JAPAN
316
JAPAN
Amount of the public debt since the beginning of
the present reign: —
Year
Amount
Year
Amount
1S71
1880
1890
4,888,000 yen
249,788,000 "
280,575,000 "
1900
1907
1908
502,967,249 yen
2.217,722,753 "
2,276,346,452 "
Since the war with Russia the debt has increased
1,694,262,114 yen.
Moneys and Bank Bills. — The ingots of gold, silver, and brass received at the treasury since the founda- tion in 1S70 equal the sum of 1,058,550,262 yen. Money put in circulation since that time, 707,810,261 yen. Amount of money in the covmtry, 'il December, 1907, 167,551,001 yen; amount of paper money, 369,984,111 yen.
Banks. — Before the Res- toration of 1868 there did not exist a single Japanese bank properly so called. The new Government soon grasped the importance of this institution for the de- velopment of commerce and industry. Commissions were then sent abroad to study the various banking systems in use and to adopt tnat best suited to the country. Consequently a law of November, 1872, in- augurated in Japan the system of the plurality of banks of issue. But the re- sults obtained having been purely negative, the system was modified in a more liberal sense (.August, 1897). A large number of new banks were then founded, but this time there resulted such a fever of speculation, such a decline in paper money and government reve- nues, that the banks of issue had to be radically changed. In 1882 it was decided that in the future there should be no more banks of issue and that a central bank, the Bank of Japan, should alone have the privilege. The Bank of Japan was then charged with withdrawing from circulation by degrees the notes issvied by the Stace and the 143 national banks in existence in 1882. The latter were transformed by degrees into ordinary l)anks, and in 1889 only one national bank romaiiiod, that of Japan, which to-day centralizi'sallJaiKLiicsi'fiduciarv circulation. Founded in 18,S2 with a caiiilal of 10,(i()(),()00 yen, it has in- creased this to 30, 001), 0(11) and has a reserve fund of 21,500,000 yen. It is autliorized to issue notes whoso value it holds in reserve in gold and silver money and in ingots; moreover, it has the ]irivil('ge of puttmg in circulation as much as 120, 01)0, 000 yen.
Japanese fiduciary circulalioii l)y decennial periods: 1870,55,500,()O(): INSO, 1.")9,:;6(),006: ISOO, 162,015,000; 1900, 228, 570. 000; 1907, :iti9,S,S4,()00 yen. The mnn- ber of special l>:inks, ordinary banks, and savings banksat present (■<|ua!s2194, \vith2M67 branches. To- gether they have a iiaid-uji capital of 114.20) ,000 yen; rose rve funds, 139, Olio, 000 yen; net benefice, S(i, 7 12,000; dividends, 34,893 yen. The mo.st important ordinary banks are Mitsui, Mitsubishi, the Third, the Fifteenth, and the One-Hundredth bank. In 1893 there were in Japan only 762 establishments of credit, possessing a
Temple and Pago
paid-up capital of 84,512,848 yen. In the space of
fourteen years the number of these establishments has
increased by 1432, and their paid-up capital equals
359,692,000 yen, that is, it has been multipUed five
times. In 1893 the business figures, representing sums
deposited and drawn, in all banks, equalled 2,601,-
392,000 yen. In 1907 deposits alone reached 80,484,-
648,000 yen, and sums withdrawn 80,555,844,000 yen.
In fourteen years business has increased 39 times.
Finally, in the course of 1907 the amount of sums de-
posited in banks, by the State and private individuals,
equalled 27,237,717,000 yen.
Bank Interest. — In 1909 the interest on fixed de- posits varied from 5% to 6%. For ten years it has oscillated between 5% and 7%. Banks lend only at 12%. The discount is 3%. BtsiNEs.s Corporations. — Until 1892 there was no law regulating the es- tablishment and workings of companies collective m action and name. In 1893 the chapter of the new business code concerning companies was rendered ob- ligatory. In consequence every business associa- tion had to secure from the Government the neces- sary authorization to form and commence operations. The code having been modified in 1899, neces- sary authorization was sup- pressed and companies might be freely formed on condition of conformity with the revised code. At the end of 1894 the nomi- nal capital of all com- panies formed since 1875 did not exceed 245,251,624 yen. Immediately after the war with China, and in the single year of 1896, 1178 new companies were formed representing a capi- tal of 334,421,463 yen. The following table shows the nature, number, and importance of companies constituted in 1896 and 1907:—
C0M,.AN,E«
1896
1907
Number
Paid-up
Capital
Number
Paid-up
Capital
Agricultural....
Industrial
r'ommercial... Transportatior
117
1.W7
2777
334
i.e'eSieo
89,900,900 192,735,712 113,216,760
250
2545
5840
694
yen
4,870,357
246,868,424
500,588,598
317,378,704
Totals
4595
397,519,532
9329
1,069,706,083
On 31 Dec, 1907, the reserve funds of all these com-
panies equalled 254,992,738 yen. In fourteen years
the numlier of companies has been doubled and their
capital has lieen trebled.
Iii.siininrc Com panics. — Before 1881 there was not a single insurance cimipany in Japan constituted after the iMiropcan model. An atteniiit at maritime insur- ance in ISSl was without success, as there was no law regulating this sort of enterprise. But the publication of a new code definitely fixed the legislation in this respect. Since that time (1893) the insurance com- panies have greatly developed.
