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

EFFECTS ON MONETARY CIRCULATION I65
disposal in the money market, so that the effect of tax increases
on the money market must only be indirect. In other words,
the tax increases operate no more than as a cause contributing
to prevent an 'increase of capital in the market. From the tax
increases, ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~as already stated, 260,000,000 ynwr bandi
the fiscal year of I904-5 and I48,000,000 yen in the following
fiscal year. Their monthly receipts can be tabulated as follows:
ESTIMATED MONTHLY RECEIPTS FROM TAX INCREASES a

Date First increase Second increase Total

1904 Yen Yen Yen
April.....1,388,924...,388,924
May....1,388,924...I,388,924
June..3,931I,240...3,931,240
July.1.,388,924...I,388,924
August....3,3 46,61... 3,3 46,611
September....1,470,444...1,470,444
October..7,713,943....7I73,943
November..1,784,I23...1,784,123
December....8,61i5,71I3...8,615,713
1905
January......... 6,127,732...6,127,732
February......... 3,292,256...3,292,256
March...7,292,I02...7,292,102
April.10. I,293,665 1,752,5I9 I12,046,1i84
*1,839,007
May..4,1I10,203 2,005,593 6,11 I5,796
*2,060,203
June.~~~~~~~~~11,404,060 6,891,537 i18,295,597
*10 6
1,1I94,06
July...5,800,719 4,526,997 I0,327,716
August.....4,876,908 7,390,783 12,267,691
September........ 3,069,658 4,737,862 7,807,520
October..7,783,304 7,929,048 15,7I2,352
November......... 3,581,432 3,661, y839 7,243,271
December.1..I1,028,936 I1II,180,050 22,208,986
1906
January.......... 6,94I,909 6,426,886 13,368,795
February......... 5,170,960 6,197,597 1 1,368,557
March. 8,086,449 6,994,812 i5,08i,261
April......7,572,873 4,433,276 I2,006,149
May..1,282,091...1,282,091
Total. 138,744,103 74,128,799 212,872,90:2
*76,542,224 I 50,671,023

a The receipts of the fiscal year 1904-5 were estimated to be paid in between April, i904, and July,
1905; and the receipts of the following fiscal year were expected to be paid in between April, ipo5,
and May, i906. The side figures marked with the asterisk (*) in the above table were expected to
be paid in the fiscal year i9o5-6. The table is based on the Government Report on the Finance of the
Russo-Japanese War.