JAPAN.

Pukekohe & Waiuku Times, Volume 5, Issue 177, 26 May 1916, Page 4 (Supplement)

JAPAN.

Towards the end of last year the Shanghai correspondent of the "Economist'' striv>ed the fact that attention in Mio Kur East was tlien being specially directed to the fact that Japan had ac- « mutilated a -old reserve of £50,000,0!K) —a larger stock of gold than Gcrmanj possessed two years before the war—and tint liv the end of this year (1916) the total might reach 70 millions. Japan is imw making money much fastei than people think. Her munition fae-tor'o-i are almost night and day workin- (in siijiplitv for iho Allies, who pay her generously; the high price of freights and the absence of much 11 the Uritish mercantile marine in Far Ka»teru waters in a godsend for every vesncl which her countrymen have actually on the seat or are putting afloat: her trade has, it is true, suffered very coiinide'-alily with China as a result of the diplomatic trouble earlier in the year, but it has enormously increased in many other directions: for instance, both with India and also even with Creat liritain. in the latter case along linos which have been hitherto untouch, ed, and which have only come into existence by the actual solicitation ol British traders, The Japanese outlook i-. undoubtedly bright; but, while this is so. a writer in the "Japan Times'' considers it worth while to point out that then does not appear to bo any need for the apprehension always foH in China when .lap.in is doing well. Japan, he says, needs to do well. She lias been hard hit financially. Her National (funded) Debt in 1914 was U2.)4,U()i).n<Xl. mostly due to the war with Russia, and entail ng an annual expenditure of over £14,000,000; and presumably some more effective redemption .scheme will soon be taken in hand. There are cioine who think that the .lapane.se Government will, as a result of the profits she is making, embark on another big naval and military programme. It is doubtful. In the Tokyo writer's np'nion the need for this will not be very evident, and there is a growing belief that all the Kntent ■ Powers will at the end of hostilities take stops to ensure that, humanly -.peaking, the peace of the world be n .t anywhere disturbed in Hie near future. In that case Japan will l.e spared the need for further borrowing for >on:e I'me to come —a welcome novelty. It is even possible that next year Japan may be able to reduce ta\ation when her commercial rivals are increasing it. and she will then bo enabled to utilise more .thoroughly her invaluable asset of ele a"p labour. !n short, while Tt may be that the -n - i]it : s : t'on of so much gold by Japan will

have a military xignilicanop—as wi many 11 China fear, to tlifir own cot-1 —it it, tln-r likely to have an indict.iul iiiiportiuu e. in tlr's connection a statement recently made by Mr. H. Nakano. I'll-'dent of the Tokyo Chain--1 >t_r el' Cummerce, is of particular ■ntercet t.> Australian iUicl .New Zealiind io;»«l( Mr. .Nakano was ;it the lime speaking in terms ol appreciation r; tin* c'lniniei'ciiil lnn. lit.s w Itirli the Alliance had conferred niMiii hix coi.imv. Incidentally. said : " Competition a'ong conunercial am] economic lines is commendable. No treaty oi alliance can or should prow»t or own curb this cwontial 111 tile commercial life of a nation; but no Japanese business man can have towards Gicat Hritain bcciiisc ihe Untirili merchants have gained ground in Ch na . while, cn the other hand, the British commercial men Hi China should not quarrel with us because we there as competitors. We are noinjj elsewhere as the trade competitors of our friends the Uritish—and it is, as you term ii. a ' M|iiare deal a'i round.' lint this l'usine v K competition njii.-t not I.!' a'lowed to endanger the political rchit'oiis of t! re at Britain and .lap'an, which iuu v t reinuin and f;• ii milv for all time to come." Ihe > i uii!iiciiiU'e of this statement cniphas'.- -d by tic; expl illation that a small eit'oii ol' t'.io .liipanese vernacular prc.-s has lal.l: be:<n carrying on a campaign de-i ryin; the Allianc". Wliile iiie \ u \vs >o expressed do not represent the truj state of Japanese ficli'.i'-. the artickvi published have been iiei Iv made ol in China. Ja\a, and ;iti'i r conniru-s by enemy a«:e':T\v!io re anxious to do anything '•>' I wav of iiij-i uiir Annlo-Japanese re ati.in -. The 'Japan Tnies" thereto:', 1 ..oujilit expressions ard views anions-t the leading iii 'ii of Japan, and all ww found to be i xpressin;: the jjreate-t abhorrence lor anything approach i:;;.: evell a n iticisiil- of tin l Alli:lll< c. Mr. Xakaiio i:- a recognised coiuiiiercJ.il leader ill J iji.ill, and li s views ,ii" shared ;.nd endorsed by Count Okuiua, the I'i-'iiiier, the Oppodtion load. :• I!.Hon Takaha--!ii. and the I'orci.'il Miiiisic. Heron Wiii.