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

EFFECTS ON MONETARY CIRCULATION

163

50,000,000 yen and 6o,ooo,ooo yen. Altogether, the foreign
capital utilized by our country during the war-time period
reached to upward of i,ooo,ooo,ooo yen.
As for the internal funds, the public loans must first be examined. The proceeds from the first issue of exchequer bonds
were received at the Treasury from April, 1904, to July, 1905;
from the second issue, from July, 1 904, to July, 1905; from the
third issue, from December, 1904, to October, 1905; from the
fourth issue, from April, 1905, to November, 1905; and from
the fifth issue, from June, 1905, to February, 1906. These
receipts aggregated over 434,000,000 yen. As already stated
the exchequer bonds of the fourth and fifth issues were partly
sold abroad and were redeemed by the issue of the consolidation foreign loan, thus converting an internal loan into a
foreign loan soon after its issue.
EXCHEQUER BONDS AND MONTHLY RECEIPTS a
Date First Second Third Fourth Fifth Total
I904 Yen Yen Yen Yen Yen Yen
April.......,747,786......... *...... I,747,786
May....... 6,037,530................ 6,037,530
June....... 12,470,i6g................ I2,470,169
July.......13,811,I03 673,819............ I4,484,922
August......6,843,I3I 8,6i5,850............ I5,458,98i
September..... 9,427,03I I2,018,327............ 21,445,358
Octoher...... 8,950,495 9,635,55I............ 28,586,046
Novemher.... io,8o,o58 8,244,020............ 18,424,078
Decemher..... 8,879,786 7,075,209 1,507,044........ I7,462,039
1905
January...... 3,393,575 6,731,877 4,385,883........ 14,51I,335
Fehruary..... 265,279 8,352,670 6,74I,148........ I5,359,097
March...... 496,932 I5,998,204 I5,873,1i82........ 32,368,3i8
April....... 20,192 I0,575,800 11,041,356 2,778,295.... 2 4,41I5,643
May....... 5,494 2,590,475 8,590,945 15,845,535.... 27,032,449
June....... 2,295 435,791 14,767,392 56,614,085 4,175,102 75,994,665
July..1..... 12 23,931 5,327,279 3,775,355 7,442,078 i6,568,755
August.............. 2,889,883 5,770,185 41,460,587 50,120,655
Septemher............. 147,754 4,083,871 18,198,190 22,429,815
Octoher.............. 2 5,941 1,201,114 9,494,899 10,721,954
Novemher........*........ 171,069 6,267,548 6,43 8,61I7
Decemher..1.. 3,638............ 2,81I2,71I5 2,826,353
1906
January...................... 30,176 30,176
Fehruary......... 57,865 21.... 85,693 143,579
March.......... *168,481 *47,592 59,354........ *I56,7I9
April............... *68,506 31,580.... *36,926
May................. *... 16,126 22,085 5,959
June....................... *4,991 *4,991
Total.....92,376,I25 90,981,797 71,288,676 90,254,963 89,984,082 434,885,643
a The receipts hearing the mark * were transferred to the miscellaneous incomes in the special
accounts of the extraordinary military expenditures, as they came into the Treasury too late,
Other figures represent the receipts paid in on time.