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are included in this figure those funds needed for the undertaking of Government works, such as the construction of railways, the extension of telegraphic service, etc. But, at any rate, it is certain that such a large amount of capital has been invested in various enterprises of the country. Thus, commercial and industrial enterprises of various kinds have sprung up in Japan in recent years with such rapid strides as is seldom seen in the newly-developed countries of the world; and in this respect she does not stand behind the European States, with the exception of rich countries such as Great Britain, France, Germany, and Russia. Then we may fairly say that our national resources have made a marvellously rapid development in recent years.

The population of Japan has increased over 10,000,000 since the Restoration. In this connection I made full investigation of old official records concerning the population, and found, strange to say, that the increase of our population was very slow in the time of the Tokugawa Shogunate. According to the official estimates made in the Genroku era, our total population numbered only 26,000,000 or 27,000,000, notwithstanding the fact that it made an unprecedented increase in the said era, while its numbers have increased by over 10,000,000 during the past thirty years only. It is evident that such an increase of population would not be made unless it was accompanied by a corresponding increase of the national wealth, for a man can find employment only when there is a place to use his labour, and thereby secure a means of livelihood. Then, the great increase of population may be taken as another good evidence of the marked development of our national wealth.

However, if we wish to compete successfully with the nations of the world, we must co-operate with the Government to devise a scheme for the gradual progress of the country. It must be remembered that the greater the progress is of a country, the greater is the increase of its national wealth and prestige, though at the same time its people are compelled to take a greater responsibility upon themselves. For should the national wealth be greatly increased, and the country be regarded by other Powers as one of the powerful States of the world, those Powers would certainly watch every action of the country. Our earnest desire is to make the country continue in its progress permanently, without a stop of a single moment, but it is not an easy task to do so. In some cases we may be exposed to such a danger as to injure our national prestige, should we undertake the proceedings on that occasion. It is therefore very necessary for us always to act with great caution; particularly must we refrain from the abuse of military power, for if we abuse military power, and suffer a complete defeat, not only our