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

RESOURCES FOR DEFRAYING WAR EXPENSES

69

SUMMARY OF FOREIGN AND DOMESTIC LOANS, I904-I906 a
Issues Estimates Amunt ac- Receipts
ually issued
Domestic loans Yen Yen Yen
Exchequer bonds........... 480,000,000 473,o61,325 434,885,638
Emergency loans........... 310,722,950 3I0,394,050 294,251,021
Total................... 790,722,950 783,455,375 729,136,659
Foreign loans
6 per cent sterling bonds..... 214,786,000 214,786,000 187,297,766
4.5 per cent sterling bonds... 585,780,000 585,780,o00 502,296,804
Total................. 800,566,000 800,566,000 689,594,570
Grand total............. I,591,288,950 1,584,021,375 1,418,731,229
a The above table does not include the payments forfeited, 17,213 yen for emergency loans and
305,669 yen for exchequer bonds, totaling 322,909 yen.

Comparing the results shown in the foregoing table with the
original loan schemes, we find that the flotation of war loans
was concluded with a large margin of issue capacity. The
following table gives the margin of respective loan issues as
compared with the figures determined and authorized by laws
and ordinances relating thereunto:
MARGIN OF ISSUE CAPACITY OF FOREIGN AND DOMESTIC LOANS, 1903-1906 a
Margin of
Amount authorized Actual amount of issue issue capacity
Imperial Ordinance Yen ist exchequer bond Yen Yen
No. 29, 1903... I00,000,000 issue........... Ioo,ooo,ooo None
2d and 3d exchequer
Statute No. I, I904.. 280,000,000 bond issues..... 176,357,350 6,012,650
[ Ist sterling loan......97,630,000
Imperial Ordinance
No. 228, 1904... 120,000,000 2d sterling loan...... 120,000,000 None
3d and 4th exchequer
Statute No. 12, I905. 455,000,000 bond issues..... I62,IIo,000 None
3d sterling loan...... 292,890,000
Imperial Ordinance
No. I94, I905... 300,000,000 4th sterling loan..... 300,000,000 None
Statute No. I, g906.. 433,000,000 Emergency loans.... 3I,394,o50 I22,605,950
Total.......... I,688,ooo,ooo Total........... 1,559,381,400 128,618,600
a The above table is based on the- Report on the Russo-Japanese War Finances.
The figures for emergency loans are corrected in the foregoing table so as to include the issue during and after June.