56
List No. 2.
Provisional Import Tariff for German and Austrian Goods.
Per cent.
Electrical materials and fittings 10
Beer and porter...
20
Enamelledware
20
Lace and trimmings
20
Figured and plain cotton italians 20 Cotton blankets...
Lamps and lampware
10
Woollen and cotton mixtures
Needles
10
Medium cloth
20
Paper
10
Woollen and worsted yarn and
Soap
20
cord
Stationery
20
Iron and steel manufactures
Stoves and grates
20
Braid, llama
Sugar candy
20
Buttons, brass and fancy
20
Telegraph
materials
Motor-cars
and
telephone
Chinaware, coarse and fine
10
20
Clothing, hats, boots, shoes and
gloves
**998 89988 &
10
10
20
20
57
Annex IV.
(Referred to in Article 3.)
Schedule showing Reduction in Interest and Extension of Amortisation of certain Loans concluded since the Establishment of the Republic.
No attempt is made here to draw up this scehdule. It is suggested that the capital amount of these loans be left nominally unchanged, and that the writing down be secured by reducing the interest to 5 per cent. (that of the pre-republican foreign loans) or per cent. (that of the better-class internal loans) and extending the amortisation. For instance, the holder of an 8 per cent. issue due for redemption in a few years but entirely in default (e.g., Vickers or Marconi loan), should readily accept an arrangement under which he receives in exchange a 5 per cent. or 6 per cent. bond charged on customs revenues, and running at the option of the Chinese Government until, say, 1960 (the date of redemption of the Reorganisation Loan of 1913). An exception might be made in the case of the Ninety-six Million Dollar Loan of 1922, the capital amount of which might well be reduced.
Annex III.
(Referred to in Article 3.)
Schedule of Indemnity and Loan Obligations of the Chinese Republic in the order of their Charge on the Customs Revenues.
No attempt is here made to draw up a list of the loans in question. The principle to be followed would be: first, all indemnity and loan obligations actually secured on the customs revenues in the order of their existing priority, e.g. :—
Foreign loans previous to 1900;
Indemnity;
Hukuang Railways Loan of 1911;
Reorganisation Loan of 1913;
Chinese internal loans directly secured on the customs revenues, or subsequently included by the Mandate of 1921 in the Consolidated Loan Service;
Ninety-six Million Dollar Loan of 1922;
Tsingtao Public Property Compensation Treasury Notes;
and possibly
A new Reconstruction Loan.
These would be followed by all other loans and advances for which the Chinese Government has assumed liability in the order of their date of issue and up to the amount actually issued, showing in each case the revenues, if any, earmarked as security. The Hukuang Railways Loan is included in the above list with priority over the Reorganisation Loan, in view of the provisions of article 9 of the former and article 4 of the latter loan agreement, The differentiation between the interna! loans secured on the cancelled indemnities and on customs surplus, being fictitious, should be abolished. The Ninety-six Million Dollar Loan of 1922, which has been quoted on the Peking exchange during the last two years at round about 20 per cent.. and under, of its nominal value, should be drastically written down if it is to retain its present priority of charge on the customs revenues, or it should be removed from that position and take its place as an unsecured loan after all other loans previously issued.
Annex V.
(Referred to in Article 6.)
Memorandum regarding the Reforms to be Introduced into the Salt Administration with a view to securing the more efficient Collection of the Revenues. [To be furnished, if required, by Sir Ernest Wilton. ]
Annex VI.
Estimates of Chinese Government Revenues under Part I of the Scheme for the Fear 1926.
Customs Revenues. (Proceeds of Import and Export Duties only.)
(See article 2.)
7 per cent. import duties, plus additional 24 per cent.
on luxury articles
7 per cent export duties
15 per cent. wine and tobacco import duties
Total
The first two items are conservative estimates based on the latest customs returns; the last item is a guess based on the fact that the British and American Tobacco Company alone now pay some 3 million dollars a year in 5 per cent. import duties.
Transit Pass Fees, Inward and Outward. (See article 1.)
24 per cent. transit pass fees
This is a guess based on the fact that under the existing system transit pass fees amount to over 4 million dollars; under the new system transit pass privileges would be thrown open to Chinese and foreign-owned goods without restrictions, and it is suggested that the revenues therefrom might be doubled, and they should, further, rise very rapidly, as Chinese merchants take to the use of transit passes instead of paying li-kin.
Chinese dollars.
80,000,000
30,000,000
15,000,000
125,000,000
8,000,000
88
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