Page:Japan by the Japanese (1904).djvu/409

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BANKING
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they cannot accept any other office either in the Government or other banks and corporations. The regular meeting of shareholders takes place semi-annually on the third Saturday of February and August. Those who own ten shares or more have a voice at this meeting, and an additional vote is allowed for every fifty shares over and above the first ten shares.

Besides these bodies, the Government appoints a certain number of comptrollers out of the officials of the Treasury Department. They have the power to stop any act either contrary to the laws and by-laws or deemed to be disadvantageous from a Government point of view. They weekly visit the bank and receive various reports regarding the condition of the bank and its transactions. They can attend any meeting of the bank officers and express their views in regard to the business of the bank.

Rates of Profits in the Bank of Japan.
Years Capital. Reserves. Net Profits. Dividends. Rates of Net
Profits on
100 Yen Capital
and Reserves
Yen. Yen. Yen. Yen. Yen.
1899, 1st half
…          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …
30,000,000 13,020,000 2,677,461 1,800,000 6.201
1899, 2nd half
…          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …
30,000,000 13,320,000 3,116,870 1,800,000 6.195
1900, 1st half
…          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …
30,000,000 14,000,000 2,996,728 1,800,000 6.811
1900, 2nd half
…          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …          …
30,000,000 14,600,000 3,165,519 1,800,000 7.098

In 1902 there was at the Bank of Japan the following reserve against the convertible notes issued by the Bank of Japan, viz., 232,094,377 yen, composed of 108,118,817 yen in gold coin or bullion, 1,000,000 yen in silver coin and bullion, and 122,975,560 yen special security reserve.

The Yokohama Specie Bank.

The Yokohama Specie Bank was founded in 1880, with an authorized capital of 3,000,000 yen (1,400,000 yen in silver and 1,600,000 in paper), for furnishing financial facilities for the foreign trade of the country. It was at first supported by the Government in various directions; for instance, the management of several million yen of the Treasury reserve fund was entrusted to the bank, and thus an ample amount of capital was put at the disposal of the bank for discounting foreign bills of exchange. In 1882, when the Bank of Japan was established, such kind of support was withdrawn, and instead the Bank of Japan was engaged to rediscount foreign bills of exchange upon the demand of the Specie Bank to an amount not

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