New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-04
JAPANESE RAILROADS.
COUNT ITAGAKTS PLAN FOR THEIR Ma
EQUALIZATION

TIONA1IZATION
correspondent in Japan Of the journal des
Debats" writes that Count Itagak. Minister Of
the Interior. has just taken up again a proteci
that he had sketched out before his accession to
office, while he the leader OF the Liberal party
in Japan This is nothing less than proposition
that the State shall purchase all the railroad
lines in the country belonging private
porations. and thus make the Government pro-
pretor Of the entire Japanese system.
From the inception Of this plan Count ItagaM
was sustained in II by his party. but met with de-
termined opposition the part Of the Progress
sives Thus IT is not generally understood to-day.
now that these two parties are united. how II is
that the Minister should recur 10 a project that
may introduce dissension not only into the "Kensei-
to- but into the Cabinet. composed II Is ~
elements belonging 10 both NJ the factions II
is well known that the President ~ the Council.
Count Okuma. is determinedly opposed 10 his col
leagues idea. In an interview recently published
by the Jill Shimpo" Count Okuma declared that
the Government has hand at the present time
waiting for solution many other questions more
pressing and that consequently the Ministerial
Council will discuss the subject Of railway
naturalization present. Besides" added
Count Okuma. Il DO not hesitate 70 say that
have always believed in private ownership of rail-
ways"
This seems 10 be decisive. Nevertheless. Count
Itagak. though confronted with this uncompro-
Immediate
perior. persists in declaring that he will do all
that is possible induce his colleague TO adop;
his views
The chief argument advanced ny Count Itagaki
is the requirements Of national defence He thinks
that State cannot he sure ~ completely utilizing
its means OF transportation in time ~ unless
IT has absolute control Of all railroad lines Thus
II is necessary carry out the project immed-
ately before the state OF affairs created by the
treaties is brought into existence IN com
plicate the matter and perhaps even allow for
eigrers 10 gain control OF the Japanese railway
system Count Itagaki thinks also that the hrsi
duty Of the Government Is TO give the people the
best means Of transportation. the same As II gives
them the post and the telegraph And finally the
Minister Of the Interior believes that Il is onl, by
the Government guarantee that foreign capita
can he attracted. and that the simplest way VIII
be foreign loan. with thu railways a.
a guarantee The country stands in actual preset
need Of more capital and the shares Of the rail-
ways arc quoted az a very low figure. 1t is. there
fore a favorable opportunity 10 carry ont me
project Of naturalization.
According 70 the plans ~ Count ltaeaki me
operation will he carried out thus foreign loan
Of 200 1000 silver yen will he made "a yen is about
81 cents) at per cent with the proceeds Of which
the railroads will 10 purchased The entire system
will be mortgaFed 10 guarantee the loan. ms
money put into circulation viii he useful aid 70
commerce and industry, which stand greatly ]"
need Of it
These considerations are scarcely conclusive
however and We perfectly understand says inc
.'D4bats' " correspondent how large part ~ me
nations representatives reject the project u -
scarcely worth while instance an irnaelhel
danger In time Of war. becaus" the siockhoidrI7
~ the railroads might be foreigners. while all tl
ernnloves were japanese and The Govfrnm'n M
ra,urellv retained control Of the manage m-rt A
m the economic argument. there are grave reasons
70 doubt that Count Itdgakis plan would pe
happy means for Introducing the reign CAPITA
reaie1 II would be entirely arthclal pro
cedure which would run ne risk or asSIaNd ,i-
The financial crisis by unhridled specuIano ia'"''
than remedying II. ..-.
However this may be. the mere announcemen
81 the project has started speculation ana dear
are in progress depending on the outcome. ne
'Jn Shmpo' makes some noteworthy remark
concerning the matter II thinks the rresent
from the depreciation of he shares on the STOCK
market ~ is demand that the history ol re
cent years explains perfectly. In 5000 the rali
road shares fell very low IN consequence or me
reaction after tho feverish undertaking of n""
enrerprses that had marked he preceding year
A panic occurred on the Exchange. and It was
INN ed ately proposed that the railroads should 10
bought ny the state The condition Of things i'm
proved a few months later. and nofhing more va
heard Of the proposition But now. m" raliode
companies affairs are in bad way ataIM' . an.
Naturalization IS again proposed. he sure 'hat
~ the wish OF the companies were rea ized ahh u
A Few months later business improved me sam
men wno are now demanding purchase hyr IN"
state would be urging private ownership SUI,
teTic necessity IS brought up. but only 10 conceal
something better 10 do than ~ lend itsef 10 sue"
This observes the representative Of the 'lebats
Is The opinion Of all men Of good sense in Japan.