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

164 ECONOMIC EFFECTS OF THE RUSSO-JAPANESE WAR

Besides the exchequer bonds, the extraordinary-affairs
loans were issued after the war as a part of the funds for the
war-time military expenditures. The receipts from these
loans came to the Treasury from March, 1906, to March, 1907.
They amounted to over 294,000,000 yen, of which over I89,ooo,ooo yen were spent as military funds and over 105,000,000
yen for rewards and pensions.
MONTHLY RECEIPTS FROM EXTRAORDINARY-AFFAIRS LOANS a
Issued for
Issued as
Datem uds rewards and Total
pensions
1906 Yen Yen Yen
March.................. 3,020,450.... 3,020,450
April................... 35,616,414.... 35,616,414
May................... 52,452,676.... 52,452,676
June.................... 27,888,072.... 27,888,072
July................... 31,805,621 95,000,000 126,805,621
August................. 32,701,749 3,975,418 36,677,167
September.............. 5,347,20I.... 5,347,20I
October................. 77,642 194,275 371,917
November............... 37,867 561,450 599,317
December............... 35,650 40,375 76,025
1907
January................. *I,9 I I.... 1*,9II
February................ *7,213 663,765 646,552
March...................... 4,751,52 4,751,520
Total............... I89,o64,218 I05,I86,803 294,251,021
aThe receipts bearing the mark * were transferred to the miscellaneous incomes in the special
accounts of the extraordinary military expenditures, as they came into the Treasury too late.
Other figures represent the receipts paid in on time. The loans for military funds were issued in
accordance with the usual method, but those for rewards and pensions were issued in the form of
grants. The latter, therefore, did not absorb any capital actually from the money market, but
they are included in the totals of the war-time military expenditures for the sake of convenience.
After domestic loans already described, the next important
channel through which home capital was absorbed for war
purposes was the increase of taxes. Taxation means a compulsory and universal contribution of part of the people's
incomes, which would otherwise add to their capital; in this
respect, taxation differs in its effect on the money market from
the issue of a loan, by which only floating capital is absorbed.
The funds, therefore, which are received as taxes include many
fragmentary sums which cannot form a part of the capital at