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

x

PREFACE

has affected our foreign trade. On the other hand, as the
total issue amount of war-time bonds increased, the circulation of convertible notes also gradually swelled and prices
rapidly soared. W\ages, however, did not rise in proportion,
living became harder for the masses and the gulf between the
rich and the poor visibly wider.
Turning our attention to the agricultural, industrial and
commercial activities of the country, it may be observed that,
in the early stage of the war, every branch suffered more or
less. But the strenuous and persistent efforts of the people
soon overcame the difficulties, the former prosperity was
steadily recovered as one victory after another on land and
sea was reported, and the foundation was laid for great development after the war. All this, therefore, may be called the
bright side of the dark picture of carnage. The economic
growth of Japan in the last twelve years, in short, has been
stimulated by the Russo-Japanese War.
This work comprises the results of studies and investigations on the points referred to above. Its author is Mr.
Hisashi Oyama, assistant in the Seminary of Economics in the
Law College of the Kyoto Imperial University. He complied
with my request to undertake the present task, went through
a wide range of literature bearing on the subject, extensively
culled statistics and spent a long time in research, before
the results thus obtained were finally put down on paper.
His first draft was much more comprehensive and extensive,
but, in order to bring the volume within reasonable compass,
it was necessary to omit some of his illuminating material.
The author, therefore, asks the reader's leniency for whatever
defects may be found in the arrangement of the material.
On behalf of the author, the assistance rendered him in
completing this study by Mr. Yasuma Takata, lecturer at
the Law College of the Kyoto Imperial University, is gratefully acknowledged by the editor.
GOTARO OGAWA.
KYOTO, JAPAN,
December, 1916.