1
July 6, 1908.]
RUSSIA AND JAPAN.
CHINA OVERLAND TRADE REPORT.
JAPANESE FINANCES.
11
(Daily Press, 1st July.)
There is a remark made in the eighth which should not be taken seriously. Had financial and economic annual of Japan
publication, we should have thought it an it occurred anywhere else thau in such a
expression of a facetious mood. Discussing the growth of Japan's foreign trade, and the increases observable after the wars with
China and Russia, the writer remarks,
before mentioned, has not touched the vitals (Daily Press, June 23rd.)
of Japan, but only those who misread the It was rather surprising some weeks ago
(Daily Press, 30th June.)
indications for the future. In 1907, in to hear that Russia had consented to sell to ual of Japan, just issued by the Department mania for enterprises which arose after the In the eighth financial and economic ann-short, was felt the reaction "from the Japan that section of the Chinese Eastern of Finance, Mr. MATSUDA, the Minister, war," and there were heavy falls in stocks. Railway that runs between Harbin and preserves the interesting forms and features Only bubble companies suffered; those new Kwangchengtse. The Treaty of Portsmouth of its predecessors. gave to Japan the large portion of the financially had to bear traces of the unad. firm basis and were concerned in adventures
The year 1907-8
companies which had been established on a railway, as far up as Kwangchengtse, but justed operations of the previous ministry, of a really likely sort did well. The agricul the Russian representatives stubbornly aud refused to consider the surrender of the condition had not yet recovered its normal bank deposits and postal savings multiplied. as the general economic and financial tural wealth of the nation increased, and remaining section to Harbin, which gave to the holders access to central Manchuria. taxation, but there was also absolutely no £9,323,770, which is just three times the state, not only was there no increase of The latter at the end of 1907 stood at The terms of peace in this detail resulted, as we know, in the Russians and Japanese intended to be expended on such productive war. According to the colored diagram, issue of public loans other than those amount they were immediately before the continuing to face each other at the junction undertakings as the construction and im- at the end of 1907 wages were tending to at Kwangchengtse, which thus obtained an importance it had not hitherto been able telephone system" (still, we may note, a but on the whole the high level will pro- provement of railways, extension of the rise and prices of commodities to decline, to boast of. Almost exactly a year ago the shocking long way behind what it ought to bably be maintained. Foreign trade reached two Powers came to an agreement for the be in such an up-to-date empire)" and the enormous value of £94,877,049 in 1907, working of the junction, "to regulate and establishment of a steel-foundry." There- facilitate traffic between the two sections of fore,
an increase of £8,606,557 over 1906. Ex. the railway." This raised the question of out with the strictest possible retrench-imports eighteen per cent. Against adverse "the general expenditure was made ports increased over two per cent, and the nationality of the junction itself, of ment in view." which flag was to fly over Kwangchengtse, put at £48,316,711, and extraordinary at manifestly tending to increase, and taken as Ordinary expenditure was outside conditions, Japan's exports are and the question was settled permanently £21,835,942_totalling £65,152,653, an a8 we supposed, by Russia agreeing to increase of £13,414.693 over the expend steady progress.
a whole, Japan's foreign trade is making pay Japan a considerable amount for her iure of 1906-7. Pensions and annuities, recognition of Russia's retention of the National debt charges, and military defence place. The news that Japan has now re-work, are included in the factors contribut- acquired Kwangchengtse and the line to ing to the increase. Harbin, was therefore sufficiently surprising are responsible for a large share of the Kobe harbour works to require confirmation. So far we have increase in the " not encountered any authoritative contra- The coming Exhibition also calls for a extraordinary estimate. diction of it, and we are left with the sup- considerable allocation. position that Russia must be on
We cannot follow point of abandoning her pretensions in at be anything economical in transferring some the Mr. MATSUDA's suggestion that there could least those parts of Manchuria. Some extraordinary war expenses to the normal confirmation of her intention to de- vote herself henceforth to the limits of an accountant's point of view, to include Budget, but no doubt it is correct from her recognised borders is provided by her the long tail of convention with Japan of last July, and in
an earlier debt as addition the St. Petersburg papers have
continuing expenditures." We have not been reporting speeches by Russian pub- traverse
space to-day to do more than casually
some of licists which further suggest that the colossus lucid summary. Most of the necessary the heads of his of the north is no longer so intent on dis- materials have been collected already, be turbing the peace of the Far East. This tells us, with a view to the approaching does not mean, of course, a complete with- revision of the customs agreements with drawal from the Far East, but one of those other countries. That one thing leads to temporary retirements to consolidate and strengthen the progress admittedly made, Government has had to make a sort of another, we see by the fact that the with which Russian history has made us familiar. Even this is good hearing for those who long for an era of real peace on this side of the world. By restricting and concentrating her efforts to Siberia and the Amur valley, Russia should have sufficient to keep her employed for many years, especially if the Amur line enterprise talked of is to go through. After selling this strip of 150 miles or so to Japan, Russia still holds nearly a thousand miles of line in Manchuria, which is not likely to be sold back to the Chinese, authorities think, until Vladivostock is effectively linked with Russia via the all-Russian line. From Japan's point of view, the line to Harbin must be a most valuable accession, extend- ing her influence, already paramount in Southern Manchuria, in central Manchuria to an almost equal extent. One thing seems sure, that if Russia has in fact sold this extension to Japan, there can be no truth in the theories of those who have been saying that Russia was preparing for an- other war with Japan. They would never have allowed a potential enemy such an advantageous position, whence would be easy, as has been pointed out, to cut off
-
Vladivostock and the entire seaboard.
His Excellency the Governor has given his assent, in the name and on behalf of His Majesty the King, to the following Ordinance passed by the Legislative Council:-Ordinance No. 12 of 1909-An Ordinance to provide for the registration of Chemists and Druggists and to regulate the Sale of Poisons.
64
44
"
a9
<<
ternational wars stepping-stones for its Our trade would seem to have made in-
rapid development," That is not a view of war that we should care to see encourag- ed, and though it may be true that upon Japan, Japan's foreign trade took a favour. the restoration of peace between Russia and able turn, and though its progress, com- pared with its condition prior to the war, may have been seems reasonable to suppose that could very noteworthy," it
devoted to fostering the trade of the nation, the money spent on the war have been
It may be a scientific way of studying still better results might have been shown.
to commerce, but it would be undesirable history to note how war has given a fillip
prophecy to argue that any future war prosperity. Though no doubt introduced must bring about further enhancement of in a purely scientific spirit, it is our duty to point out that the " stepping-stone" theory is one better ignored than dwelt upou.
for them all (excluding railways) will merger of its monopolies. One Bureau
form of enterprise. Camphor profits will bereafter tell us the average result of this
latter gets into difficulties. cover tobacco losses, we suppose, if the tion of silver led to a reduction of the
The apprecia
weight of subsidiary coins under a new law have so far been minted. One item which under which a million yen's worth of these
we do not quite understand reads The country doing the largest trade follows: "The savings debentures which with Japan in 1907 seems to have been issued upon restoration of peace; and as imports together exceeded £21,618,852 were issued during the war ceased to be the United States, whose exports and
held by the lower classes was still recog- Britain's was £14,139,844, but if the trade the necessity of absorbing the small capitals China's share was £14,734,098. nised, the face-value of the mortgage with British India be added (£8,918,934) debentures was reduced from twenty yen to the British Empire becomes Japan's largest ten yen with the object of jeffecting such customer. Germany's trade with Japa ment prefers to recognise the necessity of over five millions sterling, in which she was absorption." The present British Govern- totalled £5,942,623, and France had little
helping the lower classes to absorb some of equalled by Korea. Hongkong imported the "capitals" held by the richer classes; Japanese goods to the value of £2,459,016. but perhaps there is really no room for That was less than in 1906, and it may be such a comparison. Doubiless it is some presumed that the present year is wit- thing which, as Punch would say, might nessing a further reduction. Altogether have been expressed differently. It is satis. during 1907 China took only £8,715,164 factory to note, in view of alien pessimistic worth of Japanese goods, and though opinions, that the revenues are always satis- it rash to prophesy, we expect that factory, the actual receipts having always the next returns will show a consider- shown a large excess over the estimates. able fncrease on these figures the damage Without imposing new taxes or increasing caused by the boycott in the south is likely the old rates, there has been a marked to be more than covered by the progress natural increase. The depression we have made in the north. In return, Japay heard so much about, from the pessimists (imported during 1907 £6,045.082
No comments yet.
Private notes are available after approval.