592
CHINA
In the absence of actual figures for 1917 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
...
...
..$78,000,000
Income Tax ...
...
Marriage Licences
Travelling Tax
...
...
...
76,000,000
Stamp Duty...
...
...
62,000,000
...
...
...
...
...
...
20,000,000 20,000,000 15,000,000
Tax on Convertible Notes
...
...
$5,000,000 5,000,000 3,000,000 3,000,000 3,000,000
Mining Tax
2,000,000
...
15,000,000
2,000,000
...
2,000,000
...
...
...
Tax on Spirit and Tobacco
Title Deeds, Examination fees.. 13,000,000 Business Tax House Tax
...
...
...
...
10,000,000 6,000,000
...
Inheritance Tax ...
...
...
Tax on Monopoly of Weights
and Measures
Total...
...
$340,000,000
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 1916 amounted to Hk. Taels 37,750,000, an increase of over Hk. Tls. 1,000,000 as compared with 1915, It can scarcely be hoped that the figures for 1917 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 1916 being $72,440,559 of which sum the Government received $52,226,185 for its own uses. The increase in the salt revenue as compared with the year 1915 is over three million dollars.
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 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. It is estimated that China's foreign debts outstanding amount to £200,000,000. Only the Land Tax remains as unpledged security for further foreign loans.
The foreign debt secured on Imperial revenue outstanding December 31, 1914, is shown in the following table:-
Rate
Principal Original Outstanding of Interest.
Amount
Dec. 1, 1914.
6 % £1,000,000 £ 70,702
No.
Nature of Loan,
1
2
CC
3
"Russian Loan" of 1895 (French Group)
"Cassell Loan" of Apr. 1895 (Chartered Bank)
Arnhold, Karberg Nanking Loan," 1895 (Three
German Banks)
1,000,000
4 %
15,820,000
70,702 10,588,252
·
.
12 Honan Railway (Pekin Syndicate) Loan of 1905 13 Canton-Kowloon Railway Loan, 1907 (H. & S. Bank) 14 Tientsin-Pukow Railway Loan, 1908 (Hongkong,
& Shanghai and German Banks)
9 Shanghai-Nanking Railway Loan, 1903 (H. & S. Bank) 10 Gold Loan, 1905 (H'kong., S'hai. & German Banks) 11 Hankow Canton Railway Redemption Loan, 1905
(Hongkong Government)
7 Shansi Railway Loan, 1902 (Russo-Chinese Bank)... 8a Kaifeng-Honan (Pien-Lo) R'ly. Loan, 1903 (Belgian) Sa 2nd issue of same, 1907 (Belgian)
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
4%
16,000,000
13,382,000
5%
2,300,000
1,725,000
1,600,000
1,600,000
>>
1,000,000
1,000,000
J
""
640,000
640,000
""
3,250,000
2,900,000
""
1,000,000
50,000
""
40%
1,000,000
440,000
5.%
700,000
700,000
""
1,500,000
1,500,000
""
5,000,000
5,000,000
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