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Lest the reader be unduly impressed by the appearance of accuracy given by carrying out these sums to the nearest unit, let me add that the probability of error in them is very great and other published estimates put the expenditure as high as 576,000,000 taels, while the Board of Revenue in 1910 prophesied a deficit of 80,000,000 taels in 1911. The indicated deficit of 40,000,000 taels may therefore be regarded as a fairly optimistic view of the financial situation.

As to expenditure, it is seen that over 50,000,000 taels is required to pay interest on indemnities. Communications (railways, post-office