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

RESOURCES FOR DEFRAYING WAR EXPENSES

67

able success. The first 6 per cent bonds, which were placed
on the market in London on May I I and closed on the same
day, were oversubscribed thirty-three times, the amount
applied for exceeding ~151,970,ooo and the number of applicants 30,000. The list of applications was opened in New
York on May 12 and closed on the next day, being oversubscribed five times. The second 6 per cent loan was placed
on the London market on November 14, and the list of subscriptions was closed on the following day. The applicants
numbered 29,000, and the amount applied for reached more
than ~80,530,000, being over thirteen times the amount
floated in London. The same loan raised on the New York
market from November 14 to November I8 was also greatly
oversubscribed. The first 4.5 per cent loan was three times
the amount of each of the 6 per cent loans; but since the Europeans and Americans had come to recognize the real strength
of Japan by her victory in the war, not only the subscriptions
in England and America but applications from continental
countries of Europe reached large figures. In London the
list of subscriptions was opened on March 29 and closed on
the same day. The applications in the United Kingdom
amounted to ~I5I,ooo,ooo, and those from the continental
countries reached ~I,940,000, totaling ~I62,940,000, or
eleven times the amount required. In New York subscriptions were received on March 29 and 30, the amount subscribed for aggregating about $500,000,000, or seven times
the amount of the loan placed on the market. The second
4.5 per cent loan was issued after Japan's great victories on
land and sea. There was already strong prospect of peace,
and Japanese bonds were steadily rising. For these reasons
the subscriptions increased in spite of the fact that large
amounts had already been borrowed abroad by Japan. The
applications in London, New York and Germany were some
ten times, four and a half times, and ten times the respective
amounts placed on the markets in these centers. It was a
noteworthy fact that in this issue Germany was made a market for Japanese loans. The applicants included all classes