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

152 ECONOMIC EFFECTS OF THE RUSSO-JAPANESE WAR

they began to be immediately affected by the changes in the
economic situation in Europe and America.
Treasury bills and temporary borrowings
The national debt raised to maintain the balance of our
revenues against expenditures for the Russo-Japanese War
consisted of temporary borrowings and Treasury bills. Besides these, there were war tickets, which may be regarded as
a sort of national debt but which it is proper to treat as circulating bills. Therefore, we shall here discuss temporary
borrowings and Treasury bills only, leaving war tickets out
of consideration.
As was already noticed, the temporary borrowings made
for purposes of the war-time military expenditures varied in
amounts from 12,000,000 yen to 92,000,000 yen in 1904, from
8,000,000 yen to 505,000,000 yen in 1905, while the amount
was 77,500,000 yen in I906. But what changes did these
temporary borrowings for war purposes produce in the total
amount of the government's borrowings? The aggregate
borrowings for the year preceding the war totaled from 35,ooo,ooo yen to 56,800,000 yen, but after the outbreak of war
the amount rapidly increased, reaching 54,000,000 yen to
II9,800,000 yen in I904, 54,800,000 yen to 82,200,000 yen in
1905, 32,800,000 yen to 144,200,000 yen in I906, which,
however, declined by degrees after the war. The Treasury
bills issued for purposes of the war-time military expenditures
reached Io,000,ooo yen to Ioo,ooo,ooo yen in 1905, and 452,000,000 yen to I,I52,000,000 yen in I906 and 33,000,000 yen in
1907. Thus, the issues for war purposes greatly swelled the
aggregates, which came to range from 35,000,000 yen to I04,ooo,ooo yen in 1905, from 66,700,000 yen to 120,700,000 yen
in I906, and from 48,600,000 yen to 98,400,000 yen in 1907, as
compared with I0,000,000 yen to 20,000,000 yen in I903 and
35,000,000 yen in I904, the two years immediately before
the war. Thus, the temporary borrowings and Treasury bills,
so far as they were made or issued to supply deficits of wartime military expenditures, totaled 12,000,000 yen to 92,000,