very comprehensive, although og yet only @ preliminary survey, of the general financial cond: tions of China, with important recommendations as to how the present, unsatisfactory situation could be improved was clearly ret forth in. lengthy report drawn up by the Commission for the Readjustment of Finance and submitted to th President by Dr. W. W. Yen, Chairman of the Commission, Appended to this report was a set of carefully pro bred tables, compiled from of cial records, and giving complete data on the revenues and expenditures of the Central G ernment, in many cases not only for the present but also for, the et five years, Summary statoments of the doifestic and _for-ign loan obligations of the Ministry of Finance as well as of the Ministry of Communications wore also given in the report of which the following is the Sines the organization of the Commission last September rts work has been energetically pushed forward in the order prescribed in the promulgated Fegulations, Steps were immediately taken first to.collect all pertinent data, then to vent the results so obtained with th object of using these facts the basis for the construction of x practicable plan for the conidation of the loan obligations and the general financial" yead justment of China. Owing to the intensely complicated mature of tha subject. and the time requir for securing complete state ments from the parties concern ed, some of whom uro in distant foreign lands without any. local xopresetitative either hive in Peking or in China, it has not been found possible ta complete the work in six months as it was orginally intended. However, substantial results have been achieved in the way of checking up the accounts and clarifying what confusion there "is in them, thus bringing: to light ths actual. conditions of. Ghina's, finance.
The third, phase of its work, upon which the Commission 38 now just entering, te. the working out of scheme for consolidation and financial readjustment ait proposition. Tt is felt that plexing and dif-
the financial problem of China eatinot be solved unless, on tone hand, " sinking fund can be found adequate and reliable en-Jongh to guarantee. the uninterrupted operation of the con solidated loan services, and, on the other hand, sufficient revenue can secured to meet the necessary administrative requirements the Government, A candid @x-amination of the subject. reveals the fact that thy situation is extremely precarious and that unless speedy. reforms are adopted and enforced, we can hardly sco any bright Prospect for the financial future of the country.
'THE AVAILABLE REVENUE, Taking up first the question of vevonue, it is well known fact that the income is far from be~ sufficient to meet the expe diture, owing to the fact that nob only have the provinces cease ed to remit funds for the support of the Conteal Govermment, as was done in the past, bud they have even gone to the extent of appropriating for local uso ro-venues which belong to the Central Government, Ab present the Government derives its revenue principally from five " sources, namely 1. The Maritime Customs} and Native Customs within the 50 li limit $94,400,000,(latest), 2. Native Customs outside} the 801i limit and along the Jand frontiers $6,700,000 (latest), 3. The Salt Gabelle $89,800,-}
4. The Wine and Tobacco Taxes $19,000,000 (latest), 5. The Stamp Duty 200, 000° (intest).
From the five sources enumerated above, the amount of venue collectable each year about, $209,000,000 pet year. 'The net amount remitted to the Gi ernment, however, falls far short the' sum mentioned above, For among those only the Cus toms Revenue has remained intact. Of the revenue from the Native Customs outside of the 80 it, besides the to million and odd dollars from the Peking Octroi, not more, than $700,000 has reached the Central Govern. ment.
As for the Salt Revenue, about $20,300,000 was retained by the provinees and about. $10,800,000 ras required for the cost of col-60 that the actual amount voalized by the Central Government was only about $49,300,000 With. reference to. the Wine and Tobacco Taxes and the Stamp Duty. the aetwial amounts remit: ted to the Central Government were only about one-tenth of the amounts collected, or bout. $1,400,060 in the first cass and about $300,000 in the second ease, urasr $120,000,000 start.
Tt can thus be seen that out of a nominal total of $200,000,000 the actital sum realized by the Central Government ig only about. $148,000,000. out of which has again to be deducted a sum fof $05,000,000 for the service of the domestic and foreign loans geenred upon the Customs and Salt, Roventice and about $43, (000,000 for military subsidies and the redemption of the different kinds of treasury notes secured upon the salt surplus; thus leaving only about $7,000,000 unappropriated which can be made use of by. the Central Government for military and administrative expenses.
ow according to the latest available figures the annual requirements for administrative ex. penses are about $53,000,000 and those: "for military expenses are} about, $70,000,000, making a total
Text read from the printed page and cleaned; old type leaves the occasional error.