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

I o6 EXPENDITURES OF THE RUSSO-JAPANESE WAR

those tickets at the current price. (2) The branches and subbranches of the Yokohama Specie Bank and the Dai Ichi
Ginko (First Bank) in Manchuria accepted the tickets for
remittance of money to Japan or to Chinese ports having
commercial relations with Manchuria. (3) The branches of
the Yokohama Specie Bank and the Dai Ichi Ginko in Manchuria and the Specie Bank branch and subbranch at Tientsin and Chefoo accepted the tickets for deposits of money. (4)
The tickets were accepted for payment of taxes, etc., by our
field post offices in Manchuria and our post offices in North
China and Korea, and also by our military administration
office and the Chinese local authorities, and were issued as
allowances to our troops and civilians at the front. (5) The
tickets were exchanged for current coins at the current price
of Japanese silver coins, at designated cash offices at home
and at Treasury branches in Manchuria and Korea, for the
benefit of those who wanted to use current coins in Japan or
in Korea.
At first the war tickets were not in ready circulation in
Manchuria, but the repeated victories of the Japanese Army
in Manchuria ensured the success of the measures taken by
the Japanese authorities, so that these tickets practically
became legal tender in Manchuria. The total of the war
expenses paid in war tickets from the beginning of the war
(December, I903) to July, I906, amounted to 206,398,813 yen,
out of which 191,145,455 yen were redeemed and the balance
of 15,253,358 yen remained unredeemed. This meant that
the government utilized without interest a large amount of
capital and economized the payment in cash to the amount
of the unredeemed tickets. The adjustment of these unredeemed tickets was entrusted, after the war, to the Yokohama
Specie Bank, which also took over the business for the amount
of tickets that had not been redeemed by the end of July,
I906. To accomplish the purpose the Specie Bank issued
promissory notes payable at sight as substitutes for the war
tickets, and thus gradually effected the redemption of the war
tickets.