Due apparently to monetary stringency, an over-readiness 2 engage in company flotation, ani then to an adverse trade balance for, the first three months of. the year, the stock markets in Japan have' become panicky, and a slump has taken place in shares. At the moment we have no intention ai moralizing upon these facts, but as a matter of quite considerable interest we may quote the Tokio "Nichi Nichi," which has just been showing that after all the three modern wars in which Japan has been engaged, exactly the same thing has happened. Following upon the: Sino-Japanese War there was a fever of speculation whicn culminated in 1897 in a panic. The same sort of thing happened in 1906, following upon the Russo-Japanese War, leading to disaster in 1907 and even as late as 1903. The newspaper we have quoted is by no means optimistic in regard to the situation, and draws attention to the similarity between the present and previous unfortunate situations.
Text read from the printed page and cleaned; old type leaves the occasional error.