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“...middlemen; this fact
also contributed to increased readiness in popular subscriptions
to loans, while the success of the loans raised abroad both kept
the gold standard stable and relieved excessive tightness in the
money market in Japan.
The import trade of Yokohama was especially active in 1905,
the majority of the classes of goods showing increases. This was
due mainly to the following causes :—
(1) Large Government orders on account of the war.
(2) Imports to replace products of Japanese mills and factories
engaged in manufacturing war supplies.
(3) Reaction after the removal of the Government prohibition
to the Specie Bank of negotiating bills.
(4) Imports in anticipation of increased duties.
(5) Increased imports of articles of luxury rendered possible
by the large disbursements of Government money.
In view of the special reasons for the large imports during 1905
it is somewhat doubtful whether the increase can be expected to
remain during 1906 ; the normal tendency towards the...”
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“...cotton manufactures amounted to Cotton
2,562,667Z., an increase over the previous year of 1,415,933Z. or imports.
132 per cent. This large increase was mainly accounted for by the
larger imports of raw and seed cotton, shirtings, yarns and ducks,
though most of the other items also show an increase on the previous
year. This advance in both raw cotton and manufactured cottons
is noteworthy as indicating both the expansion of the Japanese
mills and the exceptional demand during 1905. With the cessation
o£ the special circumstances of the war those mills will be better
able to cope with home requirements, and imported cotton manu-
factures will have in future to meet increased competition with the
handicap of heavier duties.
The imports of raw and seed cotton were valued at 1,463,655Z.,
an increase of nearly 900,000?. over the figures for 1904. The price
of American cotton (which constituted half the total import) varied
between 25 yen 50 sen (in January) and 34 yen (in December) per
picul...”
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