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

206 ECONOMIC EFFECTS OF THE RUSSO-JAPANESE WAR

should be paid to a strong tendency toward concentration in
industry. The following table from the annual reports of the
Revenue Bureau will make this point clear to the reader:
MANUFACTURERS PAYING NATIONAL TAXES AND AMOUNTS PAID, 1903-I907
1903 I904 I905 Io96 1907
Manufacturers 86,301 86,8i6 81,586 79,914 80,673
Places of business....... 87,224 87,647 82,314 79,750 81,541
Employees... 133,I94 135,346 123,358 126,303 130,374
Factory hands 722,998 745,519 736,635 74I,226 785,694
Amount of fixed rate taxes 1,425,271,480 1,479,542,290 1,445,179,440 1,446,492,480 I,557,218,360

It should be remembered that these figures represent the
conditions which prevailed in the previous year. Judging by
the number of factory hands and the amount of taxes, industry
was most severely affected by the war in 904 and slightly recovered in I905, while in I906 a decided improvement set in.
These general tendencies may be ascertained also by a
statistical study of the industrial output, as will be explained
in the next section. But the places of business and the
number of employees continued to decrease until I905, when
even a revival of industry failed to improve these conditions.
What conclusion should we draw from this if not that the
tendency toward concentration became specially pronounced
during the war? The fact already stated that the factory
hands increased in number during the war confirms this conclusion.
It is not difficult to imagine how the war stimulated post
bellum industry, which prospered just as trade did. The
general effects of the war on industry having thus been outlined, let us now study these effects from the three different
angles of industrial capital, industrial workers, and industrial
output.
CONDITIONS OF INDUSTRIAL CAPITAL
The conditions of industry during the war may be made
clear by studying the movements of the industrial population
and the statistics of the industrial investments in the same