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

CHAPTER III

RESOURCES FOR DEFRAYING WAR EXPENSES
WAR LOANS
Though various resources were utilized for the purpose of
raising the necessary funds to carry on the war with Russia, it
was the loans that supplied practically the whole of these
needs. The government, coincidentally with compiling the
estimates of the war expenditures, six times promulgated laws
and ordinances concerning the defrayal of the expenses, and
laid plans for issuing war loans on an extensive scale during
the period from December, 1903, to February, I906. According to these programs, (I) the amount of issues as determined
by concrete figures reached the total of 1,688,000 yen; and,
besides, it was arranged that (2) the balance between the total
amount of issue prices and the total amount of face values of
the bonds previously issued could be covered by fresh loans
from time to time, when such a necessity arose; and that (3)
over and above the delimited figures, loans could be raised
when it was needed to consolidate or redeem temporary loans,
funds of the special accounts and national bonds, borrowed or
issued to meet the war expenses. The loans coming under
the last category were intended for the consolidation of war
bonds and others, having no connection with those loans
which formed resources of the war expenditures, while it was
the loans of definite amounts under the first and second categories that supplied the war needs. As we shall have later
occasion to deal with the loan issues falling under the second
category, we omit them here and tabulate on page 52 only the
amounts of loans belonging to the first category.
After the opening of the war, various loans were issued one
after another, within the limits authorized, in order to meet
the estimated requirements of the war expenditures. The
amount to be raised by domestic loans was 790,720,000 yen,
while 800,560,000 yen was to be obtained from foreign loans,
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