Study On The Nation-Saving Public Debt In The Early Days Of Anti-Japanese War

After the Anti-Japanese War broke out shortly, the Civil Government issued a nation-saving public debt to raise wartime military expenditure. The public debt which issued on September 1 st of 1937, was faced to the society and sold according to the full face value of 500 million yuan. It ruled that the repayment of capital began from 1941, and the repayment term was thirty years with the interest of four li per year began from 1938. It's issued by the ministry of finance from Treasury appropriations earmark fund, the creditor of the public debt was the mass of people instead of previous factor banks. In order to expand financial sources, cash and articles of value can be purchased. Under the influence of the patriotic passion and the instructions of the Civil Government, the publication of the public debt went on smoothly. To a certain degree, this acting made up the financial deficit effectively and increased the military expenditure in some way.This thesis mainly discussed the issue of nation-saving bonds, ways, stop and rehabilitation. Specially, the direct reasons of the issue were the sharp-dropped national government revenue, at a time the domestic industrial and agricultural development brought about the increased purchasing power of people to provide a realistic basis for release; National Government have a wealth of experience because of a series of bonds before making a successful precedent for the issue of saving bonds. To enable a smooth and ordered saving bonds be issued, under the call of the Ministry of Finance, the authority of the distribution system was established and a serious of related incentives were introduced. Saving bonds was an important part of the fundraising. To enable more people to understand the nation-salving bonds and increases the visibility, the Government and civil society leaders and patriotic people tried themselves to publicize the bonds in different ways. Subscription nation-saving is the priority of this thesis. Due to space and data constraints, this part made a deep discussion and research on a certain influenced political and religious authority and representation, industry and other social groups in different areas such as the subscription model, and revealed the whole country enthusiastically subscribe salvation. Stop saving bonds raised its follow-up and rehabilitation, at the same time it's also maintain the credibility of the government's key link in the private way, but because of its long repayment of time and interest, so the data collection is really difficult, so this thesis only introduce the salvation of the Ministry of Finance prepared the invoice approach debt and annual debt service plan for a brief overview of the situation.