Show h. h i Industrial Spirit of Japan BY L I K p. IU k rt i r t Th TIA national spirit tn engendered r 1 by tl the 1 war Wih Russia has been alrea already Ahlf hll- hll hIft- hIft 4 i cd ed b 1 by- by Japanese statesmen Into the purr pur pur- r of t peace cuce where It I Is ts directed b by br v the Sumo sumo linn hand band that controlled ani and to success the thc mi military tarr am and navah nR operations Persons In hi all ni wall Wants of ot life arc Joining Joining- with wih remarkable r energy and el enthusiasm In the move move- mo c ment to lift tie the nation Into naton cominer- cominer i chat cial and In Industrial nr supremacy In th thI tho I- I Iv v luc Pacific 11 c War Varand and peace arc vastly different relt con con- and usually In the thc course of oC hits his hll- hll t 1 tr have o hn required different manage manage- I i r menu Ju Just l now newly created creat- creat i i cd ed d 1 internal systems of oC national in industry In- In and commerce take on a dc de- de f i warlike attitude The people are arc summoned to 10 Its his support as 1 by a call cal to tn tt arms and with wih the intoxication jf f of or orr r still sti coursing through their veins velna the they respond There here is certain to be bc a reaction from this initial cn- cn 1 sm but lut while It IL I lasts U It I is giving the r new movement a tremendous un- un tj h letUs Studs Since In ui end nl of ur the war with Bus Rus SILL sla there ha have YC been capitalized a n new v enterprises or oi Increase of oC oh oh oIl 1 I 1 undertakings s with an a aggregate capital of til l. l 11 I gold old This is nearly third one-third the total tola capitalized Industry of th the country previous pre Ious to the thc war which means an Increase In In- crease crease within a few months of oC 3 33 per pei percent cent Thc Thc Thee e figures arc somewhat s The rue The enterprises represented in Iii this z enormous cover el co a wide while i but thc they nearly all frd neal al lelon belong in ther the tin r category l of what may b be termed mo modera modern mod mod- ern era hiu industries tries hi n the th sense applied In lii Jap Jap-an Jap For Tor lul in instance there are te fr fifty fifty- one n w electrical companies with an annS nS aggregate capital of ot ten new tew navigation nn and dock companies wili C total capital of or ln live five new hew Insurance companies with wih a total capital of 7 New banking concerns concern a aggregate a u capital of 11 1 There are arc eleven en new steam um Ta railway h I way corn companies pu les WI with th I C. C Gi while old ollI corporations have o Increased their capital A Sr great at ma ma- of these corporations are arc centered centred cen cen- tred In hi Toldo Tokio O Osaka alca and j i ml Kobe but the they extend assistance to all al parts of or orthe the empire To man many of oC them direct government gu I assistance 1 is extended nearly all al of oC them had hal or hope hop to l' l secure stimulation through h the thc government gov gov- go eminent re t b by indirect netho methods s The Thc greatest t enterprise of or all al has not nut yet ct taken tangible shape This is the tho national corporation with wih a u proposed cl capital of oC fur for the tho purpose purpose pur pur- pur-I pur pose Of Ut C pushing Japanese commerce al and h interests in iii t Korea orea and Manchuria This great company compan in so 50 far as Us Its components have ha b become public is to Include e the government gO with all al the he associated interests It I can marshal and andIs andis andis is to be e thrown open to popular subscription sub sub- n with a view Jew to inducing the common il people and middle classes to Invest thus enlisting their sympathy nl and direct peC pecuniary Interest In the success of oC the scheme It Is Js not possible possible pos pos- sible to La decide at present whether this company n will wm be successfully launched contingencies not for it I depends upon within the control of oC Its Is promoters pro plO or ur tho ho government go Persons who see set as anyone may l by bya a study tua of the hie Japanese budget that UHL the government o Is deep deeply In debt that s' s alt mrs devise se m mean ean to It t u s to meet administrative ad ad- expenses arid and Interest charge that its il pro rata rata taxation Is far fat higher than in iii an any other large nation naton and at that its is people arc are the I that thal the thc extraordinary war I taxes been extended for thirty C 1 leen years ears with no certainty i of being able ablo I Ito to remove e them e even en n then ma may well wel be bu puzzled as us to tu how all al these und undertakIngs undertakings under under- I takings are to be carried l out onto To put the matter In u it l nutshell tho the plan Isto is isto to draw foreign n investors to the support sup sup- port of these various companies and the government is 18 used to stal stalk the foreign l In eltor investor I Two years ears a ago o. o before the war ar with wih no sane business man mait mal familiar with wih the situation in Japan would have ha e dreamed o of en endorsing an any auy suggestion for and Immediate expansion I oi- oi oia a great of the Ie capitalized interests of the corn com puny pany On the the capitalization then existing com I quotations on Oil four fifths rOU fUhs of tho the organized organ Industries In ha Japan had been leen steadily stead stead- I fly ily declining in the market for Cor a 2 de decade decade le- le de- de i cade and a lea leading financial authority cata had counseled reorganization of or some I I basis ent enterprises on a more moderate This rIds was when a business bu proposition 1 i In lit Japan was WIS estimated by the thc same I general standards that measure such uch II propositions elsewhere Since then the lie nation has hut fought ought along u a ulong ur lon long exhausting war var which to sa say 1 r nothing of or the waste of or human material ma ma- I the lie national debt hu has quintupled dell and Hear nearly doubled the rite rate ralo rall of oC taxation taxa tuxa- tion ton which there l N mi lit Il pro p et of or re within a Q ration generation and the lie tlC bulk of or lie th Interest t on tin tin- Ut IHl national debt has to be sent abroad and Is Unix thus thul lost to the hue country At the thc lie time line tho the war b begun began lan antI and oven cuen at ut Its It close the national credit was wa so unstable that the government was compelled to go waE give collateral s security curl for UI th the payment of Interest to foreign or Investor and all ali the tho recently placed foreign n Joans are backed 1 by security such ns Os It I is Yet within a few months month new indus trial and commercial capitalization of about has been organized and another for rOt half this amount is proposed while while- the hue land and the thc people remain practically the I Tho truth seems to b be that h Japan is Js determined to capitalize her her victory tory before Its IR Influence upon the tion ton of the lie world wanes vanes and before Is Its fruits t Turn toni u ri to tu Dead Sea eu apples In the mouths of or certain Western I She can not wait walt upon prosperity She must anticipate It I. I and aud reap Its It re rewards re- re wards if I possible before It comes conies Man Many tal of ot ithe the undertakings 8 form Corm the basis for the new companies doubtless have haye u a 0 good chance o of pros pros- Just which It might be dit- dit to say But Dut mUl many of them their have ha I so 10 fur far n as I can cu learn no firmer 1 lounda- lounda ion than a plausible prospect ton Take nI e for 01 Instance some tome of or tb the tLe mining nile min I In lug ing companies A new mining venture I 14 14 not nol a n particularly sound investment in anywhere and those In Japan arc are no I exception They fhe are arc largely based on n ni i somewhat possibilities for the ore hal vague development ll of or pio In pec In T lorea orea una auth I I Manchuria J urla t I other othir Important propositions depend I I at least In the Liu be beginning ul upon on govern govern- I 1 support and assistance But there thieve 1 I must UbI be an end to this support just justas as US I le cul I there lucre must bo be an au 1 end to tho tue Iii tion ion of or foreign e capital The flu policy of or trying to Lo lift Be Industry b their bootstrap bootstraps boot lr ul and by straps strap must always t ha point pole Otherwise a nation could bo be Le made pros plO pel ous by d r the lie simple process B of U ln everybody for 01 f everybody's I benefit CH ct This system stem In lii II forms farms has hns of tel been tried hut til has never lr haul had any perman per ler man lall en t s. s The h method by which the lie I stalks stalk tho tue tle sign fin Investor In operates operate ci a ado cido as do no so tunny Ot Qt Japans Japan's Je new activities I through th th bunks It Is h usually some some- l like c this A stock company will 11 Its stock stuck dul duly I b bt- bt regularly 1 organized Is tul subscribed fur for and part of nf tho the capital paid pRill In Iii the banks If It necessary Id ad d- d vain vain-Ing the tl money Then rhe bonds 1 will willbe be he issued and placed if IC the government u Is I supporting the enterprise with wih tl the lie Nippon Ginko or i one of or the other othor greatbanks great greatbanks I banks which luto o ho o branches and gen agen- cl cis M all III al over oyer the thc world to tu be presented to foreign In investors The Thc Japanese HI bai hank bank k will 1 not do this directly It I wi UJ Ui up- up the lie tl bond in iii portions ii to toe e be distributed In various countries as os the situation se to II warrant and the pi-i pi tout d lo to the lie agencies or 01 corr cor- cor r nis is of oC th tIu Japanese banks In those COu countries lUle For or instance IO some me of the lie bonds of I an 11 electric lighting and po ye PO company with a charter to conduct con- con duct dutt certain b business bine ine s In Japan or one bol holding H a I mining concussion concession In Iii Korci 01 or Manchuria will H be sent Bent to u a 0 large larg lars banking hou house e In InVal Wall Vall Val street which is Js th the correspondent sa say of oC the Nippon Nip Nip- poll pon Ginko These tese bonds bond b by means of or the customary lUt cus eus- tomary pro process process aI will 11 be offered by the bank house to their or 01 houst custon custon cus- cus ton toners el through their regular channels with th the statement that the Japanese government go guarantees the Interest hi terest on To t the e average investor in such securities this will vIi wU probably pretty good and he lie will wi put his surplus ca cash h 1 If 1 a t better batter Investment docs doci dos not Just then them offer Into the thc lie bon bonds ls rII Til tuIS money goes to J Japan pan less the thee e Oi to lO the tho American concern usually vcr cr very liberal In the case of sonYe fome eon eon-e of the Jap Japanese foreign loans netting nearly 5 3 per cent cent and there helps belp finance th the new national system I I has Ihas has called alel It I She will wl ponder I her menu for days bc before the thc dinner I spend no 11 end enl of or time in doing her j I marketing work like ti tl slave shave Ia e over ove o e I stove lo e and Ico leo cr cream am freezer the da lIn day of or the lie Important event then lieu sit u do r and watch wath her hel guests fill JUl 11 Itha that their jh physical ical natures nt may b be beI I o In this country no io to home seems scentS real really open to a friend until he has ha hasL L he been J a a. asked to tu cat eat In It IL Xo XU matte mater i hiti how talented the lie various members o or of that hume may b bf be hut nur how much pl pleasure some exhibition of tho those thue o tai tai- I euit taught might give him the lie friend i inot Is not In that wa way He lie le muse must mus mustI I u use e knife and ami unc fork and ant poon f-poon am amid ant feed feel I Do we ve go out to lo spend the evening c There mu must t be bc refreshments fur fOl the thelOd lOd bolI body whether or 01 not the lie soul has any The lie whole holo spirit of the e evening centers cen cen- round the thu eating time line If I nothing lo to feed upon is served then Is the thc hosI hos hos- I p vitality aJ of f l that lat home looked hooked Upon ask ask- aim ance cc It I would be Intel interesting to tu know v how hou much monc money Is spent snout in this country each cach lIu day on the lie mere lucre ceremony o or of eating leaving heaving lea out the hue cost coit of oC the lie foot food fool and Its Is counting In Iii only thu tho money spent on 01 Its Is serving and the table talle appointments Po Possibly the cost of oC tin the lie dinner gowns worn l by the ladies might also be bo Included Arc 10 we slaves shaves to 0 the Uw habit of oC eatIng eat eat- In iii Ing Do we make male too much of ur tile the tle dinner or oi 01 luncheon or breakfast Cust I Is I it I all ni a a. species ecles of or barbarism l Is hi a woman I at Lt hot her bc best t Oi or ot her worst A when she presides pre pre- I sides fides at hoi her hel own table aIle regaling her I guests with wih food |