Directory_and_Chronicle_1910 — Page 549

JAPAN

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distinguished civil and military officials who took part in the work of the Restoration. The old titles were abolished, and have been replaced by those of Prince (Ko), Marquis (Ko), Count (Haku), Viscount (Shi), and Baron (Dan).

REVENUE AND EXPENDITURE

The

The estimated revenue for the year 1909-10 is 518,929,283 yen, which shows a decrease of 70,804,666 when compared with the estimates for the previous year. ordinary revenue shows an increase of nearly thirty million yen, while extraordinary revenue is reduced by over a million yen. The total expenditure is estimat 518,921,111 yen and it is noteworthy that the ordinary revenue exceeds the ordinary expenditure by nearly sixty-six million yen. Extraordinary expenditure is reduced by fifty-one million yen. The total of the national debt amounts to about 2,100,000,000 yen (roughly, £215,000,000), about one half being foreign loans. The total of the public loans raised for the purpose of meeting extraordinary expenditures connected with the war exceed 1,700,000,000 yen (£174,180,327), which is three times the total amount of the loans prior to the outbreak of the war. The greater part of this huge sum was raised in Europe and America, and to effect the redemption of these loans the Govern- ment has provided a sinking fund. In the current year a sum of 153,000,000 yen is to be transferred from general account to the sinking fund, and nearly 30,000,000, from the Imperial Railways special account, making a total of 185,000,000, is to be devoted to the repayment of the principal. The grand total of the extraordinary expenses connected with the war with Russia was 1,982,000,000 yen (£203,073,770). Following on the restoration of peace there was a remarkable boom in commercial enterprise. During the two years 1906-7 the registered capital of joint stock companies showed an increase of 946,411,725 yen (ninety-seven million pounds sterling). A further increase of 110,0 3,330 yen was shown in 1908.

The first public loan in the financial history of Japan was raised in London in order to supply the funds required for constructing the first line of railway in the country. The sum raised was £4,880,000, and interest was paid at the rate of 9 per cent. The sterling foreign loans raised in 1904 and 1905 bear interest at the rate of 6, 43 and 4 per cent. Two six per cent. loans were raised in 1904 in London and New York, the first for £10,000,000 and the second for £12,000,000. The issue price of the first was £93 10s., and of the second £90 10s. Both are redeemable in seven years and the Customs duties are pledged as security. A sterling loan of £30,000,000 at 45 per cent. interest was raised in London and New York in March, 1905, the issue price being £90, the period of redemption 20 years, and the security the net profits of the tobacco monopoly. Another sterling loan of £30,000,000 at 4 per cent. was raised in July, 1905, in Londor, New York and Germany, the terms and security being the same as in the preceding loan. These four loans were raised for the express purpose of meeting the extraordinary expenses of the war. In November, 1905, a 4 per cent. sterling loan of £50,000,000 for the purpose of consolidating the national debt was decided upon. Half of this was raised immediately in London, Paris, New York and Germany, the issue price being £90, and the period of redemption 25 years. A loan of £23,000,000 at 5 per cent. interest was raised in March, 1907, in London and Paris, the issue price being £99 10s., and the period of redemption 40 years. These funds were applied to the redemption of the 6 per cent. sterling loan of £22,000,000.

ARMY AND NAVY

Until the war with China the Army consisted of six divisions and the Imperial Guards, with a peace footing strength of 70,000 in round numbers, and a war footing of 268,000, exclusive of the Gendarmerie and the Yezo Militia; but on the conclusion of the war a large scheme of expansion was adopted, under which the number of divisions was raised to twelve, exclusive of the Guards. The peace footing is now 160,100, and the normal war footing (33,600.

At the conclusion of the war with China, Japan found herself in possession of a fighting fleet of forty-three serviceable vessels-independent of twenty-six torpedo- boats-their aggregate displacement being 78,774 tons. Of these, ten, with an aggregate displacement of 15.055 tons, had been captured from China, namely, an armour-clad turret-ship of 7,335 tons, two steel cruisers, six steel gunboats, and one wooden gunboat. (Prior to the capture of the Chen-yuen, now called the Chin-yen, Japan did not possess a line-of-battle ship. Her fleet consisted entirely of compara tively small vessels). There were also on the stocks two steel cruisers and a steel despatch vessel. An expansion scheme, extending from 1st April, 1896, to 31st March, 1906, was then adopted and orders were subsequently placed for ships in Great

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