The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1916-03-03

night but they cannot hope to APP
proach the demand.
The year 1915 was exceptional In
japanese trade but this year Is ex-
pected to prove still more remark
able. Last year the total exports
amounted to about $3.50 200. 600 and
the imports to about 1856, COOS 600.
The total trade was $6l6.000,00O.
Compared with the preceding year
the figures show an increase Of about
$4,000, 900 on exports and de-
crease of S31. 100000 on imports.
Whereas in 1914 imports exceeded
exports by $2,317,0O0 the balance OF
trade last year was in favor OF ex-
ports by about $S4, 1000. 900. Any
thing approaching such large ex-
cess OF exports Is unprecedented In
the annals OF foreign trade In Japan.
BY glaneing over the trade returns
for the last ten years. 1t will be found
that with the exception OF 1906 and
1909. when exports owing to greatly
reduced imports were IN excess by
$",4S5.000 and by $9,456,000 re-
spectively. the balance or trade for
the remaining eigth years shows an
excess of imports ranging from S2.-
$4,000 to $4S.4S5, 900. In 1914 the
outbreak OF the war diminished the
volume OF trade. especially that OF
imports. This explains the fact that
In that year the excess OF imports
over exports amounted to only $2r-
$4,000 as compared with S4S.486.-I
600 recorded for 1913 and SAG,
900 for 1912.
With the continuation OF the war
last year importations still further
diminished while remarkable in
crease was noted in the export trade.
The markets in India. South Amert-
ca and other places previously taking
German and Austrian goods demand
ed Japanese substitutes for goods
which no longer came out from Eu-
rope. All this combined to create 4
new record In exports, while the diff
tlculty OF Europe In sending It's goods
abroad contributed to a decrease of
imports into Japan.
Among the import goods showing
a falling off are iron, dyestuffs and
other important requisites for manu- !,
featuring industry. This had the eff
feet of checking expectation to some
extent, and has encouraged company
promoters to form plans for placing
Japan's industry and commerce on
a self-supporting and permanent ba-
sis.
One result OF all this Is that Japan,
which before the war had come to
feel apprehension for the stability OF
Its note conversion system, has now
specie accumulating to its credit to
the extent of 600,000,000 yen ar
$500, 100000, an amount never be-
fore known in its financial history.
The bank vaults are full Of money
seeking investment.
A striking proof OF the change in
the condition of mind in the capital
ist circles was seen recently In the
response to an offer OF shares OF a
dyestutf company, now forming,
which were over subscribed 800
times. There has been a steady In
crease in the capitalization for man
Industries, money invest
ed in them in 1915 amounting to
s4s,350.000 against $19,250,000 for
1914. Similarly electrict business,
spinning and railways at
tracted great increases OF capital.
New business undertakings started
last year were larger in capital by
$40 100000 than the year before
last. taking into count the business
that showed a falling OF.
1.-THE situation" says the Japan
Times, affords strong evidence that
the fotation of companies and start
ing Of new enterprises are becoming
the order of the day and the season
of timid and retiring capital. OF un-
paid labor, and whitening dullness in
general is over. There is this, of
course. to be prepared against, that
after the war when huge numbers
of workers will be released from
fighting service. when munltion fac
tories will all at once be restored to
their Legitimate business, and when
the market will be Quilted with labor,
there will be far=reaching economic
upheaval in Europe, the. effect of
which the United States and Japan
will be the first to feel. But the up
heaval Is universal and unavoidable.
In the meantime 1t Is certainly to the
best interests of the country and q
duy to It to help on the present
wave OF business revival. We are
glad that the country is getting ac-
tive In the right direction"
The remarkable rise in the Japan
csc export trade and general prosper
ity has been followed by a. note of
warning by Toxic bankers. DR.. Kes-
aroku Mizumachi, vice governor OF
the Bank of Japan. and others point
out that the present is a serious mo-
ment for bankers for the extraordl-
nary imitation In money Is more dam
gerous in a sense than extreme short
age In funds. The vice governor says
he is glad that efforts are being made