CHINA
of Europe and America bears striking witness to her seclusion. Hence, although the perpetual use of a silver unit introduces a fictitious element into financial statements, recourse to a gold unit would not be less unsatisfactory from some points of view, and, on the whole, the advantage seems to be on the side of adhering throughout to the white metal.
There is no such thing published in China as an annual budget showing the estimated revenue and expenditure for the whole Empire. It may be doubted, indeed, whether anything of the kind is compiled, for in financial matters as well as in administrative each province is virtually independent. Naturally the Board of Revenue in Peking might be expected to discharge the function of preparing a budget as an essential part of the duty of general supervision. It does not do so, however. It confines itself to estimating each year what will be the needs of the imperial Treasury during the next twelvemonth, and it divides that amount among the provinces proportionately to their financial capacities, so that each knows exactly what sum it has to send to the capital. Evidently, in order that the Board's manner of apportioning the provincial burdens may be just, it must obtain information about the condition of the provinces. Such information is furnished by the viceroys or governors, as the case may be, and although the Board has competence to verify their reports by dispatching inspectors to examine
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