1901.] COMMERCIAL JAIWS. 2289 



(9) Social class of principal customers. 



(10) Seasons (if any) when cliiefly required and wlien chiefly produced. 



(11) Co.'^t of packing (per ton) . 



(12) Freijjht charges (per ton) from the place of production to Yokohama or Kobe. 

 (18) Time occupied in transportation. 



(14) Export duty (if any) and other charges. 



(15) Amount of subsidy or other aid, if any. 



(16) Any other useful particulars. 



THE FINANCIAL FUTURE OF JAPAN. 



[From Japanese-American Commercial Journal.] 



The balance of English trade has of recent years been in favor of excess of imports over exports, the same amounting la.»t year to 

 the large sum of £237,000,000. The Jiji's exjilanation of this astounding condition is that England stands as a creditor nation toward 

 the entire financial world, by which fact she is not only able to import foreign products at cheaper rates, but furnishes and controLg the 

 money market of the world with an enormous surplus fund. The steady increase of imports is the sign of her growing financial p>ower. 

 This prosperous condition of the British trade sets the Jiji conjecturing upon the future of Japan's finances. Thus far, it argues, our 

 financial relation with other nations has been confined to export and import transactions. True, we are at present under obligations to 

 foreign capitalists for the amounts of the old and new loans and interests thereon, but in future, thinks the Jiji, our indebtedness 

 toward foreign capitalists will grow much greater by our borrowing from them inevitably. This, according to the Jiji, will but be a 

 natural consequence to a greater proximity of relations between this and foreign markets. Foreigners will invest in our stocks and 

 participate in the liabilities accruing therefrom. But at the same time, the Jiji points out, they will be empowered, as a matter of 

 course, to sell their shares in the Japanese market, and get back their capital at any time. Or, if foreigners should start up their own 

 enterprise in this country, they will reap not only the interest on the capital they may invest, but also the profits of the business. For 

 the last two years our imports have been in excess of exports owing to the fact, so argues the Jiji, that we have not yet come to redeem 

 the war bonds that were sold abroad two years ago, and also to the fact that the Chinese indemnity fund was brought home, which 

 made Japan for the time being a creditor nation. On the expiration of the term of the bonds, however, the introduction df foreign 

 capital will become more urgently demanded. The situation will quicken the exportation of our products, undertaken by foreign 

 exporters, to whom we shall have to pay a large fee for the transaction. All these facts, then, the journal concludes, indicate that this 

 country will before long become a debtor nation, a fate exactly opposite to that of England. The Jiji's opinion as to how we may best 

 cope with such a situation is to employ the introduced capital with so much tact as to make it contribute to the gradual recovery of 

 the position of a creditor nation by increasing the amount of production far in excess of exports. 



FOREIGN COMPANIES IN JAPAN. 



Copies of ordinances recently published in Japan have been forwarded to the State Department by Minister Buck, of Tokyo, under 

 date of June 20,1899. They read as follows: 



ORDINANCES FOR FOREIGNERS. 

 [Translated by Dr. Loenholm.] 



I. Imperial ordinance No. 172, of June 15, 1899, relating to branch offices of foreign commercial companies, and to commercial companies and 



associations established by foreigners. 



Article 1. A foreign commercial company which has set up a branch office in Japan before the commercial code takes effect must, 

 within six months from its taking effect, register such fact according to the provisions of article 255 of the commercial code and appoint 

 a representative in Japan and register his name and domicile. 



The provisions of article 257 of the commercial code and of article 202 of the law concerning matters not in contention apply 

 correspondingly to such foreign companies. 



Art. 2. A commercial company formed by foreigners in Japan before the commercial code takes effect must, within six months 

 from its taking effect, make a company contract in accordance with the provisions of the commercial code and register the formation 

 of the company. 



Art. 3. If a commercial company act in contravention of the provisions of article 2, the court may, on the application of the 

 public procurator or of its own motion, order the dissolution of the company. 



The order of dissolution must he published in the same manner ai registered facts are published. 



Art. 4. As to commercial companies formed by foreigners in Japan before the commercial code takes effect, the le^ral relations 

 which will arise before the registration is made according to the provisions of article 2, or before an order of dissolution has become 

 finally binding, are governed by the law of the country to which the company belonged. 



Art. 5. An association formed by foreigners in Japan before the commercial code takes effect, which has property of its own, must, 

 within six months from the date of the commercial code, change its organization into that of some kind of commercial company recognized 

 by the commercial code. The provisions of the preceding two articles apply correspondingly to such an association. 



II. Imperial ordinance No. 273, of June 15, 1S99, conceiming foreign insurance companies. 



Article 1. If a foreign commercial company establishes an agency in Japan to carry on the business of insxirance, it must appoint 

 a representative in Japan. The jirovisions of article 62 of the commercial code apply correspondingly to such representative. 

 Art. 2. The foreign company must notify the Government of the name and domicle of its representative in Japim. 



