Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1916-03-04
JAPAN ENJOYING
MUCH PROSPERITY
Money From War Orders So
Cheap That Bankers
Complain

Iohlot Marcn 4.-NCOrresponuenC
of the Associated Fress. .1-Never in
her history has Japan met with such
period of material prosperity as to-
day. This is entirely due to the war.
The entente, allies have been buying
great quantities of war supplies since
the beginning of the conflict and
more orders are being placed con-
stantly. Money is literally pouring
INTO the country in such quantities
that there is actually a plethora of it.
Money has become so cheap that
bankers have begun to complain.
The first great call upon Japan has
been made and will continue to be
made by Russia. The exports to Rus
sia have realized several hundred mill
lion yen. They include not alone mill
tary equipment and supplies such as
guns, rifles and ammunition, but huge
quantities of cloth, many hundred
thousands CT pairs of boots, leather
pouches, caps, sashes, food products
and medical supplies. Even rice is ex-
ported to Russia to be made into
cruel for wounded soldiers and of the
medical expectation a notable item is
tincture of iodine.
Another great channel in which
Japan is finding prosperity is through
her shipping. Her big merchant ma
rlne is not only transporting supplies
for the entente powers but so far as
the Orient is concerned has practi-
cally taken over at an immense profit
the sea transportation which is held
In time of peace by the vessels of
Great Britain. Freight charges to all
points, including the United States.
have scared and Japanese shipping
companies have recently petitioned
the department of communications to
sanction further increase in tariffs.
France is at present seeking either
to charter or purchase ten or a dozen
steamships. but suitable vessels are
scarce, The prices are almost limit
less in their elevation. The extent to
which steamers have risen in value
may be instanced by a recent incident
at Kobe. The owner of a steamship,
the charter for which had just eX-
pired who had been receiving about
$4,000 month for his vessel received
$4,000 per month. The eXtraordi-
nary demand for hulls is inducing
Japanese shipyards to work day and
night but they cannet hope to ap-
proach the demand.
The year 1915 was exceptional in
Japanese trade but this year Is ex-
pected to prove still more remarkable.
Last year the total exports amounted
to about $3.50, ,000,00 and the imports
to about $3.50. 100000. The total
trade was S616, 100000. Compared
with the preceding year the figures
show an increase of about SOS. 200. 900
on exports and decrease of $31, ,500,-
600 on imports. Whereas in 1914 i'm
ports exceeded exports by $2,317,000,
the balance of trade last year was in
favor of exports by about $4,000, 900.
Anything approaching such a large
excess of exports is unprecedented in
the annals of foreign trade in Japan.
BY glancing over the trade returns for
the last ten years, it will be found
that with the exception of 1906 and
1909 when exports owing to greatly
reduced imports were in excess by
S2,4S5, 600 and by S9,456,000 respec-
lively. the balance of trade for the re-
naming eight years shows an excess
of imports ranging from s2,317 900 to
S4S. ASS, 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 $2,S17, 900 as CON-
pared with S48,485,000 recorded for
1918 and with S46,000,000 for 1912.
With the continuation of the war
last year importations still further
diminished while a remarkable in
crease was noted in the export trade.
The markets in India, South America
and other places previously taking
German and Austrian goods demanded
Japanese substitutes for goods which
no longer came out from Europe All
this combined to create q new record
in exports, while the difficulty of Eu-
rope in sending its goods abroad con-
tributed to a decrease of imports into
Japan.
Among the import goods showing a
falling-off are iron, dyestuffs and other
important requisites for manufacture
ing industry. This had the effect OF
checking expectation to some extent.
and has encouraged company promot-
ers to form plans for placing Japan's
industry and commerce on a self
supporting and permanent basis.
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 or $780,
100000, an amount never before
known in its financial history. The
bank vaults are full of money seek
ing investment.
A striking proof of a change in the
condition of mind in the capitalist
circles was seen recently in the re-
sponse to an offer of shares of a dye
stuff company, now forming which
were over SuDScrlDeQ SUO times. Tnere
has been steady increase in the cap
italization for manufacturing indus
tries, money invested in them in 1915
amounting to S4S,35O.0O0 against S19,-
100000 for 1914. Similarly electric
business, shipping, spinning and rail-
ways attracted great increases of cap
ital. New business undertakings
started last year were larger in cap
ital by $20,000,000 than the year be-
fore last, taking into count the busi-
ness that showed a falling off.
The situation" says the Japan
Times, affords strong evidence that
the flotation OF companies and start
ing of new enterprises are becoming
the order of the day and the season
of timfd and retiring capital. of un-
paid labor and withering 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 frfom fight
Ing service, when munition factories
VIII all at once be restored to their
legitimate business, and when the mar
ket Will be glutted with labor. there
VIII be a far-reaching economic up
heaval In Europe, the effect of which
the United States and Japan will be
the hrst to feel. But the upheaval is
universal and unavoidable. In the
meantime 1t Is certainly to the best
interests OF the country and q duty to
1t to help on the present wave of husi-
ness revival. We are glad that the
country is getting active in the right
dirpcfinD -