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

RESOURCES FOR DEFRAYING WAR EXPENSES

63

105,I8o,ooo yen by that date. The two kinds of emergency
loans exceeded 310,390,000 yen in the total amount actually
issued, the income to the Treasury from these loans being
shown in the following table:
NET RECEIPTS FROM EMERGENCY LOANS, MARCH, I906, AND DURING AND
AFTER JUNE, I906
Amount received
Actual
Date of amount of Payments Net
issue issue Payments at forfeited receipts
minimum Premiums Total
issue price
Yen Yen Yen Yen Yen Yen
March, i906 a.. 199,67I,I00 189,048,763 15,456 I89,064,2r8 17,213 189,081,431
During and after
June, I9o6... 11,722,950 105,I86,803.... 105,186,803.... I05,I86,803
Total..... 3Io,394,050 294,235,565 15,456 294,25I,02I 17,213 294,268,234
a In the March issue, instalments were discounted when they were paid in full before the second
instalment was due. The instalment allotments for which a discount was allowed totaled 75,216,628
yen, the amount discounted being 638,782 yen. This last amount is not, of course, included under
the payments at minimum issue price in the above table.
The bonds forfeited exceeded 320,000 yen in face value,
which was more than 3Io,000 yen at issue price. This
amount was lost to the Treasury, excepting over 17,000 yen,
which had been paid. The commission allowed to bankers
for the issue was more than 2,380,000 yen. The details are
tabulated at the top of the following page.1
We have so far dealt with the domestic bond issues directly
connected with the supply of war expenses. Besides these,
and simultaneously with an increase of taxes for war purposes,
the government monopoly of the tobacco business was established, and a loan called the tobacco monopoly exchequer
bonds was issued to supply the initial expenses for taking over
the business. In undertaking the tobacco monopoly, the government granted, first, certain sums of money to the tobacco
manufacturers as compensations for their business profits
surrendered; secondly, it paid for their movable and immovable
property used in tobacco making, which it commandeered
from the manufacturers; and, thirdly, such other property as
1 Forfeitures and commissions on the emergency bonds issued during and after
June, I906, are not included in these two tables.