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

CHAPTER III

EFFECTS ON MONETARY CIRCULATION
GENERAL REMARKS
Through the outbreak of the Russo-Japanese War, a large
sum of foreign capital suddenly flowed into our country, while
an amazing amount of funds was also raised from various
sources at home. These funds were redistributed at home
and abroad through the channel of military and administrative
expenditures. This stupendous movement of capital caused
from time to time changes of varying importance in the money
market. Taking a general view of this movement of capital
due to the war, the fund for the war-time military expenditures, amounting to 1,721000,000O yen, and the fund for the
war-time administrative expenditures, amounting to 22I,000,ooo yen, with the aggregate of 1,942,000,000 yen, were raised
to meet the requirements of the war. Of this sum, 1,730,000,ooo yen was actually disbursed as war expenditures, namely,
1,509,000,000 yen as war-time military expenditures and 22I,ooo,ooo yen as war-time administrative expenditures. The
period of time during which the movement of capital continued was, roughly speaking, from October, 1903, to July, 1907,
though, of course, it was most active during the war time.
Before entering upon the main subject, we must study the
dynamic condition of the capital absorbed as war funds from
the money market, directly or indirectly. The chief sources
of revenue for the war funds, as we have seen before, were the
revenues from public loans and tax increases, and the transfer
from the general accounts. Other sources were the specialaccounts funds, the contributions to the war funds, the income
from the sale of government properties, the receipts from transportation, and special and miscellaneous revenues. In addition, there was the surplus and increase of revenue in the general accounts. Besides, the deficits of these funds were made
I60