Expenditures of the Russo-Japanese war / by Gotaro Ogawa.

I104 EXPENDITURES OF THE RUSSO-JAPANESE WAR

VARIATION IN REVENUE AND DISBURSEMENTS OF WAR FUNDS, I903-1907
Date Revenue Disbursements Balance
Yen Yen Yen
December, 193i. 6,011,320 - i6,011,320
June, 1904. 95,192,052 160,067,526- - 64,875,474
December, I904. 326,296,587 499,i60,548 -172,863,96i
June, 1905. 853,571,007 907,687,73I - 55,116,724
December, 1905. 1,320,343,287 1,203,388,388 ~1I16,854,900
June, 1906.1I,519,371,217 1,309,893,136 +209,478,080
December, 1906. 1,705,066,403 1,461,839,670 ~243,226,733
July, 1907.1I,721,212,256 1,508,472,538 ~2I2,739,7i8

Consequently, the amount of deficit in the table is much
-smaller than it really was. At the end of each regular period
the total of actual deficits in the war funds and the amount of
funds from various sources applied to fill these deficits were
as follows:

MEANS OF FILLING TEMPORARY DEFICITS
Amount transDate ~Deficits in ferred from Exchequer Temporary War
Date ~~war expenses other accounts honds loans tickets a
in Treasury
Yen Yen Yen Yen Yen
Dec. 31I, 1903...... 16,011,320 9,011,320.... 7,000,000
June 30, 1904......64,875,474 20,8Ii,908.... 35,500,000 8,56~3',56 5
Dec. 3 1, 1904......172,863,961 21,254,I33.... 92,000,000 59,609,827
June 30, I905.. 1... 90,5I9,023 58,I31,023 35,000,000 9,000,000 88,388,000
Dec. 31, I905......222,207,451 i5,883,925 100,000,000 34,000,000 72,323,526
June 30, igo6......29,976,747.... 115,200,000.... 18,350,232
Dec. 31I, 1906...... 5,916,700.... 48,200,000.... 10,774,105
June 30, I907...... 3I,232,51I............ 7,647,503
a The war tickets represent the figures excluding the amount redeemed.

During the six months ending December, 1906, the amount
of revenue for the war funds exceeded the amount of the war
expenditure, but in other months the war revenue was always
short of the required sums. The monthly deficit was more
than i0,000,000 yen from August, 1904, to April, 1906,
and the maximum of deficit exceeded 200,000,000 yen. To
fill up this temporary deficit, the government resorted to
various measures: the transfer from one 'Item to another in
the revenue to the Treasury, the flotation of exchequer bonds,
the incurring of temporary loans in the form of circulating