New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-30
Strict Regulations
Placed Upon Gold
Exports From Japan
Imports From u. S. Prior to En-
barge Exceeded Our
Trade Balance

reached the United States in report
, made by Frank r. Rutter, the American
commercial attache at Toxic. Accord
ing to the official decree promulgated by
the Japanese Findance Department, any
person desiring to export gold or goid
bullion must obtain license from the
Minister of Finance. This equation
does not apply to travellers carrying
gold coin in amounts not exceeding loo
yen (s5O). Violation Of the embargo
ruling is punishable by prison term
of three months or a fine of not more
than 100 yen.
The action of the United States gov
eminent in stopping gold exports
forced the Japanese government to take
similar step. The Japanese measure
was issued within two days after the
terms of the order issued by the Amer
lean government were received on Sep
TENDER 10.
The Minister of Finance stated at
that time the prevailing rate Of ex-
change had led to heavy shipments OF
gold from Japan to China. This move
ment, although discouraged by tho
Japanese government, was not consld-
cred serious as long as the stock Of gold
in Japan could be replenished from the
United States. The minister gave assur-
ance that the decree would be admins
tered in such a way as to prevent any
injury to the trade and industry Of the
country.
Application for a license to export
gold or silver coin in bullion from
Japan must be presented to the Min
lister Of Finance through the Bank OF
Japan, and must state % the kind,
quantity, and estimated value of the
coin or bullion; (2) the name, address
and trading name of the shipper; (3|
the destination of the shipment and
the name, address and trading name of
the consignee; (4) the date Of intended
shipment; 81 the port of expectation;
(6) the vessel on which the shipment
will be made; and CD the purpose of
the shipment and the circumstances
necessitating the shipment. The Ii
cense, if granted, is delivered to the
applicant through the Bank Of Japan.
Movement Grew Rapidly
"The movement of gold into and
from JAPAN" Mr.. Rutter writes, "has
grown TO enormous proportions within
the last year. As compared with specie
and bullion exports of Sl4,000,OO0 IN
1912, and S13,000,000 in 1913, the ship
ments in 1915 amounted TO S22,000,OOO,
in 1916 to Sl4,O00000 and during the
first eight months of 1917 to 59,OOO,-
900. The increase in imports of gold
and silver has been still greater. AS
compared with less than 100000 In
1912 and 100000 in 1918, the imports
rose to Sl20O0,000 in 1915, S15,000,0OO
in 1916, and 100000 during the
first eight months of 1917.
About S20,000,000 worth Of gold was
obtained from Asiatic Russia and $780,
900 from Hongkong in April, and 49,
900. 900 worth from Canada in June.
With these and few minor exceptions,
practically all of the specie and bullion
that has flowed into Japan has been
drawn from the United States. On the
export side British India has displaced
China as the leading destination of the
outgoing gold and silver. OF the $46,-
100000 worth exported to the end Of
July, 1917, India obtained about ST.
100000, China S10,000,000, and Hong
Ii rntt1t los
in the way of settling its balance in
London, Japan is compelled to ship
precious metals in payment for its
supplies of Indian cotton. Notwith-
standing the constant large excess of
exports over imports in its trade with
China, Japan regularly RENTS to China
considerable amounts of the precious
metals. Presumably the favorable bal
ance of trade both in merchandise and
specie represents substantial invest
ment in China.
Gold Exports Exceed Trade Balance
"The shipments of gold from the
United States 70 Japan this year are
sufficient to pay three times over the
balance of trade resulting from the eX-
cess in value of our silk imports over
our cotton exports. The amount is just
about enough to Offset the large ex-
port shipments of Japan to the United
Kingdom and France, as well as to the
United States. American loans to the
two European countries are apparently
being used in part TO pay of their cur
rent debt to Japan.
Prior TO the outbreak of the war
the United Kingdom and Germany ex-
ported regularly to Japan goods worth
much more than the products they
imported, while the United States and
France have for many years import
ed from Japan much more largely than
they have exported. This situation
results naturally from the large pur-
chases of raw silk in the United States
ard France. The trade with Europe
and the United States was financed
through London. save for occasional
shipments of gold between the United
States and Japan to settle accumu-
lated balances. While the excess of
Japanese exports to France and the
United States was inadequate to Offset
the large excess Of Japanese imports
from the United Kingdom, Germany
and British India, the balance, instead
Of being RENTED in coin or bullion,
was Offset by European investments in
the Far East.
Price of Bullion Rises
1.-THE supply of gold held by the
japanese government and the Bank of
Japan increased Sl4,000,000 during the
first half of September, and on Sep