Page:Japan by the Japanese (1904).djvu/356

1. To find the revenue needed for defraying the expenses of making improvements in the Government railways and of expanding the telephone service by issuing public loans.

Part II.: A scheme concerning the extraordinary War expenditures, the Chinese indemnity, and the annual estimate for the administration of Formosa.

1. To close up the special comptabilité of the extraordinary war fund on the last day of March, 1896, and transfer its remaining business to the General Account of the Government to be thereby transacted.
2. Since the Chinese indemnity was to be received in partial instalments covering a number of years, it was thought more reasonable to spend it for the class of expenditures covering a number of years. It was therefore proposed to spend the said fund for the redemption of the war expenses, for the military and naval expansion, and for the establishment of the iron-foundry, as well as for the extraordinary reserve fund, and for subsidizing a portion of the capital of the proposed local industrial banks.
3. To separate the annual account of Formosa from the general account of the Government at home, and set up a special comptabilité for Formosa, with the object of adopting a scheme of self-supporting financial administration for that island.

Part III.: A scheme of expansion concerning the public organizations for communication and for monetary circulation.

1. To bring about the improvement and the extension of railways and telephone service by issuing a public loan.
2. To expand the business of the Bank of Japan and of the Yokohama Specie Bank, and to establish the central industrial bank and local industrial banks.

Now, the post-bellum national measures being no other than the undertaking of various enterprises, made necessary on account of the expansion of national affairs, it is but reasonable that all plans for such measures should be extensive and far-reaching, and that every step to be taken for the realization of such plans should be well considered and accurately thought out. It was with these ends in view that I thought it necessary to look to an increased taxation for the increased revenue needed to meet the enlarged expenditures, so that a financial basis might be securely laid; to determine beforehand upon a line of policy to be pursued in regard to the uses of the indemnity money, so that in this way all future disputes and troubles concerning the matter might be avoided; and, lastly, to make provision for developing national industry—all these with the view to the collateral development of the country in