Net Amount in Group Banks Down by $11,000,000
Peking, Feb. 16.
The total not Salt Revenue lodge! in the Group Banks in 1927 amounted to $5,350,000, a decrease of $11,265,000 as compared with 1926, Excluding the amounts retained locally and credited during that year in the Group Banks by special arrangement, revenue retained by provincial authorities in 1927 amounted to $52,557,000 against. $47,072,000 in 1026.
Lodgments in the Group Banks and local appropriations amounted to $57,007,000, a decrease of $0, 379,000.
Tae report of the Salt Gabgjie says that the decrease was due to ry interferoneo, and Shantung districts in 1927 remitted revenue to the Group Banks.
With the exception of $2,750,000 paid as a subsidy from the Group Banks to the Chihli Tupan, there was no release of funds for general purposes of Chinese government, whereas $8,868,000 was so released in 1926.
$6,497,944 was paid on account of foreign obligations secured on the salt revenues. The yearly eer-vice of the Reorganization Loan of 1913 was arranged in the first stance by the Salt Administration snd_subscquontly refunded in full by the Customs. The scarcity of fands prevented full payment of foreign obligations secured on salt: while the usual service of part of the Hukuang Loan and the full service of the Crisp Loan were paid from the balances carried over from the previous year and lodgments in the Group Banks in 1927, funds wore insufficient to meet the amor-ition due in 1927 on the Anglo-French loan amounting to £250,000.
The balance in the Group Banks could not be maintained at the former sum of $7,000,000 and amounted at the end' of 1927 to $1,014,000 as compared with $4,860,. (000 at the end of 1928.—Routor. ited without permission.
Text read from the printed page and cleaned; old type leaves the occasional error.