The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1897-04-23
PUBLIC DEBT IS GROWING
CAUSTIC REVIEW OF THE JAPAN
ESE APPROPRIATIONS.
Still Making Preparations for War
More Ships and More Soldiers-To
Keep Out of Debt by borrowing.

The Saturday Review, in speaking
of the japanese appropriation bill for
1S97-S, says:
1T looks as though Japan does not
quite realize the consequences of all
this increase of expenditure. 1t is
very well to make preparations for
war, but it must be borne in mind that
these preparations mean increased tax
alton all round. The ordinary expen-
SEES of the service departments must
grow year by year as they grew in
1896 as compared with 1895. The bet
ter half of the indemnity is going to
provide more ships and more soldiers,
both of them costly. When the scheme
has been completed, at the end of
seven years from its inauguration,
there will naturally be still more taxa
ton to maintain it. The public debt
is also growing, and this year nearly
6O,OoO,oO0 yen is to be aided to it. The
land is already taxed heavily-to the
extent of 40 per cent of the whole
ordinary revenue; and the additional
16,2S0,000 yen in this years account
will make difference to the poor ag-
riculturalist as well as to the dweller
in towns. The country is richer than
it was five years ago, undoubtedly;
but relatively to this enormous de-
mand upon it, it is miserably poor.
The wonderful commercial activity of
which we heard recently has been very
largely speculative, and the inevitable
depression has come already. There
was a balance of imports over exports
last year of 45,000,0OO yen. And this
is the country which proposes to keep
itself out of debt by borrowing.
1T is not expected, of course, that
the war with China would have a sob
ering effect on the minds of our
friends the Japanese. But the degree
of delirium brought about by their
very creditabe achievements in that
war threatens to iniure them at home
and abroad. If they go on much long
er as they have gone on hitherto they
must inevitably come a cropper. Their
exports have fallen away and their
imports last year went up in most
amazing manner. just now they are
in a state approaching collapse. They
have been purchasing wildly of all
commodities up to 5000 ton steamers,
and have been inaugurating money
| al M nf ha
Drained character, seemingly without
any regard for the prospects of profit.
In all things imitators, they have put
their money into banks, railways and
ships; and having whipped the Chin
csc in one way, they naturally fancy
they can whip Europe in another. At
the end of 1894 they possessed 727
banks. In June last they had 1907.
They had formed Railway companies
and constructed railway lines every
where in he land, and some genius
has recently been advocating a line, to
be built with japanese capital, from
Shanghai to Paris. AS for ships, has
not the Nippon Yusen Kaisha institut-
ed regular sailings to England, India,
Australia and the Pacific slope of
America? To be sure this company
pays-for the half year ending Septem-
Der last it's dividend was at the rate
of 12 per cent. But we note that the
report speaks dolefully about the pros
poets of the new lines; and We should
like to know how the concern would
stand were it not for the handsome
subsidies it receives from the Govern
ment. Also, what the Japanese tax
payer would have to say about it all
if he but possessed the priceless gift
of free speech"