British Bill 90 Times That Placed on Market Of China, and Seven Times That of Japan The British war budget for the fiscal year is 90 times as big as China's. Although the figures are widely diferent, taxpayers of both countries have been called upon by their governments to pay taxes on an unprecedented scale. Overseas Chinese remittances are helping Chungking to balance the war budget. The Japanese annual war budget is said to be extraordinarily big although the British budget is still seven times as big as the Japanese budget.
These are a few interesting facts revealed in an article written by "Yi Teh" and published by the "Sin Wan Pao" comparing the war-time finances of the three countries. The Writer's figures are based on official or authoritative statements and he compares the various factors governing the fixing of the budgets. The recent announcement made by the Chancellor of Exchequer, Sir John Simian that Great Britain needed during this year £2,667,000,000 of which £2,000,000,000 is for war purposes only is used as basis for his calculation.
Using the unofficial foreign exchange rate in Shanghai, the writer says that one pound sterling is equal io $60, Chinese currency, and since China needs about $1,440,000,000 annually to finance her war against Japan the ratio is 90 to one. China's "war figure is based on a statement lade by Mr. Chen Chia-keng, weliknown overseas Chinese leader, who is visiting Chungking together with many other overseas Chinese leaders. Mr. Chen is quoted as saying that China needs $120,000,000 monthly for Carrying on the war. Japan needs 5900000000. yen annually for the same purpose and since at present one pound sterling is equal to 17! yen, the British war figure is seven times as big, the writer says.
Great Britain is said to be increasing the old taxes while creating new ones while China is said to have adopted an identical policy in this respect. Both countries are stated to be very considerate in creating new taxes, emphasizing a careful increase of old taxes. The big contrast is that while England can collect taxes throughout the country, China cannot do so, her rich districts along the sea coast having been occupied by her enemy. It is pointed out that it is fortunate fo: China to ihave overseas Chinese support. During the past two years alone, the overseas Chinese are said The poor in Shanghai will sigh with relief because they will soon enjoy again the privilege of buying cheap broken Saigon rice from the Shanghai Rice Distribution Committee, a subsidiary of the Shanghai Foodstufts Readjustment Association headed by Mr. Vu Ya-ching. The distribution of cheap rice by the committee has been suspended for many days but at a meeting held on Saturday the committee decided to buy 60,000 bags of broken rice for distribution.
The committee originally decided io collect $1,000,000 from public-spirited people for carrying on the rice distribution campaign but the goal has not yet been reached. Those who attended the meeting numbering about 40 contributed more than $300,000 towards the funds that more than $600,000 is still needed. It was urged by speakers at the meeting that in order to stabilize society such contributions are badly needed. A resolution was passed calling for determined efforts to collect the much-needed $1,000,000. The renewed distribution of broken rice was also resolved upon and it is understood that negotiations for buying the rice are proceeding.
With the price still fluctuating around $40, the rice situation in Shanghai still leaves much to be desired. The "Sin Shun Pao" reports however that authorities in Wuhu have lifted the embargo on rice, and wheat. Merchants are now allowed to transport rice from that rich rice-producing district to other places freely but they are required to pay a tax to the local tax bureau before sending the rice out from the district. As the embargo is lifted cheaper prices are expected, it is stated.
Text read from the printed page and cleaned; old type leaves the occasional error.