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

EFFECTS ON INDUSTRY

211

quently led to slackness in the money market. The spirit of
enterprise was naturally aroused among the people, while the
revival of their peace-time demands created an atmosphere
favorable to the feverish promotion of new enterprises.
Even in 1905, the second year of the war, it is true that there
was some increase in investment, but the rate of increase was
greatly accelerated with the restoration of peace.

Increase as compared
with previous term
Date Number of Capital
SDate cmais Capital
companies
Number of
Capital
companies
Yen Yen
June, 1904........ 13,272 1,467,683,463 47 19-571,271
December, 1904........ 13,377 1,475,558,378 { I04 78,6964,
45 I8,696,733
June, 1905........ I3,422 1,494,255,III I87 56,412,245
December, 1905........ I3,609 1,550,667,356 273 35,031,509
June, 1906........ 13,882 1,585,698,865.......

It is to be noted that the number of companies increased
by 460 and the capital by some ninety-one million yen in one
year immediately after the close of the war, that is, between
June, 1905, and June, I906. But the springing up of new
enterprises was most active in the latter half of 1906, so much
so, indeed, that the subscriptions to the shares of the Dai
Nippon Suisan Kaisha (the Japan Marine Products Co.)
amounted to Ioo times those placed in the market, while the
shares of the South Manchuria Railway Company offered for
subscription were subscribed I,070 times over. The new enterprises promoted with such avidity up to November, I906,
after the conclusion of peace, are said to have amounted to
no less than 900,000,000 yen in capital. It is hardly necessary to point out that the manufacturing industry formed
an important branch of this wild investment. The following classification of those newly promoted enterprises
will show how the capital for manufacture increased after
the war: