- 20 - 4'. 



a reduction. For it is a fact that what has adversely affected those imports 

 has not only been the increased duties and the higher prices of raw 

 materials, but still more the diminished purchasing power of the people 

 and the lessening of sales in China, to which country many articles of 

 perfumery are exported. The Japanese soap-industry, favoured by the 

 protective tariff, has made notable strides of late. According to a com- 

 munication by the Chamber of Commerce in Yokohama the value of its 

 output in recent years has been as follows: — 



1906 ..... 2 760 000 .Yen 



1907 3180 000 „ 



1908 .... .3410000 „ 



1909 3 830 000 „ 



1910 4190 000 „ . 



For the rest, the general commercial position is not unfavourable. It 

 is particularly worthy of remark that the bringing into force of the new 

 duties last summer has been carried out without any considerable distur- 

 bance in business circles, which shows that on this occasion people have 

 not allowed themselves to be carried away by wild speculation. As a 

 matter of fact, the imports of European goods have not been reduced to 

 such an extent as it was originally feared they would be. And as it is 

 to be expected that the unfavourable factors to which reference has been 

 made above will disappear before very long, it is possible to look to the 

 future with some degree of confidence. But the prospect of a reduction 

 of the oppressive burden of taxation, which is the most serious obstacle 

 to the more rapid development of the country, unfortunately remains very 

 far distant. 



The total value of the foreign trade of Japan in the first six months 

 of 1912 amounted to 578625500 yen, of which 229191000 yen represented 

 exports, and 349434000 yen represented imports, the excess of imports 

 over exports being thus 120243 000 yen. As compared with the same 

 period of 1911 the exports show an increase of 24438000 yen and the 

 imports of 40595000 yen. 



The Ostasiatischer Lloyd publishes an interesting article on the effects 

 of the customs tariff in Japan. "Exactly a year ago", it is there stated, 

 "the new Japanese Customs Tariff came into force, and it may be owing 

 to the shortness of this period that so far there is no consensus of opinion < 

 among the people of Japan with regard to its effects. There can be no 

 doubt that many export articles have greatly benefited by the concessions 

 made by foreign nations. In this regard we need only remind our readers 

 of the reduced German import duties on Japanese habutae and similar 

 cheap silk textiles. Further, the pronounced increases in the import duties 

 on various foreign finished manufactures have led to the foundation of a 

 whole series of new industries, especially in Osaka and Western Japan, 

 which industries, protected from foreign competition by the import duties, are 



