The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1903-06-08
JAPANs FINANCIAL SYSTEM.

JAPANS FINANCIAL SYSTEM.
In the present prospect early between Japan and Russia
view OF apan financial system timely The subject large
It can be condensed into the limits of article
AS long 1000 than hundred years before Japan
Dened her doors commercial intercourse with Western World
Government nen IN power established system OF coinage winch
blurred without legal change until 1868 During this period the En-
Tor Oh Japan was mere hguehead the real power beng welded
nces damyos the various han provnces 27o number
heneve the shogunate governments found themselves financial
hcu they were accustomed order ecoinage OF the money OF
realm the coins issued being in each with exception
smaller size poorer quality than the former although Of the
ne denomination ana assumed value some OF the damyos also
reilly coined money and issued paper currency for circulation within
respective jurisdictions AS result revolution of 1903
pred the Emperor temporal power the currency OF the country
in unsatisfactory condition. subjects
GIVE attention from the newly installed Imperial Government
r foreign commerce. which had begun to develop soon after Com
lore Perr visit 1853 made urgent the needs of uniform
nc and the scarcity OF money caused much distress the
pie The Government therefore, made immediate provision for the
bshment OF mint Osaka and relieve the pressing need Of
ency issued kinsatsu gold
1871 the OF feudam away and the Imperial
had make provision regarding the paper
Yaees-weh had been issued by the dayos already men
The then in serious financial straits and from
ed in value While gold and silver disappeared from circulation
rAIS8I the hour and the Count Maulaa May
became finance minister of Japan, and his financial knowledge
ed the country from its financial difficulties He stopped the
OF drawing the for temporary purposes, brought
omy into the expenditure stopped loans industrial
from the reserve and d called in all advances already made
they were due Temporary deficit of met by
Try bills running fixed term and payable
ear of issue. Then he tackled the paper currency.
pursuance this policy the Bank of Japan established and
okohama Specie Bank The work
undertaking but succeeded Reforms in taxation reforms in
the gradual not sudden retirement of the fiat aided by
hnese indemnity which paid gold between 1895 and 1893
I'd the work to be satisfactorily completed.
following tribute to Japans finance minister has recent ap-
he mastery manner which Matsukata
tiles which confronted him when he accepted the portfolio of
the skill with which he drew the the peril OF
mng bankruptcy and all the evils OF fiat avoiding the
Of sudden Contraction bosterng the old structure of in
tb until he could provide broad and safe foundation
financial system changing thus slowly but safely and
Silver basis then hardly waiting for the completion this
without destructive haste replacing the silver by gold
ton awaken high admiration and entities him to the Warmest
de of his countymen Through him Japan has today financial
which will compare avoraby with those Of the oldest
ions OF the world"
The and industries of have developed the
Bank of Japan increased banks
gained perform other functions For long time after the
of the gold standard fears entertained that the Govern
light be able maintain safe but five years with
has induced feeling of and
OF disaster rarely heard The Bank OF Japan
eased its padup capital 100000 $I494OOoo) and
ned the right issue convertible OF the specie
the security OF Government bonds and other approved col
10 the value OF ($5O7OOOOO) At the end Of
specie stood Oo3OOOOO ($49O4O4Oo and the
on has reached since 1897 is 67340OOo yen $3353O8o2
other banks which be regarded Government
lunder the strict supervision of the Minister OF Finance, and
nber OF private banks which regarded strong nstu-
The total paid-up capital of all financial institutions
s$G7363244 The specie in circulation $63492443 the
es $I4Q4944I, and the public debt $252O7 Clearing
odeed after those of the United States in all large
ties. As ConsulGenea Bellows Japan has been
h all the appliances necessary carry foreign
site, OF highly civilized community Her financial system
ounded in wisdom"
questions war come up the question OF finance always
apans financial condition infinitely superior that Of
her financial methods better The struggle between
inthemum and the Bear will be one-sided many
pose. Finance is the keynote OF success.
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