The potters herald. [volume] (East Liverpool, Ohio) 1899-1982, 1941-12-25
COMMENT ON WORLD
EVENTS

That Japan is headed for economic
disaster and ruin as result Of her
attack on the United States and other
nations is made plain by an array of
facts and statistics on the empire pre-
sented by Contemporary China"
reference digest published by the Chi
nese News Service, New York.
Figures on Japanese financial eX-
haustion, industrial disintegration and
agricultural deterioration, stemming
from Japan's long war with China and
the economic blockade, indicate that
the country is risking economic sui
eide by her latest onslaught, which,
the more it is examined, the more
foolish it appears.
japanese leaders, Contemporary
China" points out, have admitted
Japan's economic plight. Both Prince
Konoye and Premier Tojo," the digest
says, shave publicly declared that
Japan is facing the greatest crisis in
her history. This crisis is not merely
political and military; it is perhaps
fundamentally economic.
"For Japan today is on the verge
of an economic collapse-under the
strain of an expensive but futile war
and under the strangulation of the
freezing orders"
The war referred to is the conflict
with China, the comment having been
written before the attack on Pearl
Harbor.
X X X
Facts and figures cited by "Contem-
porary China" showing the gravity Of
the economic crisis facing Japan can
be only touched on here. Discussing
financial exhaustion, it is stated that
the China "incident" will have cost the
Japanese government 65,000,000,000
yen by the end of the current fiscal
year. March, 1942). This sum will be
equal to the amount Of the total gov
ernment expenditures during the en-
tire century preceding the war with
China.
AS to industrial disintegration, it
is reported that under the impact of
the economic blockade, Japanese in
dustries are now operating at 80 to
40 per cent of full capacity.
Farming has been hard hit, having
steadily declined, owing to the short
age Of men and fertilizers. In coun-
try such as Japan, which raises only
part of it's food even in times of
peace, this is especially serious.
X X X
The net result of the financial, in
dustrial and agricultural deterioration
is general privation.
"From the level reached in 1886, the
Japanese living standard had fallen by
40 per cent at the beginning Of 1941
and will have fallen by 60 per cent in
the coming year," says "Contempor-
ary China"
"In the recen extraordinary ses-
sion of the japanese Diet" it is add
ed, zone Taneo Miyazawa who had the
temerity to warn against an optimis-
tic view of the economy and finance of
the country was turned over to the
disciplinary committee and was sub
sequently compelled to resign. This
stern measure against public discus
sion of economic and financial mat
ters is clear symptom Of the gravity
of the economic crisis in Japan"
This is all ground for some degree
of optimism in this country as to the
result of the war on Japan, aside from
the military and naval aspect. With
out being too optimistic, it indicates
that Japan is going to run swiftly into
very serious economic difficulties anC
may even mean virtual collapse ol
the japanese military effort ia,
sooner than most Americans expect
or hope.