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I then became the means of introducing the company system into Japan. The idea was successful, and the Government approved of it. Since then I may say that every industry in the country has increased, some twenty times, some ten times, and none less than five times.

There are, however, four peculiarities in the Japanese character which make it hard for the people to achieve business success. These are: Firstly, impulsiveness, which causes them to be enthusiastic during successful business, and progressive, even to rashness, when filled with enthusiasm; secondly, lack of patience, which causes easy discouragement when business is not so successful; thirdly, disinclination for union; and fourthly, they do not honour credit as they should, that which is so important a factor in financial success! These four peculiarities are to be met with in most of the Japanese business men in a more or less marked degree. Although Japan, as a country, is old, yet her commercial and industrial career being new, as stated above, there are necessarily many points of incompleteness. For example, although we have many railways, yet there is no close connection made between the railway-station and the harbour. Again, although we have railways, yet we have no appropriate cars, etc. To complete such work, and to open up the resources of the country, and to allow Japan to benefit from them, we need more capital. But the capital we have in the country is not enough. So what is wanted in Japan is foreign capital. A great proportion of the Japanese people, however, are opposed to the idea of sharing any profits equally with any other nation. Their exclusiveness in this respect is a distinct relic of the old era. They ignore altogether the fact that with the assistance of foreign capital the profits would practically be quadrupled—the very idea of sharing with an outside Power is distasteful to them. For instance, I have been endeavouring for many years by word and deed to secure a revision of the laws relative to the ownership of land in Japan by foreigners. I may say that Marquis Ito and other public men are of my opinion in the matter. Because, however, of this exclusive element in Japan, it has still been found impossible to allow foreigners to own Japanese land. Until this change is made, foreign investors will naturally feel that there is little safety for their investments. I am also anxious to introduce the idea of a system of trusteeship, in order to encourage foreign nations to invest their money in Japanese enterprise. There are very many incompleted works in Japan which need outside money to finish them, and which would return good profits. I feel assured that it would be possible for prominent Japanese bankers and capitalists to make themselves personally responsible for the money of the foreign investor. By such a system the security of the invest-