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

EFFECTS ON MONETARY CIRCULATION

'75

bank's credits, as it assumed an attitude of great wariness in
lending. The increase or decrease of the loans. of private
banks, as compared with those of the Bank of Japan, far
better reflected the changing economic conditions. Soon
after the outbreak of the War, that is, in March and April,
1904, private bank loans declined somewhat; but after this
they steadily increased, for the reasons stated above, until
they reached the climax in December of the same year. In
I1905, again, the restoration of capital by these banks was slow
and their loans attained the highest amount in August, when
they reached the total figure Of 510,000,000 yen at aggregate
MONTHLY FLUCTUATION IN AMOUNTS OF LOANS, OCTOBER, 1903-JUNE, I907

Ordinary Loans by Ordinary Loans by
Dae loans by other banks Dae loans by other banks
Dae the Bank at impor- Dae the Bank at imporof Japan a tant centers of Japan a tant centers

I1903
October......
I1904
January......
February.....
March......
April.......
May.......
June.......
July.......
August......
September.....
October......
November.....
December.....
I905
January......
February.....
March....
April.......
May......
June.......
July.......
August......
September.....
October......
November..

Yen
24,194,384
(5,345,000)
38,640,965
(5,345,000)
39,809,995
30,i38,850
25,851,I0,3
24,807,754
42,840,565
32,066,275
44,075,602
35,255,370
(3,ooo)
40,554,992
46,i01,794
(5oo,ooo)
79,3I7,I78
(I I,13 9,5 00)
71,457,696
(i6,665,500)
52,504,206
(10,058,500)
69,285,15I
(7,64I pop)
7 2,81I7,404
(22,648,000)
74,853,901
(14,664,000)
85,663,537
(I3,226,000)
100,357,361
(21,430,000)
96,57I,I99
(23,821I,ooo)
68,25I,136
(11I,956,000)
92,49I,193
(41,870,000)
80,224,430
(30,838,000)

Yen
449,702,594
460,410,088
449,473,748
445,342,923
446,532,403
450,667,685
465,912,980
470,696,569
475,066,867
465,619,918
457,204,876
455,758,556
47i,069,530
460,843,245
460,843,245
484,067,579
488,011I,023
493,065,173
512,304,382
509,256,77I
513,319,740
501,411,205
513,032,510
50I,608,368

I

1 905
December.....
1906
January......
February..
March......
April.......
May.......
June.......
July.......
August......
September.....
October,..........
November.....
December.....
I907
January..
February.....
March......
April.......
May.......
June.......

Yen
II9,233,187
(65,894,000)
80,378,963
(36,769,000)
5 8,993,31I5
(33,304,000)
22,275,884
(2,757,000)
56,125,462
(28,367,000)
59,652,705
(40,387,000)
70,45I,145
(46,630,000)
44,246,433
(24,I93,ooo)
54,702,441
(2i,814,000)
25,543,68i
(596,000)
38,367,440
(50oono)
45,498,422
(1,485,000)
11I5,5 75,26 5
(48,262,000)
I113,0o61i,10o8
(44,897,000)
94,243,176
(44,901,ooo)
111, 594,836
(52,667,000)
I4,893,343
(55,706,000)
72,158,317
(2 2,21I7,000)
96,077,70I
(23,394,000)

Yen
509,142,265
509,I42,265
493,462,554
504,285,321
511I,302,595
523,067,924
546,252,984
558,615,349
583,723,122
583,500,675
996,657,691
697,904,639
720,125,314
829,708,959,.
696,932 576
704,934,985
696,495,304
685,589,774
713,273,648

a The figures in parentheses show the discounted values of Treasury bills.