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

202 ECONOMIC EFFECTS OF THE RUSSO-JAPANESE WAR

with I904. As stated above, the reverse of this change was
the case with the export trade. The trade relations, though
undergoing remarkable changes through the war, remained
unchanged upon the whole after the cessation of hostilities,
more particularly in regard to our imports, although slight
reversions occurred in some cases. It is true that after the
war the demand for war supplies suddenly fell off, but at the
same time there arose a great demand for materials needed
in the rehabilitation of peaceful pursuits and in the promotion
of new enterprises. All this led to increased imports from
Europe after the war, whereas the imports from Asia remained at their former level. The imports from America
after the war, though smaller in amount than the maximum
in I905, increased both in actual figures and in percentage to
general trade from what they were before the war. The
export trade with Asiatic countries after the war continued
upon the whole as active as ever, but its tendency to increase
was somewhat stayed by the slump in the silver market and
the boycott movement prevailing in China. The export
trade with Europe gradually rallied after the war, but it
could not revert to the relative position before the war. The
export trade with America showed some increase. These
conditions prevailed until I908.