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

62 EXPENDITURES OF THE RUSSO-JAPANESE WAR

while the loan itself was nearly twice oversubscribed. The
applications above the minimum issue price reached 6 per
cent of the total amount subscribed for. The applications
above the minimum issue price and those of which payment
was to be made in exchequer bonds were all accepted as a matter of course, while applications at the minimum issue price
were taken to the extent of I52,000,000 yen. Of the subscriptions accepted, bonds worth over 320,000 yen were forfeited on account of delay in payment. The amount of the
bonds actually issued was, therefore, a little over I99,670,000
yen. The result in detail was as follows:
VALUE AND NUMBER OF APPLICATIONS FOR EMERGENCY LOAN OF MARCH,
I906, AT AND ABOVE ISSUE PRICE
Above issue price At issue price Total

Amount applied for
(i) Ordinary applications........
(2) Applications in
exchequer bonds
Total...........
Amount accepted
(I) Ordinary applications........
(2) Applications in
exchequer bonds
Total...........
Forfeitures..........

SV ub- Sub- SubValue scribers Value scribers Value scribers
Yen Yen Yen
8,273,300 9,oo6 325,468,I50 760,419 333,741,450 769,425
3,827,550 1,420 35,603,200 23,275 39,430,750 24,677
I2,o00,850 I0,426 361,071,350 783,676 373,172,200 794,I02
8,273,300.... I52,295,950.... I60,569,250....
3,827,550.... 35,603,200.... 39,430,750....
I2,I00,850.... I87,899,I50.... 200,000,000....................... 328,900....

Balance actually
issued.................. 99,67,I00....
From the bonds actually issued in March, I906, exceeding
I99,670,000 yen in value, the Treasury obtained more than
I89,080,000 yen, including over I89,040,000 yen as payments
at the minimum issue price, over Io,ooo yen as premiums, and
over Io,ooo yen as forfeitures. Emergency bonds issued from
time to time during and after June, I906, totaled more than
II0,720,000 yen at the end of March, I907. The income to
the Treasury, that is, grants at issue price, aggregated over