The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-03-09
Japan's Financial Strength.

The activity in the American mar
kets of the firm Of Mitsui, commercial
representative of the Japanese govern
ment in our country, has reached the
stage where it becomes factor OF
great Importance. Last week TINS nrm
placed lump order for 1872 locomo-
tives-the largest purchase ever made
by foreign government. Fifty went
to Scotch builders, but American build
ers got 1902. They are to be rushed
out in lots Of twelve for Korea.
This is only one instance of Japanese
business coming our way. We are SELL
ing them almost everything, including
flour, oats and barley, locomotives,
bridges and dynamite.
Our sympathy went out to Japan
when the war began, not because we
hoped to profit thereby, but for higher
reasons. It turns out that we have not
to content ourselves with the satlsfac-
ton of having backed the smaller power
and picking the winner at that, but
are to receive rewards Of the substan-
tial kind as we'll.
European writer's who favor Russia
have recently been falling back again
| upon the argument that the Russians
| must win ultimately, for in time Japan
will be financially exhausted. The
Chronicle, a paper printed at Kobe,
Japan, has published statement COM
piled from governmental reports, show
ing the state Of Japanese trade for the
past year, and there is nothing in this
to Indicate embarrassment Of a. fnan-
cial kind, but, on the contrary, it is
very favorable Altho Japan has foated
some big loans, she has not strained her
credit abroad, and could probably Dor
row again today to good advantage;
but it has been the policy to raise the
money for the war expenses at home
as much as possible.
AS was to be expected, the ratio of
Japanese imports to exports began to
shift from the time that war was known
to be certainty, but the change has
not been great, and after year it ap.
pears that the effect of the war upon
the commerce of Japan has been sc
slight as really to have changed hel
position in this respect little if at all
The fight is on at some distance from
Japan, and as she has had command Of
; the sea, her foreign trade has not suf
j, fered in any great degree. Thus he1
imports rose from $144, 100000 to 1856,
100000 over an eleven-month period
this $22,00O,000 representing debit
principally coal or war material. Al
the same time her exports ran up from
$131, 100000 to 100000, leaving {
balance not of Importance with refer
ence to the general showing.
The Japanese budget for the forth
coming year calls for $479,OOO,OOO, O.
; which about 1888, 100000 will go TO
war expense. The new internal take
will provide for $37000,0OO, and tn
government, by stopping work on al
public improvement and government
work and holding down hard, will saw
$61, 100000, and when it is all figure
! up it is shown that the extra burden t.
I be carried for another year Of war will
q be represented by about $99,OOO,OOO.
3 This is not great sum, all thing
, considered, and so long as Japan cal
= show herself as wide awake and az
!, gressive as in the past year, and cal
s continue to win victories, she will hav
J, no difficulty in raising this money
r That she will do this, no one who fol
lowed the campaigns of last year will
4 doubt, and SO it begins to look as tn
t the. financial collapse Of Japan, 'upo
= which some Of the French fnancia
r writer's built their predictions for I'll
n innate Russian success, is matte
y much more remote than they had sup
s posed. l..i .2s ' --- .~