During the past two years the Chinese Government has sot aside $128 millions and $8.9 millions for foreign bondholders or, say, a total of £470,000, On the basis of the 1938 ASS headed, this would. leave about payment when 23% millions were millions to be provided by Japan which, at rates of @d. and 4d, for the respective years, would mean $300 millions, or nearly a half of her total receipts upon the assumption that the Japanese have been obtaining 80 per cent. of the total recorded Customs revenue, Whether such large amounts will be forthcoming is problematical.
Revenue Classified Biaaioo @ 07 "sre @ 07K asa wi fom Fey at Han stmport duties were, collected
{She average rate of exchange Is that sven by. the. Customs cack Sept for 010 when the aver $ePlodSonuary-Hovember ts taken.
Loan and Indemnity Obligations 1936, Loan and Indemnity obliga tions secured upon the Customs took 05 per cent, of the revenue, leaving balance of $112.3 millions' for other purposes, The following year, on count of the higher collections, loan services were satisfied with O2 per cent, of the tolai, and the Government were left with a balance of $1282 tmilifons in hand, the largest they hed had for a very considerable time, 1098 the picture changed completely, 'The revenue of §2545 millions, shown by. the Customs returns, was more than sue lent to meet all obligations, which" amounted to. $217.2 millions, but, as explained, this total revenue dia' not come into possession of the Government, In the circumstances, might have been argued that a default was justified but, instead of falelng this. course, the Government paid out all. the Customs revenue Which they received and advanced further substantial sums from other sources {n order that debts might be The service of the Consolidated Note of the American Wheat and Flour Loan of 109} and the American Cotton and Wheat Loan of 1933—the American Loans shown above—was met in full but out of the actual payment of $38 millions only $1.0 millions was provided from the Flood Relief Surtax at ports in areas under the Government's control and $1.9. millions from balances in the hands Jot the Government on January 1, 1939.
payments were made to the National Loans Sinking Fund Administrative Commission from Cus toms revenue on account of Internal Loans secured on the Customs, but the Interest on these loans was met by-the Government in "wel-wah" or domestic currency, and it is a natural assumption that the quotas set aside by the Customs, as detailed above, were utilised os a contribution to the amounts required, Tne comparative statement for 1940 follows:
The Customs revenue for the past four years has been obtained from the following sources.
Text read from the printed page and cleaned; old type leaves the occasional error.