FI.UCTUATIONS IN PRICES AND WAGES 1 23 



lasted less time. Bad harvests, civil or foreign wars, disasters and floods 

 were the chief causes of want or poverty, and when the transitory conditions 

 causing the natural variations in prices had ceased to exist, all was again 

 as before and the balance was re-established of itself. 



The conditions to day are very different. The J apanese Empire has now 

 worthily to fill the place that it has made for itself among the great powers, 

 and all are aware that so serious a task must cost a nation many sacrifices. 

 And this is truer in the case of Japan than in any other, above all in view of 

 the enormous rapidity with which it has progressed, so that there has been 

 no intermediate period in which the country might adapt itself to its new 

 conditions. 



It is enough to cast a glance at a few figures relating to the fluctuations 

 in the financial situation of Japan, to see how enormous they are. In 1899, 

 the public debt, still entirel}" to creditors within the country, was not 

 390,000,000 yen, or on an average 8 yen 8 or 22 fr. 70 per inhabitant. 

 In 1913 the public debt amounted to 2,500,000,000, more than 1,400,000,000 

 being due on foreign loans. The average per inhabitant was thus 47 yen 2 or 

 121 frs. 77. The necessary consequence of this increase was a correspond- 

 ing increase of fiscal charges. Confining ourselves to a consideration 

 of the total increase of these charges, we obtain the following data, too 

 significant for a comment. 



1899 



I90I 



1903 



1905 

 1907 

 1909 



I9II 



I9I3 



Taxes carmot be considered as a sufficient indication of the greater 

 or less wealth of a population of so varied a character as that of Japan. We 

 have not here to study the Japanese fiscal system which, by the way, is 

 one of the wisest that has been adopted up to the present, both in respect 

 of the progressive system of taxation and of the prudent and enlightened 

 choice of the articles to be taxed. But we would further desire, before speak- 

 ing of the fluctuations in prices and wages, to give a few figures in relation 

 to the other general causes that have had a considerable influence on these 

 fluctuations. 



