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

150 ECONOMIC EFFECTS OF THE RUSSO-JAPANESE WAR
The total amount of public debt, excluding Treasury bills
and temporary borrowings, was only 530,000,000 yen before
the war (at the end of the fiscal year I902-3). Of this amount,
the war loans floated for armament expansion and war purposes were 200,000,000 yen, the industrial loans for railway
construction and other purposes II3,000,000 yen, the loans
for the consolidation of national debt and other financial
readjustment 176,000,000 yen, while other loans for altering
the administrative system and for the administration, and
development of new colonial possessions were 41,000,000 yen.
But the issue of large war-time loans during the RussoJapanese War wrought a complete change in the conditions of
our public loans. After the war the debt rose to a total of
2,420,000,000 yen (at the end of I906-7 fiscal year), which was
much more than four times the figure before the war. Of
this sum, the war loans represented 1,588,000,000 yen, the
industrial loans 134,000,000 yen, the finance readjustment
loans 660,000,000 yen, and other loans 38,000,000 yen.
The war loans occupied only about two-fifths of the total
public debt in the pre-war time, while after the war they came
to represent some two-thirds of the whole amount. The
finance-readjustment loans also increased to the amount above
PUBLIC DEBT, I902-1908 a
Amount of public debt Annual amount of Average
at fiscal year end interest annual
amount of
interest on Population
Fiscal Amount Amount public
a Total per Total per debt per
year capita capita Ioo yen
Yen Yen Yen Yen Yen
I902-3 530,I80,8II I0.854 25,324,259 0.518 4.814 48,837,823
I903-4 635,939,87I I2.825 30,623,185 o.6i6 4.846 49,585,337
1904-5 1,436,949,177 28.689 72,365,938 I.445 5.049 50,087,918
I905-6 2,242,001,372 44.262 I09,323,845 2.158 4.884 50,653,478
I906-7 2,420,265,082 47.308 II6,779,482 2.283 4.832 51,160,039
I907-8 2,254,346,452 43.49I I06,338,374 2.052 4.723 51,835,096
a This table is based on the Annual Report for Io99-IO of Statistics of National Debt. Treasury
bills and temporary borrowings are not included.