Evening journal., 1901-05-03
Says SiringeHCy Only Is a
Temporary One
IMPORTS GREATLY INCREASED
No Danger That Present Financial
Situation Will Result ia Any
Serious Crisis

Wa7hingtcn. May 3.--Mr Midori Ko-
ria.z. secretary Of the Japanese lega-
ton at Washington. in an Interview
with a reporter. made an interesting
statcmc@t On the financial situation in
Japan lie said:
"a good deal OF comment has been
provoked about the financial condi-
tions in japan, since the publication
Of very elaborate report sent to the
United States government by Consul
General Bellows, and It is very graft
flying TO me to see the American pub
lie taking so much interest in my
country. While having no hesitancy in
endorsing the statements contained In
the consular report as generally cor
rect. everything has two sides. and 1t Is
a very dlsagreeable thing to have ones
worse part exposed, its better one be-
ing left out.
Il do not deny that our financial sit
uation today is anything but satisfac-
tory. II is true that the government
have deferred all such undertakings
az would involve new loans II is true
that few local banks have been COM
PEELED to suspend payment. and strin-
gency is prevailing IN the money mar
ket. II Is also true that our imports
have increased tremendously since the
inflow Of the Chinese indemnity. The
total value Of our imports. which was
13S. 7O0,0 900 yen in round numbers in
1895. the year the peace treaty was con-
cluded. increased to S24, 700 600 yen in
1896. while the value Of exports was
10000 coo yen and 166, 100000 yen in
the respective years.
"You would be greatly mistaken,
however. II you should attribute all
this to the improvident waste of money
on unproductive luxuries and useless
enterprises.
Although large portion Of the Chi
nose indemnity has been appropriated
for the redemption OF war expenses and
military and naval expansion, yet the
establishment Of iron foundries, the
extraordinary reserve fund and the
capital OF local Industrial banks have
drawn no small shares from IT, Rail-
ways. telegraph. telephone and postal
service has made great strides in the
last few years. and an enormous
amount Of money has been absorbed In
their Improvement and extension. You
will observe at this moment 10 twin
screw steamers of over 6.OO0 tons each,
all newly built, plying between Yoko-
hama and Europe while three great
merchant vessels recently constructed
in England are running between Hong
Kong and San Francisco under the
management OF a Japanese company,
and more than IS steamers from 5000
I to 5000 tons are being employed on
I lines to Bombay, Australia, Vladivos-
stock, etc Notwithstanding this our
public debt, Gs it stands now, does not
amount to more than 100000 yen
(S21S $50 0O0).
q "The foundation Of our financial ar
= rangemont is too firmly established to
n be effected by any transient depression.
e any more than the bottom of a river is
D apt to be shaken by the feeble waves
caused by a passing wind
There is no danger. in my opinion,
that the present situation will result in
any serious crisis. On the contrary.
ii will produce. am quite confident,
beneficial effect upon the national
! progress by affording the people a les
, son that no good times should be
abused by luxury or extravaganza in
any FORM"