New-York tribune., 1909-07-14
.LAPANESE EINANCES

! So much time has elapsed since the Peace
! of Portsmouth that the governmental finances
| of Japan and also the industries and commerce
of that empire, may he regarded as once more
on normal basis and as subject to only the
| ordinary influences Of the world at large. The
showing which is made in the Ninth Financial
and Economical Annual of Japan of which,
through the courtesy Of the japanese Minister OF
Finance, Marquis KatSura. we are in receipt is
therefore particularly instructive as a revela-
tfon of the real condition of that country and
as a basis for some forecast of its economic
future. There can be do doubt that the war
with Russia imposed a very great strain upon
Japan. Indeed, there are those who have said
that the strain could not much longer have been
borne. that the American Intervention Of
pea cemaking proposals was welcomed by Japan
as affOrdng relief and escape from embarrasS-
ment which was daily approxrnating disaster,
and those have added that now. since the con-
clusiOn Of peace without the large cash in
demnity which Japan desired, the island empire
remains in serious straits. If this view Of the
case were cOrrect-as we are by no means per-
suaded-we should have to credit Japan with
degree of recuperative power unrivalled in the
history Of the world.
For this very elaborate and detailed report of
Marquis Katsura's makes it quite evident that
| last year Japan was not only solvent, but also
| prosperous 10 a degree which not a few other
nations might well envy. It was. Of course a
year Of general depression throughout the world,
and of some disaster. It was a year Of budget
deficits, of diminished commerce, of borrowing
and Of fiscal stringency. British commerce was
S565, 100000 less than the year before German
| commerce was S1j0OOOOOO less. and American
commerce was nearly S26OO0OOOO less We need
not be surprised to note therefore, that Japan anese
commerce also showed a decline though it was
not so marked as that Of some other lands
This decline was most marked in exports to
China for obvious reasons. There was also
decline in exports to the United States But
there was a considerable increase in exports TO
Russia, while exports 10 the United Kingdom
were by far the largest on record Imports from
nearly all countries showed a slight decline
But the net indication of the statistics of COM
merce IS that Japan Jared as well as other coun-
tries and better than some Of them.
Finances naturally followed the course Of
commerce Loans and deposits in banks at the
end Of June 1908. showed decrease from the
year before. and so did clearing house opera
tons for the year. Moreover, the average prices
OF commodities of all kinds. as well as Of securf-
ties had q downward tendency. But TO this
rule there was one very marked and significant
exception, IN the deposits IN the postofice saw
ings banks These in 1903 we're more than S45-
00OO 600 for the first time cord exceeding the
S4O.OOO.0O0 mark. while in 1909 they have leaped
further, 10 more than S52500000 These de
posits are made by 950205O depositors or
nearly twice as many as there we're in 1903 In
a period of general commercial and financial
depression. therefore. while Japan has suffered
I'm common with the rest Of the world. the saw
ings and wealth Of the people have been in
creasing at an unprecedented rate. That Is a
remarkable testimony TO the energy and thrift
of the Japanese, and pretty convincing promise
of that nations continued solvency and increas-
ing prosperity.