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JAPAN BY THE JAPANESE

low rates and for long periods, for the purpose of the improvement and development of agriculture and industry, the Industrial Bank of Japan acting as the central organ, and the Agricultural and Industrial Banks as local organs. The Industrial Bank of Japan commenced its business in August, 1897, and the Agricultural and Industrial Banks in 1898.

In 1897 the Government promulgated the Law of the Bank of Formosa, and established the Bank of Formosa with the capital of 5,000,000 yen. The bank was granted the privilege of issuing notes convertible in silver. It was also entrusted with the business of receiving and disbursing the Government revenue in the island, its position there thus corresponding to that held by the Bank of Japan in Japan proper. The establishment of a special central bank for Formosa on a silver basis was necessitated by the special requirements of the native population of the island.

With a view of facilitating the colonization and the economic development of Hokkaido, the Law of the Colonial Bank of Hokkaido was promulgated in March, 1899, and the Colonial Bank of Hokkaido was established in March next year.

The volume of securities in Japan now amounted to upwards of 1,100,000,000 yen, yet there existed no special organ for advancing money against these securities. Consequently the Law of the Crédit Mobilier of Japan was promulgated in March, 1900.

The following table shows the number, capital, and other particulars of the various banks now existing in Japan:

Kinds of Banks. Capital. Capital
paid up.		 Reserves. Number of
Offices.		 Dates of
Establishment.
Prin-
cipal.		 Branch.
The Bank of Japan 30,000,000 30,000,000 14,600,000 1 8 October, 1882
The Yokohama Specie Bank 24,000,000 18,000,000 08,130,000 1 13 February, 1880
The Industrial Bank of Japan 10,000,000 2,500,000 00,070,925 1 — June, 1897
Agricultural and Industrial Banks 28,570,000 22,923,485 00371,110 45 1 From November, 1897, to July, 1900
The Bank of Formosa 5,000,000 1,250,000 00,017,900 1 10 June, 1899
The Colonial Bank of Hokkaido 3,000,000 1,050,000 00,002,343 1 — March, 1900
Ordinary Banks 361,094,770 245,158,916 22,032,936 1,802 1,374 Since March, 1900
Savings Banks 48,465,300 26,834,957 02,907,597 419 521 Ditto
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