Dealing with loans, Mr. Kann state ed that China had not seriously attempted to obtain foreign loans during the struggle and two large loans had been floated internally, the first being for two hundred million dollars, the second for five hundred million dollars, and there was a third for thirty million dollars. A foreign Joan, however, had been authorized for the sum of fifty million American dollars or ten million pounds sterling. At the present moment, the speaker continued, the Chinese Government had certain revenues from the Customs and soil, but this income was now worth only one third of what it had been before the hostilities. At least two thirds of this income was now passing into other hands, and at a rough estimate, twenty million dollars per month would be China's share of the Customs revenue today.
In spite of enormous war expenditure and reduced income, however, the China Government had maintained its loan service to the fullest extent, which was an outstanding achievement on their part. Two or three railway loans had gone into default but the Government had made it a point to meet all interest on principle in connection with their loan services.
Abolition of the Tael More than a billion dollars' worth of silver had flowed out of the country and China, too, had recently sent heavy shipments of gold abroad. This was explained by the fact that from time immemorial no restrictions had placed on gold coming into the country by the Customs or other people, and, consequently, huge sums in gold had accumulated. These sums were now being sent out of the "country and the Customs today were keeping a strict check on the movement of gold.
Mr. Kann was thanked for his address on the proposition of Mr.
Text read from the printed page and cleaned; old type leaves the occasional error.