Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-03-30
JAPAN's FISCAL PLANS.
$3.50, 600, 600 IN JEW LOANS DO
NOT DISTURB HER.
Economies Easily and EJECT rely rrac-
ticed to Get Revenues Re-
markable Showing


From the New York Times.
The ease with which Japan last week
placed its $50, eOO, 600 loan, and the food of
inquiries reported to have been received
both here and in London from investors,
may we'll be due to something more than
popularity attained by the winning side of
such a struggle that now in progress in
Manchuria. 1t bespeaks. rather, a conf
dence in the essential stability of the nation
itself and belief that the national growth
has been sound and well directed.
To say this for the development of Japan
in many of it's external phases were tri.e
enough, after the public prints have for
year and more recorded the achievements of
the Japanese arms and have told something
of the domestic life of the nation in war
time.
Discussion of Japan's finances is timely,
particularly in view of Russia's struggles
over her latest attempt to coax aid from
her unwilling French allies.
The total of Japanese war loans to date is
$4JO, 600 600, divided as follows:
Three in.ernal loans of 1904, bearing oo nm
1nter r 'f loan Of 1905, bearing per
Imp government sterling loans of 1904,
bearing per cent ......... 1l0O000OO
Ne W Loan bearing Az per cent. 100 600 600
National Debt.
1904 a national debt of 564,91s,951 yen, or
about 1882 ass, 475. She was preparing to
tighten the strings on her national purse at
home that all resources might be devoted
SO far as necessary to the war requirements.
With this economy, according to the esti-
mates for 1904-5, she proposed to meet her
regular financial requirements on the basis
of 1926, PA yen, raised from general taxa
ton, and IL, S97 .651 yen from stamp receipts,
a total of 157,013,S65 yen, or $7S $50, 932.
With a population estimated for December
81, 1904, at about 46,S1O,OO0, this would mean
a per capita tax of 3.3 yen, or about 81. GA.
The interest requirements of the $780,
600, 600 war loans amount to approximately
s23, 10O,OO annually, or 100000 yen. If,
therefore, this additional revenue were to
be raised entirely by taxation, the total
from taxes on the basis of the regular
1904-5 estima ties would jump to 1898, $50
yen, or abou. 4.07 yen per capita, reckon
ing an increase of population to December
81, 1905, corresponding to that for the pre-
ceding years. But Japan does not propose
to raise the additional revenue entirely by
taxation. certain part of it will, 70
doubt, come in that way; in fact, certain
increases We're ordered at the beginning
of the war to go into effect, some in the
fall of 1904 and some at, the end of The
fiscal year of 1904-5, which closes with this
month, but more funds will come from
public economies, increased profits of gov
eminent industries, and from special ac-
counts that are a little mysterious even
in the reference to them contained in the
official statistical abstract published by the
imperial government.
Chinese Indemnity.
One of the principal of such special ac-
counts is that created by the Chinese war
indemnity, from which. it may be remarked
in passing Japan has been building up her
navy to fight Russia and Strengthening her
army for the struggle she saw plainly
enough to be approaching.
But Japan'3 public economy ! is perhaps
the most interesting feature of her finan-
cial administration. This does not mean
the operation of the government solely to
roll up a surplus, but an operation in
which receipts shall balance expenditures
as closely as Japanese Ingenuity can make
them. The developmental program that
prepared the country for the war with Rus
STA had it's beginning as soon as the Chi
nese war had been brought to a successful
termination. Between the fiscal year 1886
96 and that of 1896-91 the total revenues of
the government IN the general account
jumped from lis, 432, ri yen to 1877 ,O19, 42i
yen. The surplus in 1S96-97 was Is, 162,915
yen, but the succeeding year, in which rev.
enues increased to 223 800 123 yen, the sur
plus was cut down to 2,711,279 yen.