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will sap the very life of a nation. I understand that the Chambers of Commerce of Japan desire to extend their commercial interests to foreign countries. If that be really the case, local feelings should be done away with; at the same time they must seek commercial knowledge far and wide. No one can be more vehement than I am in opposing the spirit of exclusion which characterized our people. Let me remind you, however, that capital is like water: it flows freely, and runs to the spot where the attraction is greatest. Should we unite our efforts to make Japan as attractive as possible, I am almost certain that foreign capital would be introduced into Japan. While, on the one hand, we insist on the open-door policy for commerce, yet, on the other, still retain the old narrow and exclusive spirit, we can do nothing. Our policy is suicidal. Progressiveness and conservatism are inconsistent. To be plain, I am afraid that our laws are, in a certain measure, a barrier against the introduction of foreign capital. Hence there are three points which should be carefully considered:
1. Any laws or organizations which form obstacles to the world-wide expansion of Japan’s commerce should be done away with.
2. We all should unite in exchanging our ideas with the leading men of the world, thus acquainting ourselves with the position of foreign commerce, while at the same time making it our national policy to give foreigners a clearer insight into the real condition of Japan’s finance, economics, commerce, and industry. Both the Government and the people should unite in this attempt. I am told that Russia is employing every possible means in attaining the same end as ours.
3. The last, but by no means the least important item, is the rectification of the Japanese commercial morality. In spite of myself, I hesitate to say that Japan has as high morality in commerce as England, America, and Germany. As long as the present low state of morality continues, all our attempts to obtain capital from abroad will be absolutely futile. Laws may be improved, but the barrier of a low morality is by far stronger than that of bad laws. Let us use every possible means to improve the standard of our business morality. Another thing is that too much stress cannot be laid upon the necessity of unity. The Japanese are, indeed, a strange people. Individual attempts are good, but when they are made in a body troubles are sure to arise. I beseech all the business men of Japan to hold steadfast to the principle of ‘in union there is strength.’