The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-07-08
The Long-Headed Jap.

Japan has appeared in the market
for another loan-her fourth appllca-
ton. This is the most surprising de-
yelopment in international finance for
some time. 1t was generally unexpect-
ed for the reason that Japan has not
yet exhausted her ready money, and of
that portion Of her last loan that was
raised in our country, some part still
lies here subject to call. Neither was
it supposed that, with her big enemy
PROSTATE and peace negotiations in
sight, Japan, for the present at least,
would again turn to the money lenders.
Additionally surprising is the fact that
when war was pressing hardest, Japan
was content to borrow in amounts of
$50,OOO,OOO OF $60,O0O,OOO, but now she
seeks to place a loan Of $4,000, 900.
Those fnanciers directly concerned
understand her moves, no doubt, but
the world of finance outside her conf
dence has been filled with surmise and
conjecture as to the meaning of it.
Japan 8 application carries the ex-
PLANTATION that she desires to pay off,
before maturity, her internal obliga-
tions, to tighten the burden placed
upon her own people, to which they so
faithfully submitted. Since Japan can
borrow at rate somewhat lower than
the rate covering the internal obliga-
tions she ostensibly seeks to can
Gel, this is a logical explanation, but
astute fnanciers believe it does not
show the larger actuating motives.
1t is not difficult to see that if ia
pan, having already borrowed freely,
can now turn in and raise a sum larger
than any-and there is little doubt that
+ European and American bankers will
take it-she will have emphasized be-
fore all the world the difference be-
tween her good credit and that of Rus
STA, whose last application for a loan
found small favor, and, moreover, with
+ $15O,OOO,0O0 more in hand she will be
amply prepared to reopen hostilities
quickly in case the peace negotiations
should for any reason come to a halt.
But probably as big an idea as any
back Of it is that, having borrowed so
much money in the open markets of
the world, she can the more readily
obtain international certifcation for a
a heavy bill Of war expense, and since
there is to be a big indemnity for Rus
STA to pay up in any case, this $780,
I 100000 item might just as well be put
on the account. r.. - -.
About ten years ago Japan fought
China and did it SO we'll that she had
that great empire at her feet. But
tho Japan could fight even then in a
manner to 'astonish the world, she was
woefully lame in diplomacy, at least
in the fnesse Of European diplomacy
So, when all the honorable gentlemen
from the powers interested had had
their say and played their part in
shaping Of the treaty Of Shimonoseki
Japan did not get as much as might
have been expected, and later on had tc
give up still more. H.
It has been said that you cannot foo
a Jap twice, hence, when in the pres
ent war the talk Of peace negotiations
& first began, it was predicted that japan
would be no innocent this time, anl
that Russia, with all her boosted diplo
macy, would find it impossible to trick
her again. It begins to look, indeed
as if Japan is not only going to b,
proof against Russian trickery, but i
any fancy tricks are to be turned, sh'
is going to turn a few herself.
49 This is great weather for going t