The silver messenger. (Challis, Idaho) 1890-1912, 1905-10-03
WHY JAPAN MADE PEACE.

Thomas r. Millard has an ar
ticle on ''The Financial Pros
poets of Japan" in the Septemb-
er Scribner's which contradicts
many commonly received notions
of the financial condition of the
empire. The article is written
in anticipation of a continuance
of the war. 1t is a shade too
glowing, but it serves to show
why the leading statesmen of
Japan and it's wisest counselors
in friendly nations we're SO anx-
ious that peace should be con-
cluded.
Mr.. Millard says that only
about one-half the arabic land
of Japan is under cultivation, and
even that half does not produce
what it should because of un-
skilled methods of farming. One
man cares for less than one acre,
and the value of the agricultural
products per capita of total popu-
lation is about SO, or less than
the value of the American annul
egg crop. Coal is the principal
mineral resource. Mr.. Millard
does not believe there is fair
prospect that Japan will ever
produce other valuable minerals
in large quantities. The fisher
les yield altogether about forty
million dollars per annum. 1t is
probable, however, this source
of national wealth will now be
increased by the fishery conces-
sions granted in the new treaty.
The total vessel tonnage is 600,
| 600, and the largest part of it
small boats engaged in coastwise
trading, and the industry exists
by means of government subsid-
les. The net annual value of
manufactured products is about
$3.50, 100000 or So per capita of
population. The character and
amount of raw products are linn
tied and Japanese labor is in
competent and wasteful. Mr..
Millard might have excepted art
products, but even in its art
goods the old skill and finish are
giving place to cheaper and less
artistic work, owing to the in
/ f1uence of commercialism, and
this must tend in time to de-
crease the demand and confne
sales to cheap, mediocre stuff.
As far as commerce is concern.
ed the balance of trade for &c
years has been and it still is
against the country, and Mr..
Millard sees no prospect of a
change unless there is a com
plete revolution of existing in
dustrial and economic methods
Financially it is stated that the
deposits in the banks of New
York City would more than pay
for all the capitalized wealth Of
Japan, including bank deposits
The national debt amounts tC
$715. 900, 900, bearing an average
interest of 5 per cent, the deb
being almost exactly equal to
the total annual income from all
sources.
Taking into account these var
ious facts and considering the
outcome of war in the shape OF
special war taxes, domestic
loans, the diversion of labor
from ordinary channels, the Ian
gushing of industry. and the
immense amounts which must
be expended to reorganize the
military personnel, increase nav
al efficiency, and recoup losses,
it is not remarkable that Japan
was anxious TO make peace. The
credit of the country was well
nigh exhausted. 1t was pressed
by creditor nations. Japan could
not have negotiated the fresh
loans which would have been
necessary had the war continued
another year, except upon ruin
4 Gus terms. 1t is not strange that
Great Britain and the United
States, which furnished most OF
the money to meet war expenses
were anxious to have japan
make peace.