The Washington herald., 1907-08-04

ness, liquor, SOY, sugar, consumption OF
textile fabrics, mining. bourses, issue OF
bank notes customs. travelling. and sue
cession. There is revenue from the tele-
graph and telephone service; from state
railways; from monopoIies in salt, cam
phor. and tobacco; from tonnage dues
and from forests. In the matter Of rs
sources about two-thirds Of the revenue
IS classed as Ordinary" The total land
tax for the current year is about si3, 600,
coo, the liquor tax about 100000. the
customs revenue S1s. s.OO0, ,OOO, the income tax
1900, the receipts from public under
takings and state property S63. .3S0. 600; re-
ceipts from salt monopoly. Sl3, 10000; from
tobacco monopoly sl5.359OOO. and railway
profits nearly $120O0,o0O
japanese Bends.
This is Japans position In the matter OF
debts and means of paying them. The
soundness Of her condition is in some
measure a matter OF Individual opinion
The judgment Of the financial world IS
fairly indicated by the terms Of the s23.-
100000 loan raised in London and Paris
last March Her per cent fOrty-year
bonds brought e99 los on the e1O0 On
the whole, this is not d very creditable
showing. even when an allowance is made
for tight money market Forty-year
investment securities at 3 per cent ought
to be worth a little more than par II
regarded as gilt edged" they are worth
a good deal more. The inference Is that
the money market does not regard Jap
anese securities as IN that class.
On a per capita basis Japan's national
debt and annual expenditure are both
considerably below the general run Of
such charges In other countries Of large
population. Yet for Japan in her pres
ent condition It Is only possible 20 regard
them as heavily burdensome on her peo-
pie. The japanese Of to-day are paying
for the Japan Of tomorrow. The natural
resources Of the country are not great
and it is as a whole land 0f poor people.
who live simply and work laboriOusly,
because they must, on a wage or income
which, from an American point Of view, is
a mere pittance. Some idea Of conditions
is obtained when Il Is understood that
there are millions OF japanese whose in
come is not more than 800 a year, and
that there are hundreds of thousands
whose yearly income is considerably be-
low even that sum.
The Financial Future.
Just what official Japan really thinks
about its present and future none can
say. The official expressions invariably
point to entire satisfaction with the pres
ent and absolute faith in the future. The
official view is accepted without question
by the great mass Of the people, who
must pay, pay, pay" for war with Rus
sia. for a splendid navy and great docks
and shipyards, and for the maintenance
OF an army. The strain upon the tax
payers is indicated in the increase Of
national revenues, derived in large part
from direct taxation, from $l63, 753. O00 IN
1896 to 500, 20 600 for the present year.
In the almost impossible event Of war
with the United States Il is not 70 be
thought that Japan would get out Of il
any more cheaply than she got out OF
her struggle with Russia. That cost her
$3.50 000 G0o. on which she must pay more
than S25,000000 a year for interest. IN
addition TO that, her payments for re
wards and pensions" for the last two
years are greater by some Sl5.000. 900 70
$lS,00o.0o0 a year than they were for the
years preceding the war period. Another
war would mean more interest charges.
more rewards and pensions. and an
other enormous increase in the taxation
OF her already heavily burdened people.
The per capita wealth OF the United
States is estimated as somewhat exceed
iHg $500 a few years ago the Bank Of
Japan prepared a tabulated estimate of
the per capita wealth of that country Ii
may be assumed that the figures were set
as high as il was thought safe 10 place
them. On the basis OF liberal increase
IN value since that time, four years ago,
the per capita wealth of Japan to-day
would be below rather than above $50
For nation OF its class this is a very
meageT sum. Japan's national debt is
probably not far from One-seventh Of her
total national wealth. Our debt is less
than l per cent OF our wealth.
Japan's fighting abilities on land and
sea have commanded the admiration of
the world. Her economic development
during recent years has been remarka bic.
Her place in the world Of tomorrow will
depend upon her cultivation Of the arts
Of peace rather than those Of war. In
fact, from figures Of her own official pub
lcatiOn, II is quite evident that another
conflict would mean her utter ruin. Japan
is solvent to-day but her continued sol
vency VIII depend upon a long period Of
peace and active industry Nothing can
be more certain than that her rulers and
leaders are fully aware Of this fact.