Directory_and_Chronicle_1920 — Page 651

CHINA

583.

when the total of the Extraordinary Receipts was $84,829,104 and the grand total of both the Ordinary and Extraordinary Receipts $473,048,764. The total Extraordinary Expenditure was $181,035,114 and the grand total of both the Ordinary and Extra- ordinary Expenditure $472,838,584. During the autumn of 1919 Parliament framed a Budget which showed a deficit of $120,000,000. To meet this it is proposed to reduce military expendilure by $20,000,000 and to introduce reforms in the collection of taxes which will yield another $20,000,000. For the balance a loan will be required.

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 1918 aniounted to Hk. Taels 1,040,776,113, the highest on record. It represented an increase of Hk.- Tls. 28,325,709 over that for 1917. The figures for 1919 ought to be better as there was no fighting in that year. The net receipts of the Salt Gabelle for 1918 were $71,589,603, an increase of $962,354 as compared with 1917. All obligations secured on the Salt Revenue were fully met, and the release of surplus funds handed over to the Chinese Government during 1918 amounted to $71,761,154, or roughly three millions more than in 1917.

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. China's foreign debts are in various - currencies and owing to fluctuation of exchange it is difficult to give the precise amount, but the total as incurred by the Central Government, amounts to about $1,750,000 Chinese currency, which has accumulated during the past 25 years. Only the Land Tax remains as unpledged security for further foreign loans.

The foreign debt secured on national revenue outstanding December 31, 1914, is shown in the following table:—

No.

Nature of Loan,

2

1 "Cassell Loan" of Apr. 1895 (Chartered Bank)...... "Arnhold, Karberg Nanking Loan," 1895 (Three

German Banks)

Rate of Interest. 6 %

Original Amount

Principal Outstanding Dee. 1, 1914.

6% £1,000,000 £ 70,702

""

66

3

Russian Loan" of 1895 (French Group)

4 %

1,000,000 15,820,000

70,702 10,588,252

·

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

4%

16,000,000

13,382,000

5 %

2,300,000

1,725,000

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 Banks) Hankow Canton Railway Redemption Loan, 1905

(Hongkong Government)

11

·

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)

15 Shanghai-Hangchow-Ningpo Railway Loan, 1908

(Hongkong & Shanghai Bank).

16 Gold Loan of 1908 (Peking-Hankow Railway Redemp- tion) (Hongkong & Shanghai and French Banks). 17 Kirin-Changchun Railway Loan, 1909 (Y. 2,150,000)

1,600,000

""

1,600,000

""

1,000,000

1,000,000

640,000

640,000

,,

3,250,000

2,900,000

""

1,000,000

50,000

"1"

43%

1,000,000

440,000

5%

700,000

700,000

39

1,500,000

1,500,000

""

5,000,000

5,000,000

""

1,500,000

1,500,000 ›

""

5,000,000 220,599

19

5,000,000 220,599