20 Per Cent. Cut in Administrative Costs Necessary Nanking, May 167 Dr. H. H. Kung, Minister of Finance, in'an interview, said that measures for balancing the Notional Budget for the 24th fiscal year July 1, 1935 to June 20, 1936) are still being studied. In order to balance the budget, he said, the administ tive expenditure for the next fiscal year will have to be reduced by 20 per cent, In view of the nation-wide depression, economic reconstruction must be actively promoted. No new loans will be issued, for even if floated, new bonds could not be purchased by the people, on account fof the economic distress, The National Government, Dr. Kung said, has to provide over $200,000,000 ach year for loan redemption, and the budget therefore only can be balanced by reducing expenditure and opening up new sources of revenue.
With regard to the proposal for international loan, he said that, though some countries were willing extend a Joan, he personally was not in favour of the Idea, because it merely would increase the burden of the Government in meeting loan. redemption and interest charges hereafter. Moreover, there was no absolute necessity for such a loan at the present juneture—Kuo Min,
Text read from the printed page and cleaned; old type leaves the occasional error.