Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1904-11-22
JAPAN'S WAR LOAN d.

tloSe on the hcelS OF JapHns success
in floating war loan bonds in the Lon.
don and New York markets, comes the
report of complaints made by the Jap.
anese press against the high rate OF
which the loan was offered. Six per
cent bonds at 90i9 does appear as de.
cidedly liberal figure after the bonds
have been sold in rush. and Japan
begins TO think its credit is particular.
ly good
On the other hand II was quite neces.
sary that japan offer an attractive buy
for the s60,000,00O that were needed
Indifferent acceptance Of It's second for.
eign loan would have been more disas
hous 10 The Japanese than reverse of
my or all its armies.
What Japan has to back its financing
OF the war was sucCinctly stated In
a publication made in London shortly
before the loan was placed on the Eng.
fish market.
In normal times Japan derives her
revenue from the following sources:
anu NtNs lnNVIlf tdNt buHlh'or 'NNs ''N
on liquors, tax on soy, sugar excise,
customs duties. and other miscellan.
eous taxes These together are est.
mated to produce sGS,555,OiO for the
fiscal year lgOi.j. Stamps, post.ofiice,
forests. tobacco monopoly, railway prof
its, public undertakings, and State
property are estimated TO yield n fur.
Their sum of s25,566,762, interest on
deposits and other miscellaneous re.
ceipts bringing the total up TO s105..
907, G93. Extraordinary resources.
which comprise proceeds from State
property sold, local contributors to
expenses incurred by the State for the
benefit of certain procedures. receipts
from the issue of public loans. forestry
funds, and other miscellaneous items,
are expected to yield total of s5,95l,.
73O, thus giving n total revenue from
all sources of slll,S59.i23. The ex-
penditure for the fiscal year l90i.5, as
estimated, Is "a follows: Ordinary eX.
penditure. sS3.575,76s: extraordinary
expenditure. s25,035,3f3; leaving an
estimated surplus of s3,2is.2Sl.
This budget was prepared without
.sny provision for prosecuting var, and
II IL at this point that interest arises
In Japan's resources to meet and main.
tain the great struggle che is engaged
in. At its session in March, 1908, the
Diet passed the budget Tor the extra.
ordinary war expenditures and OK.
penses required for diplomatic and
other State affairs connected with the
war. These expenditures are to BIZ met
by imposing extraordinary special
taxes OnCluding increased rates Of
stamp duty, replacing the leaf tobacco
monopoly hitherto In force witt the
monopoly of tobacco manufacture
which the Government has had long in
contemplation, appropriating the funds
under special accounts, and by means
OF public loans, eXchequer bonds, and
Temporary loans, while In or',ei to pre-.
vent at the same time serious economic
changes arising from imitation of the
currency by expediting the return Of
moneys paid out for war purposes anC
TO encourage thrift among the people
regulations were made for the Issue Ol
savings loan bonds by the liypotheC
Bank, which is an institution cstab
lished for the purpose of making long
4 time loans at low rates of interest for
the Improvement and development Ul
agriculture and industry"
In the extraordinary war budget both
the revenue and expenditure amount
to S1S4,927 900, the largest part OF
which, over SlOO,OOO,OOO, is to be mad,
up from public loans. The expendi
lures incident to the war are given II
the aggregate at about s27S, 1853, 1iO
The first japanese loan was taken M
at 931H, 1t being first mort age on Ia,
customs of the country. This recen
loan is Il second mortgage on the sam
security. Though sold on terms les
favorable TO Japan, the oversubscril
ton In London and San Francisc
proves that the success OF the Japanes
army and navy with the prospect of In
reference for peace In event of the fal
OF Port Arthur, has put Japan's bond
In the class Of good speculations IL no