Page:Japan by the Japanese (1904).djvu/435
The rate of interest in Japan, as elsewhere, varies according to the state of the money market. But, generally speaking, after the Chino-Japanese War the rate of interest inclined to increase. Judging from the discount rate of the Bank of Japan, we find that between the years 1890 and 1895 the rate was not more than two sen per day per 100 yen, but after 1896 in every year except 1898 it increased to more than two sen, and in 1900 2 sen 4 rin was the rate.
Rates of Loans and Discounts.
Average Rates in December of the Respective Years.
| Year. | Bank of Japan. | Banks of the Tokyo Bankers’ Association. | |||||||||||
| Loans. | Discounts. | Loans. | Discounts. | ||||||||||
| Max. | Min. | Max. | Min. | Max. | Min. | Average | Max. | Min. | Average | ||||
| Sen. | Sen. | Sen. | Sen. | Sen. | Sen. | Sen. | Sen. | Sen. | Sen. | ||||
| 1890 | 1.90 | 1.90 | 1.80 | 1.80 | 3.12 | 2.47 | 2.70 | 3.40 | 2.50 | 3.95 | |||
| 1891 | 1.75 | 1.75 | 1.70 | 1.70 | 2.65 | 2.14 | 2.41 | 3.33 | 1.70 | 2.50 | |||
| 1892 | 1.65 | 1.65 | 1.60 | 1.60 | 2.47 | 2.02 | 2.22 | 2.50 | 1.85 | 2.17 | |||
| 1893 | 1.70 | 1.70 | 1.70 | 1.70 | 2.54 | 2.07 | 2.21 | 2.59 | 1.95 | 2.25 | |||
| 1894 | 2.20 | 2.20 | 2.10 | 2.10 | 2.96 | 2.52 | 2.72 | 3.07 | 2.58 | 2.84 | |||
| ​ | |||||||||||||
| 1895 | 2.00 | 2.00 | 1.90 | 1.90 | 2.72 | 2.33 | 2.51 | 2.81 | 2.35 | 2.55 | |||
| 1896 | 2.10 | 2.10 | 1.90 | 1.90 | 2.72 | 2.33 | 2.51 | 2.81 | 2.35 | 2.55 | |||
| 1897 | 2.50 | 2.50 | 2.20 | 2.20 | 3.26 | 2.86 | 2.96 | 3.19 | 2.79 | 3.03 | |||
| 1898 | 2.50 | 2.30 | 2.20 | 2.20 | 3.07 | 2.75 | 3.90 | 3.13 | 2.67 | 2.89 | |||
| 1899 | 2.20 | 2.10 | 1.90 | 1.90 | 2.72 | 2.42 | 2.57 | 2.78 | 2.32 | 2.52 | |||
| 1900 | 2.70 | 2.70 | 2.40 | 2.40 | 3.39 | 3.00 | 3.03 | 3.36 | 2.91 | 3.07 | |||
Prices in Japan have risen as the standard of living has been raised. Especially was this the case when, as the result of the war with China, a great increase of enterprises of various kinds took place, and a large sum of money was distributed among the labouring classes, thus naturally increasing the purchasing power of the people. This helped very much to raise the prices. Since 1890, taking into consideration fifteen of the principal articles of the Tokyo market, although there are somewhat different rates of rise, yet it is certain that the price of every article has risen, which makes it evident that there has been a general upward tendency in prices in the empire.