The New York herald., 1921-10-03
contiaped IRON, First Page.

Germs engaged in profiteering, but. ac-
cording 10 popular belief. more than
10000 men whose rating was confined
10 modest figures IN 1914 entered the
millionaire class. Because of the far
from satisfactory enforcement of the
income tax laws and the natural ten
dency OF the benefciaries to hide their
winnings accurate informa ton on this
point is practically unobtainable, The
exchanges are open again, but the
volume OF sales and aggregate values
show little if any difference between
transactions reflected in the daily
opera tions on the New York and Lon
don Stock exchanges and on the Paris
Bourse.
Rice in Gamblers Hands.
Rice, the chief staple Of food in the
Mikado's empire and which until two
years ago was protected by prohibi-
tive import tax. showed the greatest
Increase in price. The handling Of
the commodity has come into the
hands OF gamblers just as did the con-
troll of food products in other coun-
tries. The increase in the price of
rice, which was more than the earn
ings OF the laboring classes could
meet. finally resulted in several riots,
in which the Government was COM
PEELED to employ the military.
The Milxado donated 100000 yen
to buy rice in foreign markets, from
which the Government removed the
tax. The rice gamblers made a stub
born effort to keep UP the price, but
were finally compelled to surrender
But even at that the price of rice to-
day is nearly 80 per cent. higher than
it was under pre-war conditions. Be
fore 1913 Japan, despite her own de-
mand, exported good deal of rice.
At the present time she is importing
rice from China and other Asiatic
countries. but the selling price to the
people has shown little if any in
the foreign product.
The Toxic stock market furnishes
further evidence of the postwar de-
fiation, just as was the case IN the
United States and other countries
Peace stock was largely bought
after the arrnistice and there was ac-
tually, boom in sugar. steel, cotton
and other shares. Last September a
movement that was generally hailed
as a genuine boom set in. The securi-
ties of the steamship companies, the
chemicals, fertilizers, leather. public
utilities, private railways, oil, mining
and iron and steel companies whose
par value is SO more than doubled in
book value, and in the case of the
Kanegafuchi Cotton Spinning Com
pany rose to asa.
The boom in the stock market con-
tinued for less than two months and
then came a slump from which it has
not yet recovered. A few of the more
substantial securities have held some
Of the advantages gained during the
September boom, but the majority of
them have established new low
records. One of the business enter
prises which had developed tremen-
dously and has held up since the war
is the warehouse IN which surplus
stocks of rice, cotton, silk and other
commodities are stored. There are
seventy five large warehouses in
Toxic, Yolxahama, Osaka Kobe. Ma
goya, Kyoto. Moji- -Shimonoseki, the
aggregate total storage of which is
700 times greater than the available
capacity ten years ago.
Prices of Farm Products.
According to figures furnished by
the Bank of Japan the average price
on 100 farm products in 1914 was
| 1875 yen per kolSu Cor FIVE bushels)
as against 2S5.50 yen, the highest in
their history. That which is true OF
agricultural products applies to indus
trial articles.
The chief imports OF Japan, such as
kerosene, manufactured iron products,
lead, rails, automobiles and parts, ma
chinery. raw cotton, fax, hemp. wool.
coal and oil cake approximated in
value the same average rate of in
crease as the domestic articles.
Despite the slump in business con-
ditions Japanese credit has not suf-