518
CHINA
1918, Jan. 20th.-Second Loan to Bank of Communications for 3 years at 7 per cent. secured by $25,000,000 in Treasury honds; money advanced by Bank of Chosen, Bank of Taiwan, Industrial Bank of Japan
.......
.................... Yen 20,000,000
1918, Feb.-Shihpingkai-Chengchiatun Railway Loan made by Specie Bank. For one year at 7 per cent., secured by revenue of road... 1918, Feb.-Nankin Railway Loan, between Nanchang and Kiukiang.
Made by Tao Kogyo Kwaisha
1918, April.-Sino-Japan Exchange Bank to Telegraph Administration
for extension of land lines; interest 7 per cent., discount 1 per cent., secured by all telegraph property not previously pledged 1918, April.-Wireless loan, probably for construction of wireless stations, materials to be purchased from Mitsui Bussan Kaisha... 1918, May, 16th.-Chihli Provincial Loan niade by the Bank of Chosen... 1918, June. Bank of Chosen to Ministry of Communications, for con-
tinuance of Kirin-Changchun line to Korean border
For 40 years at 5 per cent.
1918, June. Bank of Chosen to Fengtien Province for redemption of small-coin notes, one half to be repaid in two years, and one half in three, interest 61 per cent., issue price 95, secured by stock in Penhsihsu collieries owned by Fengtien province
2,600,000
100,000
20,000,000
3,000,000
1,000,000
$20,000,0
1918.--Loan on Yu Kan Iron Mines, Kiungsi Province 1918, July.-Yokohama Specie Bank, Third Advance of the Second Re-
organisation Loan
+
3,000,000 3,000,000
10,000,000
1918, July.—Kirin Forestry Loan made by Japanese Banking Group.
Period ten years. Interest 7 per cent.
To Chinese Govern-
ment at par. Security: Gold mines and Government Forests at Kirin and Heilungkiang and revenues therefrom
1918, Oct.-Advance for four railways in Manchuria and Mongolia.. 1918, Oct. -Tsinanfu and Kaomi railway loans advance 1918, Oct.-Establishment National Foundry.
LOANS TO HANYEHPING COLLIERY COMPANY:
1903. Industrial Bank of Japan, 30 years at 6 per cent.
1906. Mitsui Mining Cosemi-annual repayments, int. 7 1/2 per cent. 1906. Okura & Company, 7 years at 73 per cent.
30,000,000
20,000,000
20,000,000
10,000,000
3,000,000
O
1,000,000
2,000,000
1908.-Yokohama Specie Bank, 10 years at 71 per cent.
1,500,000
1908.-Yokohama Specie Bank, 10 years
A
500,000
1909.-Yokohama Specie Bank, 10 years
6,000,000
1910.-Mitsui Mining Company, 2 years at 7 per cent. 1912.-Mitsui Mining Company
1,00,000
2,000,000
after 6 per cent.
1913.-Yokohama Specie Bank, 40 years; 7 per cent. to 7th year, there-
15,000,000
The aggregate of the national indebtedness is no greater than that of some other countries with less resources, but the danger is that, without foreign supervision, the resources will not be husbanded, but frittered away, on useless expenditure. Redemption of the 4th year Domestic Loan should have been commenced in 1918, but was not. Likewise the principal of the Premium Bonds should have been returned, but was not. The notes of the Government Banks in Peking are, at the moment of writing, standing at less than 50 per cent.
This chapter on finance would be incomplete without a refernce to the preposterous currency reform promulgated in August, which contemplated the establishment of a gold currency with the Yuan or dollar as basis. A gold note issue was to follow, the reserve for which was to b furnished by Japanese notes held in the banks. All this was to be accomplished by the decree promulgating the scheme. Naturally, the Group Banks protested, and the scheme has been dropped. Tsao Ju-lin, the Acting Vice-Minister, however, declares he has not abandoned it.
Budget Statements in China have yet to become the precise documents that they are in other countries. The last published was for the fiscal year ending June, 1916, when the total of the Extraordinary Receipts was $84,829,104 and the grand total of
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