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

200 ECONOMIC EFFECTS OF THE RUSSO-JAPANESE WAR

VALUE OF IMPORTS AND EXPORTS, I903-1907, BY CONTINENT
Continents 1903 I904 I905 I906 1907
Yen Yen Yen Yen Yen
Asia................... 269,048,388 285,984,262 33,093,591 336,489,655 363,605,994
Europe................ 166,415,869 192,918,267 235,434,859 256,454,685 289,580,313
America............... 132,524,397 163,575,686 199,509,48I 201,383,486 218,781,554
Other places........... 38,649,306................
Grand total........ 606,637,960 690,621,634 8I0,071,627 842,539,000 926,880,2I9
PERCENTAGE OF IMPORTS AND EXPORTS, I903-I907, BY CONTINENT
Exports
Continents 1903 1904 1905 1906 1907
Per cent Per cent Per cent Per cent Per cent
Asia................... 43 39 50 46 43
Europe................ 24 23 17 20 22
America............... 29 33 30 31 32
Imports
Asia................... 49 44 37 35 36
Europe................ 30 32 38 4I 40
America............... I5 6 22 7 17

It is worthy of notice that the war-time export trade gained
with Asia alone and showed a decline with Europe. Our
exports to Asia, which had been only two-fifths of the entire
exports in I904, suddenly became more than one-half of the
exports in I905, whereas the trade with Europe decreased
from 72,000,000 yen in 1904 to 54,000,000 yen in 1905, that is,
from 23 per cent to 17 per cent of the total export value.
The increase was particularly great in the exports to China
and Korea, while the trade with France showed the most
decrease. The exports to China and Korea increased from
nearly 76,000,000 yen in I903 to 125,000,000 yen in I905 and
to 140,000,000 yen in I906, that is, from 26 per cent to between
34 and 39 per cent of the entire export trade. This was
chiefly due to the war funds spent in China and Korea, the
high price of silver, and the command of the sea in the hands
of Japan, as already pointed out.
When we consider this increase according to the kinds of