Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1906-12-13
JApAN'S FINANCIAL AND
INDUSTRIAL AWAKENING.

So much has been said Of the de-
pressing eject of the late war upon
japan that the observations Of Henry
George, lr.. travelling through Japan
for % syndicate Of American magazines
and newspapers, ar rraught with cs-
pcrill intcrcH
Henry G"nlg" hu. proved himself .
worthy son ct nls noted father and the
accuracy Of his conclusions is accepted
as from ouc rauhins among the author
tics. Trrfnlrgr whau he says that his
rcsucnHc t. q cuart regarding the con.
ditipn Of Jnoau ,I the end of the first
year folluw,Ur lhr war, would be
"licomiug' lDrsn 0. reason to believe
that much ~ hIF' heard of Japan's
distress 3. ~" result of misiniorma-
ton or incorrect observation.
The heavy industrial depression that
fell upon Japan after the war with
China has not been repeated In tho
present instance. one reason for It Is
that the business leaders of the conn
try proiitcd by former experience. and
the latest war closed before they were
forced beyond the point where they
could quickly recover.
Mr.. George gives two general reasons
why the depression did not come-onc
external the other internal-and cX-
plains them as follows:
The external reason grew out of the
ama2cmCnt with which the world at
large viewed the unexpected and ~.
traordinary success of japanese arms
against what had been regarded as tac
greatest land power Of Europe II was
beating n Western nation at the lat
ter's own gamc--VanQuishinE II with
It's own weapons.
THE outside world Ea2cd In aston
ishmcnt. II JaDan had made this
amazing progress In the art of war. II
she had put aside reliance in her Sa-
mural long and short swords aud In
her cgg-shell iunks to rival the first
nations In the use of hrecCh-loadinC
great and small rifles. Of tOrpcdocs
mines and gtcclclad battleships. was II
not probable that she was making just
as surprising advances in the arts Oi
peace? Was she not opening up to lie.
velOpmcnt like u new country?
This attracted tho attention of those
Princes of Finance and Captains OF
Industry in Europe and America who
are ever looking for good things.
such as railroad concessions. water
rights. telegraph. telephone and clcc-
trio light franchises. coal. copper. salt
and other natural opportunities. ship
"ubeidics. commercial bounties, tarin
protection and other privileges
Western civilization, with It's new
standards and new needs had brought
these privileges into existence. But
with them II had brought a keen Jap
ancso appreciation of their value They
were not to be LETT for foreign cxpoi-
tation
Little chance was left for the for
cign privilege hunter. except az an in
weston In the privileges owned and
managed or exploited by japanese In
dividuals or corporations But even
In that respect the profits were larger
than could be found for much invest.
ment money In other parts of tue
world, 80 that Japanese imperial bonds
were bought, and in consequence. went
much higher in price than they other
wise would have gone. Large quaint
ties OF money IN other ways went into
Japan. The general outside world was
not as yet awake to these conditions In
Japan, but the spectators and far