The Press., 1917-11-08
IJApt X. FIGHTING
 HARD IN WAR FOR
 WORLD MARKETS
&aS Made Tremendous Strides
 in Manufacturing and Ex- {. porting Since 1914.
HER INDUSTRIES THRIVING
Hae Captured Markets Held by Other ? Nations-Trade to Australia Quad
 rupled-BuiIdlng 6oo,Ooo Tons Of ! Shipping to Handle Export Expansion

In the past few years Japan has un' dergore a tremendous industrial devel- opment The enormous progress made by her. in manufacturing and export ing since the outbreak of the war IS little realized in this country.
 It is not fully recognized that Japan k gradually changing from an agzicul- tural to an industrial country, and that in her new drive to win some ot the foreign markets she has captured con- siderable of the business which was formerly held by this country. The great expansion of her foreign trade since 1914 is shown by the official re" turns of her trade in 1916.
 Exports Far in Excess ofalmports.
 During that year the total value Of imports was 756, 6,5OO,00O yen, being an increase of 224,OOO,O 900, while the ex- Dorts for the same period amounted to 1,127 ,B0O, 900 yen, being an increase Of about A19, 100000 yen. The actual ex- cess of exports over imports for the year was 371, 100000 yen, as compared with 17O, 1000, 900 yen for 1915.
 @ The changed position which has taken place since the beginning of the war may be seen from the fact that eor the year 1914 there was actually an excess in the. value of the imports over exports~of about 4,5OO,OOO yen.
 Cotton manufacture is one Of her principal industries, and the statistics sehow that the average number of spin dles working daily in Japan in 1914 (the latest available year). was nearly 2,6O0,VU0. Wool manufacture was not carried&on before the war to any great extent. but it has now received a con- siderable impetus, and Japanese 1ac- tories are executing. orders from the Russian Government.
 o The production. of iron and steel both in government and private WorkS has also been very considerable, the Aest iron ores being imported from China. Japan has some 6OO,OOO tons of shipping now under construction, and the industry is in 9 hourlshlng condition. Her merchant marine con sists of 2,17O steamers Of 1,7O4' 7So Hons. and 9,187 sailing ships of 572,4O5 ions. Ocean-going steamers exceeding 1.OOOO tons number 448;' with a total tonnage of 1,428,212 tons. Thirty nine oeean-going steamers of 14O,236 tons were launched from Japanese yards ID 1916.
 May Use American Machinery s If might be added that Japan as now Investigating the possibility of using Amariean .eetton-spinning machinery ln their mills, The extent of purCnases already decided on is estimated at 1OO, ,OOO spindles.
 How her credit stands may be seen from the. fact that her AZ per cent loan is quoted on the London Stock Exchange at 9114, yielding at that price. interest of nearly 5 per cent Great Britain's AZ per cent. loan is quoted at 92A, so We see how the rela tive positions. of the. two countries have changed since 1914. Before thai Hateful time no one would have dreamed of comparing the two credits
 Already Japanese manufacturers have uuadrupled their exports to Aus +ralia, Ships which in the past aver ared A cargo of 45O tons now bring tc k Sydney 2,6OO tons. The Japanese have captured 8 great deal of the trade once firmly held by American, British, Ger man and French exporters. In the sllA market they nave won the premier position. and Australian shops are now Alled to overhowing with cheap Jap anese silks. ;! = :.: 2.
 The following Japanese goods. ar' now sold with great success In the Australian market: Glasses, scientific instruments, silks, Panama hats, cot tons. toys, insulators, electric light ap paratus, camphor, sulphur oil, matches basketware, rubber tires, bottles' DOT celain.
 Japan's rapid industrial and com mercial strides will serve to intensity the formidable competition which tho American manufacturer will have tt meet both in domestic and foreigr markets after the war. They afford another striking proof of the necessity for restoring friendly relations be tween capital and labor, securing few or and better business laws and moulding a better public attitude to ward business so that American in dustry may be rid of it's harassments and made strong for the trade fight after the restoration of peace.-IstdWs' ~ lR...