. Wanderings east of Suez in Ceylon, India, China and Japan. a vast commercialprogram, without subjecting herself to usuriouscommissions, and without resorting to the issu-ance of fiat or negligible currency. The financingof the Asiatic side of the great Russo-Japaneseconflict was certainly as businesslike as anythingever done by a European power compelled toraise funds by foreign bond sales. When a candid history of the war is penned, thewriter must perforce acknowledge the *luck at-taching to Japan when Russia expelled the Jews,and when thousands of that faith were ruthlesslyslaughtered at K
. Wanderings east of Suez in Ceylon, India, China and Japan. a vast commercialprogram, without subjecting herself to usuriouscommissions, and without resorting to the issu-ance of fiat or negligible currency. The financingof the Asiatic side of the great Russo-Japaneseconflict was certainly as businesslike as anythingever done by a European power compelled toraise funds by foreign bond sales. When a candid history of the war is penned, thewriter must perforce acknowledge the *luck at-taching to Japan when Russia expelled the Jews,and when thousands of that faith were ruthlesslyslaughtered at Kishineff. Whether the purse-strings of the world are controlled by Hebrewbankers may be a moot question, but it was a factdistinctly clear that Japan could place her bondsin any money-lending country in the world, whileRussia could scarcely raise a rouble upon her for-eign credit. Even Germany, the sentimental allyof Russia, almost begged for the privilege of lend-ing to Japan, There was no disputing that thegreat Hebraic banking houses of London, New 318. BllOXZK DAIBUTSU AT KAMAKUKA, JAlAN Japans Commercial Future York and Frankfort found it an easy task to sup-ply the Mikados country with every needed sinewof war, and the massacres of Kishineff may havebeen avenged in a measure at Port Arthur andMukden. The ambitious and sturdy people of Japan areindisposed to regard the war debt as an excessiveburden, and it is their determination to treat theirbonded obligations as a spur to active must be confessed that Japans debt is but a tri-fle less than that of the United States, and is car-ried at double the interest rates of the Americandebt; and further, that Japans total area issmaller than that of our state of California. Theportentous aspect of the national obligation of Ja-pan is that it must absorb in interest charges fullya third of the empires income for many years ofpeace and prosperity to come. A large part of the debt incurred before the warwas for public wor
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