Page:Twentieth Century Impressions of Hongkong, Shanghai, and other Treaty Ports of China.djvu/446

 FINANCE AND BANKING. THE public financial position of Shanghai is shown by the assets and liabilities of the International and French Municipal Councils. The total assets of the International Council at the end of 1907 amounted to Tls. 6,530,7 1893, and the liabilities to Tls. 3,521,495-25, leaving a surplus of Tls. 3.009.223-68.

The assets consist of land, buildings, stock and stores, and investments in the Water-works Company, various industrial undertakings, municipal and other debentures, &c.

The principal liabilities are general loans amounting to Tls. 1,483,800, electricity loans to Tls. 1,119,000, and trust funds to Tls. 405,674. The loans run for periods varying from five to twenty years, and for their redemption the sum of Tls. 119,549 has been set aside.

A re- valuation of land in the International Settlement was completed in the middle of 1908, and showed an increase of 150 per cent, when compared with the return for 1903. This increase was due both to the upward trend of values and to the registra- tion and taxation of new lots which in 1903 were still owned by Chinese. The figures are as above :— The ordinary income of the Council for the current year is estimated at Tls. 2,429,920, and the expenditure at Tls. 2,041,869, leaving a surplus of Tls. 388,051. In view,, however, of a deficit of Tls. 201,513 carried forward from 1907, and extraordinary expenditure upon public works and upon the police force — together amounting to Tls. 625,98o^it has been decided to raise the sum of Tls. 813,051 by issuing debentures for Tls. 400,000, and by increasing the taxation on the gross value of land from y% of one per cent., at which it has stood since 1898, to -f%, and on the annual rental of houses and buildings within the Settlement from 10 to 12 per cent. On the assessed rental of houses beyond the limits of the Settlement a general rate of 6 per cent, has been levied. It is computed that the land-ta. will yield Tls. 683.520, and the general municipal rate, Tls. 1, 1 oi_),ooo. Other sources of income are as follow : — Wharfage dues, Tls. 175,000 ; licence fees, Tls. 396,300; rent of municipal properties, Tls. 38,100 ; contributions from the gas, water, telephone, and tramways companies, Tls. 28,000. The following tables show at a glance the receipts and disbursements of the Council in 1907 and the leading items in the estimates for 1908 : —

-District. . . Central Northern Eastern Western Mow. ,220-642 ,015-923 .4,938-862 ,950-675 Taels. 30,086,586 .714.534 ,541,081 ,081,572 Mow. 2,224503 2,126853 5.753-083 5.538186 Taels. 77,205,106 23,145,844 24,306,233 26,389,074 Totals ,126-102 ,423,773 ,642-625 ,047,257

INCOME. Af&. . Taels (estimate). Land-tax .330-14 ,520 General Municipal Rate ,110-22 ,109,000 Wharfage Dues .357-53 ,000 Licence Fees .704-76 ,300 Rent of Municipal Properties ,298-40 ,100 Contributions from Public Companies ,630-78 ,000 Total ,983,431-83 ,429,920

EXPENDITURE. Taels. . Taels (estimate). Police (including Gaol) />'«-32 ,893 Health Department ,658-93 '37,049 Public Works Department ,49603 ,770 Secretariat ... i.35.2.33'8i ,174 Fire Brigade ,29505 ,790 Volunteers ,641-63 ,896 Public Band ,836-21 ,300 Educational Giants ,964-54 ,700 General Charges ... .446-51 ,369 Interest on Loans, &c. ,245-52 ,379 Redemption of De- bentures ,60000 ,549 Stock and Stores ... ,926-82 Total of Ordinary Pavnients ,611,038-37 ,041,869 Surplus transferred to Extraordinary Receipts ,393-46 — Estimated Surplus — ,051 Total ... ,983,431-83 ,429,920 In order to carry out certain public works, including the construction of municipal ~oflices, an electric lighting and power station, water and drainage works, &c., the French Municipal Council arranged, prior to 1903, for overdrafts with the Banque de I'lndo Chine and the Hongkong and Shanghai Bank. To repay these advances and obtain the necessary funds for completing their various projects, the Council decided to raise a loan in France of Fr. 3,000,000 by redeemable debentures. Of this sum the Banque de rindo Chine and La Banque Privee agreed, under contract dated September 30, 1903, to take up Fr. 2,000,000 at once, and to furnish the balance when required. The loan, which bears interest at the rate of 4J per cent, per aniuun, is repayable in thirty years from January 1, 1909, the debentures for repayment being drawn for annually. As security the whole of the municipal properties and wharfage dues collected in the French Concession have been pledged. The dues, amounting on an average to 'TIS. 65,000 a year, are specifically applied to the payment of interest and