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

68 EXPENDITURES OF THE RUSSO-JAPANESE WAR

of people, and consequently there was a large number of subscriptions of small amounts. This was particularly the case
in America and Germany.
The loans thus raised on foreign markets poured in to the
government for several months; and the net receipt of the
government was the issue price minus the commission, which
can be tabulated as follows:
NET RECEIPT FROM FOREIGN LOAN BONDS, I904 AND I905
Amount of issue
Issues Issue price Commission Receipt
In pounds
sterling In yen
~ Yen Yen Yen Yen
First 6 per cent.......... I0,000,000 97,630,000 91,284,050 3,417,050 86,834,171
Second 6 per cent........ 12,000,000 117,156,000 I06,026,I80 4,393,350 100,463,595
First 42 per cent......... 30,000,000 292,890,000 263,601,000 9,518,925 251,158,987
Second 44 per cent....... 30,000,000 292,890,000 263,601,000 9,518,925 251,137,817
Total............... 82,000,000 800,566,000 724,512,230 26,848,250 689,594,570

It will be seen from the above table that the foreign loans
issued aggregated ~82,000,000, or over 800,560,000 yen in
nominal capital and over 724,510,000 yen in issue price. Of
this sum, the commission allowed to bankers exceeded 26,840,000 yen. The net receipt of the government was over
689,590,000 yen.
The loans issued to finance the Russo-Japanese War consisted of domestic and foreign loans. The former included
short-term exchequer bonds of over 473,060,000 yen and longterm emergency loans of over 3Io,390,000 yen, making a
total exceeding 783,450,000 yen. The latter was composed
of short-term 6 per cent sterling bonds of over 585,780,000
yen, totaling upward of 800,560,000 yen. The grand total
reached over 1,584,020,000 yen. The receipts from these
loans were over 729,I30,000 yen in domestic loans, and were
over 689,590,000 yen in foreign loans, the aggregate of the
two items exceeding 1,418,730,000 yen. The particulars are
as follows: