Press, 19th July). An extraordinary illustration of the methods which Russia would adopt for the government of the Chinese, had she suc ceeded in extending her territorial dominions in the north of China, is given in a pamphlet which was issued during the month of July last year, and is referred to in an article which was publishel in the Fortnightly Review. From what is there stated, it appears that this curius document was issued in reality by the government, as it is stated to be issue by "special authorisa- tion of the censor”-in other words, by the Minister of the Interior, the late ́ M, DE PLEHVE. In this document, reference is made to the prospective conquest of North China, and a scheme is propounded for distributing the Chinese populatiɔn among Russian peasants possessing forty neres or more. "The peasants and the small towns people should have absolute control over these slaves and be supported by them. The depopulated territory in China would be occupied by the despatch of all Bussian anemployed, destitute and tramps, and