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

210 ECONOMIC EFFECTS OF THE RUSSO-JAPANESE WAR

ooo,ooo yen in reserve fund. This was no doubt due to a revival of home demand and a boom in foreign trade, and also to
a general increase of private wealth. Taxes and national bonds
constantly absorbed private capital, yet the people not only
exercised rigid economy but also reaped the fruits of war in the
form of large amounts of interest on the war funds drawn
from their pockets. Borrowed foreign money also enriched
the people. The national wealth thus increased was reflected
in the bank deposits. The following are the deposits and
loans of the associated banks in the six large cities for I904,
I905, and I906:
DEPOSITS AND LOANS, I904-I906

Date Deposits Loans

1904 Yen Yen
September............................ 351,480,027 353,642,376
October.......................... 351,799, 62 333,740,767
November......................... 351,819,974 330,7I,670
December................... 360,042,712 344,228,489
1905
January............................ 36I,094,493 348,341,451
February......................... 368,811,230 343,837,533
March............................ 376,245,788 352,301,480
April................................ 391, 138,509 367,220,411
May.............................. 391,865,410 371,903,549
June................................ 400,I88,909 398,909,128
July................................ 390,213,056 404,356,512
August............................. 385,486,704 392,I 8,o I
September........................... 391,716,706 386,504,534
October.............................. 397,178,339 385,567,230
November............................ 399,I77,II3 389,651,405
December........................... 407,970,973 385,823,197
1906
January...... 420,907,275 388,468,918
February............................. 438,583,134 386,048,466
March............................... 466,545,280 391,120,423
April............................... 475,359,923 403,197, 63
May............................. 491,737,597 405,980,942
June................................. 499,094,824 438,740,761
July............................... 498,859,899 454,177,926
August.......................... 516,620,873 471,227,087
This increase of popular wealth, together with the disappearance of demand for war funds on the conclusion of the
war, suddenly added to the abundance of capital and conse