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

60 EXPENDITURES OF THE RUSSO-JAPANESE WAR

It will be seen from the foregoing table that the nominal
amount of revenue to the Treasury from forfeitures reached
6,470,000 yen, of which only 305,696 yen was actually received
by the Treasury in the form of deposits and instalments
forfeited.
The commission allowed to bankers was directly defrayed
from the Treasury and not out of the proceeds of the bond
issues, as was the case with the foreign loans floated to supply
the expenses of the war. However, the rates of commission
are subjoined for reference.
RATE AND AMOUNT OF COMMISSIONS ON SHORT-TERM EXCHEQUER BONDS
Commissions on Commissions on
instalment allotments deposits Total
Issue __ amount of
commissions
Rate Amount Rate Amount
Per cent Yen Per cent Yen Yen
First............ 0.3 or 0.4 362,449 2 or 3 I80,852 543,301
Second.......... 0.4 347,414 2 I93,320 540,734
Third.......... I.3 900,958 2 I47,498 1,048,456
Fourth.......... 0.7 601,394 I.5 291,526 892,920
Fifth.............7 601,063 I.5 298,957 900,020
Total.......... 2,813,279.... I, I 2,I52 3,925,43

During the continuance of the war, exchequer bonds
amounting to large figures were issued as detailed above.
However, emergency bonds of considerable amounts had to
be floated immediately after the conclusion of peace. To
supply the deficits in the expenses during the war, and to meet
the expenses for withdrawal of troops after the war and for
the grant of rewards for military services, an emergency loan
amounting to 200,000,000 yen was floated in March, 1906,
and other loans of the same kind were issued during and after
June, I906, according to needs. The conditions of these loans
were absolutely the same, except that, while the first loan was
offered to public subscription, the later ones were issued as
substitutes for grants rewarding services rendered in connection with the war.