"An enormous amount of money is required again for the China Incident. China is a land of vaster area, and the economic rehabilitation of that country will be of corresponding magnitude. If Japan succeeds in rehabilitating China, of which we all are confident, the huge sum spent for the work will constitute a sound investment, and there is no ground whatever for fear of financial collapse.
"Those engaged in any line of business are familiar with the usual practice of preparing a balance sheet of bilities and assets. There would fe no reason for anxiety if the two columns are adequately balanced on a sound basis. It is natural that the liabilities should increase in proportion as the assets increase. Foreign critics who fear Japan's financial structure may collapse on account of the mounting bond issues overlooking the assets side of the balance sheet.
"From a practical business man's viewpoint the China market is an asset for Japan, as it were, and there no cause for misgiving on account of the liabilities that increase thereby. The funds are raised in Japan and the bond-holders are Japanese. Broadly speaking, the domestic loans of this nature hardly constitute indebtedness. The Japanese people are capable of managing their financial affairs arising from the loans floated among themselves The patrio tic motive in subscribing for the government bonds issued in connection with the emergency is much stronger in Japan.
Text read from the printed page and cleaned; old type leaves the occasional error.