The following article is translated in the Hiogo News, from a recent number of the above-named Japanese paper the Chugai Bukka Shimpo was the first to open up the question of the introduction into our country of foreign capital for the development of our industries, and the Choya Shimbun and the Nichi-nichi Shimbun have ably seconded the Bukka in its efforts in that rection, an spread their opinions throughout the empire. On the other hand, the Hochi, the Akebono, the Yokohama Mainichi, and our local contemporary the Shimpo, have leagued themselves together and argued adversely, the result being that the balance of opinion inclines against the As to ourselves, we saw arguments of the opponents of the were of no value, for they are cowardly and selfish. Nevertheless, they had weight with the multitude, and it seemed as though the people must abandon themselves to despair. Dreading such a result, especially at this ied, when the fins lat affairs of the tation are in such a critical state, we have done our utmost to support the' bande of those advocating the introduction of foreign capital, and to oppose the other party.
the latter advan al arguments, but ight. Not one are not ial enterprises are to be carried on by the aid of our own resources, All they say, after all, in that the introduction of foreign capital' is wro it cannot be accomplished. Thei variously expressed, but we are trented nothing more solid than rhetorical flvarishes, utterly meaningless; in fact, the opponents of the measure ate divided among themselves, almost to the point of self-contradict we shall overlook all this for the present, it is of minor importance, and will e to analyse the arguments of the advo" the question on the one hand ard of its opposers on the other, and then endeavour to decide the question, There are two positions taken by those who oppose the introduction of foreign capital, One is, that the resources of our country ought to be developed by our own go ment, the other, that, rather than the introduction of foreign ex pital be better to rai warlier forvigu loan, to b purpose mentioned, "Again, we are told that there is sufficient capital in the country already for the de of all entirely a mistake, lectors remind us of statesman, noted for his dull and blendering policy,) though we by no means consider ourselves Shokateu: kamel or Shukokin (two Chinese statesmen: and generals of ancient times, contemporaries of Kosbikei.) Even though they attack with "an army of a hundred thousand pen we shall look upon them as being as harmless as the army of oki (name of place where the army of Gi was totally routed by the above-named statesmen and generals.) We fear them not, for their objection without point, and their ideas retrogressi The proposition to raise another foreign Joan has been advanced quite recently, and with the view of steering a middle course between the two opposing parties. It is much more reasonable than either of the others, but we cannot assent to the arguments brought forward in its favour. We consider the scheme utterly impracticable in the present tate of our finances, and in view of the lack of confidence in us displayed by foreign capi alists, The principal point adys by this foreign loam party is this:—It we allow foreigners to introduce capital and under enterprises in our country the profits arisia; will belong entirely to them, whilst all the disadvantages will rear with us, and the in-veritable result will be that the cunning foreigners will become the suppliers of our capi-tai while our weak and ignorant people will never rise above the position of their labourers. And if we once permitted the creation of such relations, when, it is asked, might the restoration of our rights? Neve reply, because, by the time our intellect and strength Lave reached the standard of the foreigners, the lotte: will have grasped all the profits and advantages it is possible to obtain,
Text read from the printed page and cleaned; old type leaves the occasional error.