THE NEW CHINA

Stratford Evening Post, Issue 9, 5 March 1930, Page 6

THE NEW CHINA

PRESENTATION OF BUDGET

COUNTRY’S FIRST CREDIT

VICIOUS LOAN CIRCLE BROKEN

SHANGHAI, March 4

The first budget of any Government to show a credit was issued to-day by Mr Tusung, Minister of Finance, at the third plenary conference of the Kuomintung. It claims to lie a report of the national receipts and expenditure of the seventeenth fiscal year of the Republic. The Minister explained that the Budget does not represent the receipts and expenditure of the entire country, but offers a composite picture embracing the various areas whore national financial control has been effective during Hie past year. The statement is incomplete but it gives the entire receipts and expenditure of the Central Government, including the regions Under Government authority but omitting the areas where the Finance Minister has been unable to administer rev-

enue. Mr Tusung proudly points to the fact that the Government, for the first time in 20 years, lias been able to break the vicious circle of living on 'foreign loans secured by current revenues. He claims that the basis of national economy is sound and is merely awaiting peace in order to exhibit'colossal strength and establish a national credit in the eyes of the world. . The total receipts arc approximately 4:14,500,000 dollars and the chief item of expenditure, excluding administrative expenses is .sho\vu to be the cost of military campaigns, which have absorbed approximately 209,000,000 dollars.