The Oriental Review Volume 3, No. 2 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1912 Excerpt: ... was to be expended to redeem the Treasury Bills, to clear off arrears in China's indemnity and loan services, and to meet certain pressing outstanding obligations. Mr. Tang proposed to use the balance to make up the loss of likin, which he desired immediately to abolish, pending the consent of the Powers to an increase in the customs tariff. In addition he had certain vague schemes for railway construction, afforestation, and the establishment of mills of various sorts. For the advances and large loan requested the Chinese Government proposed to pledge the Salt Gabelle as security. The service of the Boxer Indemnity is a first charge on this revenue. It was estimated, however, that it now yields Taels 47,000,000 per annum--and could be increased to at least half as much again if honestly collected. The Chinese Government at this time was powerless to collect the taxes which it offered as security and was unable to meet indemnity and loan payments, to pay troops or to finance its current administrative expenses and its permanence was by no means assured. During the course of the negotiations, from February to June the Chinese officials had shown little appreciation of the magnitude of their financial task and evinced little ability in dealing effectively therewith. The Groups nevertheless had advanced Taels 12,100,000 in order to enable the administration to meet its most urgent needs and to prevent the disorders and mutinies which it feared would occur unless funds, which the Government could not secure from its own people, were obtained. These advances had been made subject to certain conditions to insure their proper application to the purposes for which they were borrowed yet the Chinese officials charged with their expenditure had placed every obstacle...