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

58 EXPENDITURES OF THE RUSSO-JAPANESE WAR

last two issues met with an enthusiastic reception because of
the profitable conditions. They were oversubscribed five
times, though the number of subscribers was nearly the same
as in the second and third issues. In the fourth and fifth
issues the applications over the minimum issue price represented between over 77 per cent and over 29 per cent of the
subscribed amounts. The details follow:
NUMBER AND AMOUNT OF SUBSCRIPTIONS AT AND ABOVE MINIMUM ISSUE PRICE
FOR SHORT-TERM EXCHEQUER BONDS
Above minimum issue At minimum issue Total
price price Total
Issue
Amount Subscribers Amount Subscribers Amount Subscribers
Yen Yen Yen
First..... 33,439,675 234,595 418,690,800 1,111,363 452,I30,475 1,345,958
Second... 6,267,675 15,527 315,923,275 364,276 322,190,950 379,803
Third.... 1,872,625 10,203 243,956,575 467,575 245,829,200 477,778
Fourth... 77,023,900 34,851 408,852,350 494,478 485,876,250 529,329
Fifth..... 29,437,275 41,041 468,823,950 614,044 498,261,225 655,085
Total 148,041,150 336,217 1,856,246,950 3,051,736 2,004,288,I00 3,387,953

Of these subscribed amounts, the applications above the
minimum issue price were all accepted, while those at the
minimum issue price were accepted to the limit of making
up the issue amount. But since the subscriptions were
raised from the general public, there were a large number of
deposits and instalments forfeited because of the failure in
the payment by proper dates. This defect, however, gradually lessened as the subscribers came to be limited to wealthy
men. The forfeitures reached the total of 6,930,000 yen, so
that the exchequer bonds actually issued amounted to 473,o60,ooo yen. The details are tabulated at the top of the next page.
Of over 473,o60,000 yen, the total amount of the exchequer
bonds actually issued, the income to the Treasury was over
435,190,000 yen, comprising over 434,130,000 yen for payments at the minimum issue price, over 750,000 yen for premium, and over 300,000 yen for forfeitures of deposits and
instalments previously paid. The amount of income each
time was as shown on the opposite page.