668
CHINA
payment of the Tsing Imperial House Pension and the redemption of notes, etc., 30 per cent. for Military Expenditure, 2 per cent. for Judicial Administration, 5 per cent. for Education, 4 per cent. for the encouragement of Industry and Commerce, 1 per cent. for the improvement of Means of Communication, and 2 per cent for Miscellaneous Expenses. In the absence of actual figures for 1916 the estimate of revenue of the Government for 1915 is the most recent statement which can be given. It consisted of the following items :-
Land Tax
Salt Gabelle... Customs Receipts Government Works
Minting Coins
Consumption Tax
...
Tax on Spirit and Tobacco
$78,000,000
... 76,000,000 62 000,000
...
Income Tax ...
Stamp Duty...
Marriage Licences
Tax'on Convertible Notes Travelling Tax
...
5,040,000
5,000,000
3,000.000
20,000,000
3, 00,000
20,000,000
...
3,0 0,000
...
15,000,000
Mining Tax ...
2,000,000
15,000,000
2,000,00›
13,000,000
Tax on Monopoly of Weights
10,000,000
and Measures
...
2,000,000
6,000,000
Total...
$340,000,000
'Title Deeds, Examination fees..
Business Tax
House Tax
...
....
Inheritance Tax ...
י
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 1915 amounted to Hk. Taels 36,747,706, a decrease of Hk. Tls. 2,169,819 as compared with 1914, but better than any year previous to 1912. It can scarcely be hoped that the figures for 1916 will be as good. The Salt Gabelle promises to be a greater revenue producer than the Maritime Customs, the net receipts of the former for 1915 being $69,277,536.42, of which there was paid out the following sums: To Maritime Customs to assist payment of Boxer Indemnity, $23,787,463.37; interest on loans $11,811,6 9.00; released to Chinese Government, $27,525,066.47. The balance was carried to 1916 as a reserve.
China had no foreign debt till the end of 1874, when a loan of £627,675, bearing 8 per cent. interest, was contracted through 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. 34d.), with a further Tls. 20,000,000, for the retrocession of the Liaotung Peninsula. The last instalment was paid in 1858, 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) tlie 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. It is estimated that China's foreign debts outstanding amount to £200,000,000. At the time of writing an advance of £10,000,000 is being negotiated with the Consortium Banks. Only the Land Tax remains as unpledged security for further foreign loans.
The foreign debt secured on Imperial revenue outstanding shown in the following table:-
No.
12
Nature of Loan,
"Cassell Loan" of Apr. 1895 (Chartered Bank).
'Arnhold, Karberg Nanking Loan," 1895 (Three
German Banks)
December 31, 1914, is
Original Outstanding
Principal
Rate
of Interest.
Amount
Dec. 1, 1914.
6%£1,000,000 £ 70,702
1,000,000
70,702
3
"Russian Loan" of 1895 (French Group)
15,820,000 10,588,252
7 Shansi Railway Loan, 1902 (Russo-Chinese Bank).. 8a Kaifeng-Honan (Pien-Lo) Rly. Loan, 1903 (Belgian) Sa 2nd issue of same, 1907 (Belgian)
9 Shanghai-Nanking Railway Loan, 1903 (H. & S. Bank) 10 Gold Loan, 1905 (H'kong., S'hai. & German Bauks)
4 Gold Loan of 1896 (H'kong., S'hai. & German Banks) 5 Gold Loan of 1898 (H'kong.. S'hai. & German Banks) 6 Imperial Railways of N. China Loan, 1899 (Hong-
kong & Shanghai Bank)..
5
16,000,000 11,685,925
416
16,000,000
13,382,000
5%
2.300,00
1,725,000
1,600,000
1,500,000
,,
1,000,000
1.000,000
""
· 40,000
""
3,251,000
""
1,000,000
640,000 2,900,000 50,000
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