A Japanese Survey To the Editor of the "Mobrh-Cwma Dairy NEWS"
Sm;—That Japan will win the battles but not the war seems to be the opinion commonly held by foreign observers who believe that the Japanese economic structure is more or less built on "feet of clay."
There is also the belief that China and Japan will both suffer greatly from the present hostilities, but that it, will be China who will be able to your journal for the creation of afibcoyer more easily because of her less intricate economic Rife.
Although I do not claim to be an expert on such matters, I should like to express my views on the subject in the columns of your esteemed Journal.
The supplementary military budget, it must be recalled, totalled more than ¥.2,000,000,000 and passed the Diet on September 6 without a single dissentient vote. Foreigners unacquainted with the various aspects of Japan's national economy believe that this colossal amount would immediately pauperize Japàn, which annually feels concern over the issue of Y.1,000,000,000 worth of "red ink"
Moreover, there is now a plenti" tude of capital available for investment. Thus, for instance, the postal savings deposits, a large portion of which is available for immediate investment, reach Y.3,500,000000 made up of small deposits, while major banks hold deposits totalling Y.13,- 400,000,000, according to figures released in May. So plentiful is available capital in Japan that state bonds pay an interest of 3.5 per cent, while the debentures of the South Manchuria Railway Company pay an interest of 43 per cent.
In comparison with these available funds for industrial and other uses, the Y.2,000,000,000 recently appro: priated for military expenditures is not a sum so colossal as is generally believed.
Also worthy of note is the absolute national unity with which the nation is ready at any time to confront a crisis. It will be recalled that the Diet has-always been the scene óf internal squabbles, but these have been promptly abandoned whenever Japan faced a national crisis, Thus it was during the Sino-Japanese war of 1894-95 and during the Russo-Japanese war of 1904-05; thus it is now.
In every crisis in the past, the complete national unity exhibited by the various political factions has been a source of amazement to the enemy and has always been instrumental in bringing about the nation's early and thorough recovery.
Material damage suffered by Japáb in the Great Earthquake and fire of September 1, 1923, was estimated at the time at more than 10,000,000,000. When calculated in terms of to-day'é yen, the sáme damage would roughly amount to Y.40,000,000,000.
I recall the terrible conflagration which followed the earthquake in Tokyo. Every structure in half of the Capitals area was reduced to ashes, while two-thirds of the city's population were left homeless. Kor two days the holocaust raged, reducing to naught the homes and all worldly possessions of two million people. But undaunted by this disaster, the Japanese people, within a few years built a Tokyo more splendid then the city of old.
It our people should fail to understand the significance and gravity of the present incident and celebrate their hard-earned victory by luxury iòus living, Japan will meet with totally unexpected difficulties.
Fortunately, however, the Japanese people fully realize that the current calamity has been brought about by the mistaken attitude of the Chinese authorities for many years past and they are now determined to go to the limit if necessary.
That such an understanding and determination really exists is clearly shown by the fact that contributions of the people to the Army since the inception of the incident have already passed the Y.10,000,000 mark, while those to the Navy exceed Y.6,000,000 These sums represent only the cash donations and do not include gitts in kind.
The Japanese people at home, as well as the Japanese residents here, are now fully convinced that fo prevent a recurrence of similar ineidents, it is necessary to settle the current incident as thoroughly as possible, however long it may take and whatever sacrifices it may entail, Regarding the fundamental causes SOLUTION OF LONDO;
Text read from the printed page and cleaned; old type leaves the occasional error.