New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22

really mean TO take. Hothir. .
sort was the case. In ths .,n..."s
OF the Japanese investors th.r.
certain unvoiced dread Of s.eIo. :.
Russian Treasury notes 60 begin. ~
never a thought that Their. v,.u
enough Of II to 90 round. Mo-.
this was their first experiences ,,,,
foreign loan. With many Of IA.
nestle loans with which they h,a,s,
experiences the japanese ipv...-
could not recall many occasion, -
they were left out In the cold a,
ceived just one-haN the amour, A,
asked for. No, every one vAs
asked for 6 certain amount Of a.
Russian Treasury notes wa, .ro...'
to get all they had asked for-,n,
cent less. And the imposing arm, :,
syndicate banks aforementioned
ready-aye, fully expeeting-to ~,
their pro rata share of the ampl, l,,,
ing.
Not a single one OF tae subscriptio,.
counted came from any Of the ,vrN
cate banks-that had been prohib,,..
in the agreement. There were omit.
number OF people asking for 10, =,
anywhere from 100000 to 100000 Va.
but there were very few who asked "a.
a larger block. The highest smon,,
was for 100000 yen, and Their. VA,
only one such.
The Impossible Comes to Pass
Three short years ago this sort a,
thing was an utter and absolute q,
possibility in the financial imagin,to,
of Japan. To be sure, this was not IA.
only impossibility in thought that h,1
come TO pass. In 1915 the goverum,,,
foated a domestic loan for Ss,OOOM
yen (about sl9,OoO,O OO) to tax. n,
Japan's foreign loan. And that dOr.,.
tic loan was foated mainly 70 utili,,
the idle funds which were burdepir,
the deposit vaults Of our banks !,
was an astounding sight; II was hsi.5
as one of the most eloquent prophets
that cried In the gilded wilderneu
/ saying that a brand new financial Jspsn
was nigh at hand. 1t was the mos,
significant thing that had come to pass
up to that time. And we heard a good
deal about II. Mr.. Taketomi, who VA,
then the Minister OF Finance, made no
modest speech over IL before the Inp..
rial Diet, emphasizing the fact ths,
that was the first instance OF the kind
known TO the history Of japanese A.
nance-or any other country in The
Far East. II was striking a signih.
cant thing, really. With all that com
pared with what happened on Septem.
Der IL, It loses q measure OF its lustrs.
People Of Nippon Thrifty
What brought all this radical chang.
in the financial life Of Npponi To
, simply say the war in Europe In an.
swer to IL is to answer a grave cues.
ton lightly. OF course, the great war
had q good deal TO do with tit gave 10
the new financial Japan sort Of eur.
/ tain raiser. No one thing, however.
can answer for II entirely. OF the
many reasons which underlie happier
status of financial japan. there is one
thing which looms up blythe peopl,
of Nippon are saving money. On Az.
gust Z, 1915, the postal savings De-
posts in Japan amounted to more
than 265,77O,OO0 yen (Sl32,s8OoOOl.
On the sam day the savings deposits
at various banks throughout Japan
amounted to 2,911,S5o,O 900 yen. In al,
therefore, there was piled up in the
banks and postofices peoples saving
amounting to s1,58S, 900 in Amer
can money. A few months back the
postal savings took jump; to-day II h
accumulating at the rate Of about sS6''
900 900 a month. Farmers, Il would
seem, arc not the people who are saw
ing the money most. Toxic prefecture
leads the procession with 100000 q
month; then follows Osaka, with 81
900 900 a month. This seems to add
color to the war prosperity theory
for Toxic and Osaka arc two centres
Of the so-called war industry.
Before the war, back In 1913, hnan'
cial experts were wont to say that
Japan's wealth was increasing at the
rate Of s7o,OOO,OOO a year. That sounds
as archaic as Mother Goose rhymes 70
the ears Of the present day Nippon full
OF the deafening huns OF her vsro''
and varied industries.