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

70 EXPENDITURES OF THE RUSSO-JAPANESE WAR

As regards the loans authorized by the Urgency Imperial
Ordinance, it is impossible to give the balance between the
estimated figures and the figures of actual issue, as the margin
of issue capacity was not indicated; hence the estimates are
given in the table. Of the actual amount of issue of the fifth
exchequer bonds, 37,616,725 yen was intended to cover the
balance between the nominal capital and the issue price of
the bonds previously issued; so this amount was excluded
from the statistics. Hence the total is different from that of
the actual amount of issue in the preceding tables.
It will thus be seen that out of 1,688,ooo,ooo yen, the
authorized amount, more than 128,610,000 yen remained
unissued. The total of the balance between the nominal
capital and the issue price (not minimum issue price but
actual issue price) of the loans previously issued formed also,
as already mentioned, a part of the authorized amount in the
general loan schemes. The following table shows these balances:
Issue Nominal capital Issue price Balance
Yen Yen Yen
Exchequer bonds............ 473,061,325 434,885,638 38,175,687
Emergency loans........... 310,394,050 294,251,021 16,143,029
Ist and 2d sterling bonds..... 214,786,000 I97,3I0,230 I7,475,770
3d sterling bonds............ 292,890,000 263,601,000 29,289,000
Total.................. 1,291,890,ooo 1,190,047,889 101,083,486
4th sterling bonds.......... 292,890,000 263,601,00o....a
a The Imperial Ordinance No. 194, 1905, which authorized the issue of the fourth sterling loan,
did not allow the making up of the balance.
The balance thus totaled o10,083,486 yen, of which 37,616,725 yen was raised as part of the fifth exchequer bond issue,
and 63,466,761 yen remained as the margin of issue capacity.
This amount, added to the figure representing the margin of
issue capacity left over from the authorized amount of loans,'
makes a total of I92,085,36I yen which was not issued. The
comparison of the net receipt with more than 1,555,870,000
Ante, p. 69.