35 



according to the table yea 1,140,883 have been expended, are, however, under 

 construction in Kamaishi, while another, previously existing, but at present not 

 working establishment, has been purchased for yen 42,437. 



The second part of the table gives a synopsis of the winning Aora the Japan- 

 ese private mines during 4 years (1874-1877). 



The favorable „financial result of the latter, when compared with that of the 

 government mines, may be explained, partly by the circumstance, that the best 

 mines are private property, and that private mines work cheaper than those 

 under government administration, partly by the fact, tli.it in the former scarce- 

 ly any innovations have been made, while in the latter by the erection of machi- 

 nery, the construction of furnaces, the sinking of shafts Ac. a future extensive 

 and remunerative working has been prepared. 



Notes to Table II. In table II the annual average for the several govern- 

 ment and for the private mines are calculated from the preceding table, and 

 compared with the results of the workings for the year 18 ~/ 73 . 



It appears therefrom, that in the government mines the production of all 

 metals has iucreased, and in some instances very considerably, while the produc- 

 tion of coal (in Make), has remained nearly stationary. Whether the latter 

 -fact be due to commercial or local conditions, or to the circumstance, that in 

 later years machinery has been erected, and the working perhaps thus interfer- 

 ed, with, I am unable to tell. As in 18 77 / 7 s. the new establishments (with excep- 

 tion. of Miike ) were completed, a surplus of more than a million yen was obtained. 



If we in the Sado mine consider the excess of the total expenditure over the 

 total income, yen 690,481 (Table I), as the capital invested in establishing the 

 works, then the said mine would in l8 77 / 7 .,. — as Sado in that financial year, ac- 

 cording to table II, yielded a net profit of about yen 23,000— have paid 



— rqrr?oA~ = 3'/ 2 % interest (exclusive of the increase in the principal, aris- 

 ing from interest accrued in the meantime). 



In Ikuuo, where the deficit amounted to yen 1,095,492, the net surplus in 

 18 77 / 7ä to about yen 57,000, a similar calculation would give the interest at 5% 

 %. Unfortunately the vein, which is principally worked by that mine, does 

 not promise much for the future, so that another yield like that of 18"/ 7S can 

 scarcely be expected any more. 



If we make similar calculations from the total deficit and the total surplus in 

 18 77 / 7S .f<n: Ani and Innai, the latter being for Ani yen 156,040 against yen 51,786 

 and for Innai yen 40,491 against yen 13,481, then, we find Ani paying an inter- 

 est of 33% and Innai of 33%, a result, which fully supports the view I expressed 

 above with regard to the productivity of these mines. ...:.' ; .,. 



; : . The deficit in working tho government mines, that is, the total outlay on 



