At present rates of exchange and vith increased to revenue an their estimated cost in 1923—namely $11,236,187. To this figure must be added a sum of $3,288,000 for increased Customs Administration charges, necessitated by the rebuilding of the Shanghai Custom House, making a total of $14,524,187. The total surplus for 1922 being, in round numbers, $21,883,000, the surplus for 1923, not taking into account increased receipts from the Revised Import Tariff, cannot be expected to yield more than $7,- 368,813. The Revised Import Tariff comes into force on Januaity 17, 1923, and, allowing for goods already under shipment for China to be admitted under the old tariff, may be expected to have full effect for three quarters of the year. The Inspector General estimates the increase for 1923 at not more than turbed market here, government bonds effective five per cent. it is esti- ten million dollars. Adding ten unusually—depressed, native antereet mated that there will not be suffi- Million dollars to the figure estimat-prohibitively raised, crisis is impending: cient fimds'to cover fully all these €d a8 surplus for 1923, based on the foreign © creditors are secured uP2" Obligations as far as B (ii)—that actual receipts of "1022 namely securities in each the party i< to say, the Consolidated Loan 87,958.813—he arrives at the total cular securities for satisfaction of their Service cannot be fully maintained estimated surplus for 1923 which is $17,358,813. The Inspector General claims if any defaulted: they are not and there will be no margin fo-justified to encroach upon the surplus the service of the 96 Million Dollar has shown that fully to maintain of Customs and Salt revenues which are Loan. This estimate is based on the Consolidated Loan Service for not provided for them—but publicly the following factors:—As will be 1923 will require a sum of $21,584 reserved for internal loans. Due seen from the statement attache?
531 to be appropriated from the 1923. public confidence in you as custodian UT reserves Government. bonds have been to this Memorandum, a sum of
Text read from the printed page and cleaned; old type leaves the occasional error.