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1918. The demand for munitions of war naturally came to an end, but the rate of exchange on Europe continued on a high level. At home the cost of production had greatly increased owing to the ad- vance in wages and the higher prices of industrial materials, whereas the enriched public demanded a higher proportion of the necessaries of life. An anti-Japanese boycott was proceeding in China to add to the curtailment of Japan's exports. All these circumstances, reen- forced by the Imperial Ordinance of Nov. 1919, for the regulation of the price of commodities, temporarily exempting certain food- stuffs and industrial materials from import duties and restricting the exportation of cotton yarns, brought about a reverse in the balance of foreign trade, which had been favourable to Japan for the preceding four years. But the fact that her exports consisted of finished and semi-manufactured articles, as well as of a huge value of raw and waste silk, whilst food-stuffs, raw materials and machin- ery were mainly imported, was a reassuring sign. Table 6 gives the foreign trade of Japan (excluding bullion) for 1909-20. Table 6. Foreign Trade (in 1,000 yen)

Exports

Imports

Excess or deficit of Exports

1909

4I3."3

394,199

+ 18,914

1910

458,429

464,234

- 5,805

1911

447.434

573,8o6

- 66,372

1912

526,982

618,992

92,010

1913

632,460

729,432

- 96,972

1914

59i,ioi

595,736

- 4,634

1915

708,307

532,450

+ 175,857

1916

1,127,468

756,428

+371,040

1917

1,603,005

1,035,811

+567,194

1918

1,962,101

1,668,144

+293,957

1919

2,098.873

2,173,460

- 74,587

1920

1.948,395

2.336.175

-387,780

Coin and Bullion. -As regards the movement of gold and silver coins and bullion, the balance of trade in favour of Japan, coupled with the increase arising out of freight, charte/age and so forth, had resulted in an unusual influx of these metals since 1916, and in the following year the high-water mark was reached, the import being 392 million yen (40,000,000) as against the export of 154 million yen (15,700,000). But owing to the ban placed on the export of gold in the United States in 1917, the import of the precious metal to Japan dwindled in value to 5 million yen (520,000), whilst in view of Japan's own embargo on gold, instituted later as a measure of self- preservation, the export only amounted to 937,000 yen (96,000). In 1919 there were imported 327 million yen (33,500,000), as against an exodus to the value of 5 million yen (520,000) ; and in 1920 405 million yen (48,600,000), as against 4 million yen (410,- ooo). The United States had raised her embargo on gold, but Japan had not yet done so in 1921.

Distribution of Foreign Trade. The dramatic expansion of Japan's foreign commerce was not only in the old markets in Asia and America but to the new fields in the South Seas and Africa. The geographical distribution of the expansion in terms of continents is shown in Tables 7 and 8.

Table 7. Exports, by Continents (in 1,000 yen)

To

1913

1918

1919

1920

Asia America Europe Australia Africa.

275,928 191,761

147,225 8,638

1.846

935,550 597,175 298,257 64,828 46.811

995,146 877,925 194,853 30,826 24,107

998,374 632,159 195,590 58,117 38,842

Table 8. Imports, by Continents (in 1,000 yen)

. From

1913

1918

1919

1920

Asia America Europe Australia Africa.

348,055 127-035 220,290

14,943 7.189

812,713 655,011 82,787 48,874 38-627

1,074,370

791,643 162,970 56,635

53-168

942,547 910,648 305,318 62,459

87.157

In the receipt of exports from Japan, the United States of America has always headed the list, the zenith of purchase being reached in 1919-^that country taking 29 % of the total value of exports in 1913, 28% in 1918, 39% in 1919, and 28% in 1920 and she has been followed immediately by China (including Kwantung province), whose shares in those years were 29%, 25%, 28% and 27 % respec- tively. Next to China, though with a wide hiatus, came France in 1913 and then followed Hong-Kong, Great Britain, British India, Italy, Germany and others. But British India and Great Britain had surpassed France by 1918. Notable, also, are the advances of Australia, the Dutch East Indies, the Philippine Islands, Egypt, Argentina, British America, Cape Colony, Hawaii and others in the scale of demand for Japanese goods.

As regards imports into Japan, British India, which had been the chief supplier for several years precedent to the World War (her share was 23% in 1913), yielded her place to the United States in

1916. The value bought by Japan from the latter country aggre- gated 766 million yen (78,400,000, 35 % of the total) in 1919 and 837 million yen (85,700,000, 36% of the total and nearly five times the figures of 1913) in 1920. Great Britain's sale to Japan showed a marked decline during the war, but in 1920 a revival had set in. As in the case of exports, Asia, the South Seas, South America and Africa have all contributed fair shares to the advancement of Japan's import trade; but various European countries, including Germany, commenced to resume their activities in 1920.

Tables 9 and 10 show the development of Japan's foreign trade in more important commodities.

Table 9. Principal Exports (in 1,000 yen)

Article

1914

1918

1920

Silk (raw waste, floss, etc.).

169,720-7

412,848-9

418,140-7

Silk tissues and fabrics

34,022-8

ii7,532-8

158,416-0

Cotton (yarn, thread, etc.).

81,242-5

i75,368,-7

1 73,435-3

Cotton tissues and fabrics.

34.840-7

237,913-1

334,966-0

Drugs (chemicals, etc.)

23,8197

73,660-2

68,984-8

Matches

7,619-1

37,742-5

28,543-0

Coal

23,9l4-5

32,009.4

45,200-0

Cement

1,033-0

6,010-1

10,059-9

Pottery and glass. .

8,914-8

36,037-0

54,691-2

Clocks, scientific instruments

4-548-9

30,561-3

34,182-1

Ships

711-1

80,060-7

15,829-0

Sugar, refined

12,382-8

23,252-1

30,592-9

Metal manufactures

3,490-4

48,562-5

38,447-9

Copper

28,467-5

44,702-7

12,313-0

Rice

4,974-0

8,317-6

5-897-5

Kidnev-beans

832-8

30,194-0

5.287-9

Starch

123-3

29,610-1

4,996-2

Tea. . ..

12,709-9

23,056-3

17.112-5

Aquatic products.

13,416-1

l7,099-3

i7,342-6

Clothing .....

23-876-3

83,001-4

88,487-0

Table 10. Principal Imports (in 1 ,000 yen)

Article

1914

1918

I92O

Raw cotton ....

218,974-5

5i3,738-4

720,160-5

Iron

41,662-9

3io,39i-4

279,222-2

Rice

24,823-9

89-755-6

l8,059-I

Wool

l4,783-7

6i,432-7

121 982-7

Drugs, chemicals, etc..

37,372-7

77,963-4

140,906-7

Machinery ....

24,942-3

58,497-9

110,571-3

Sugar

21,833-4

33,693-8

61,034-3

Oils, fats, waxes and manu-

factures ....

17,077-7

33-312-9

60,340-2

Metal manufactures

8,468-4

33,35i-i

47,009-5

Skins, hair, bones, horns, teeth,

etc

8,165.0

28,583.7

44,847-7

Dyes, pigments, coating and

filling matters

8,080-7

22,002-1

34,44'-6

Tissues of wool

10,225-1

"-485-5

31,270-2

Paper, books and pictures.

10,445-8

I7-765-4

36.191-7

Industrial Development. Although the expansion of Japanese industries was enormous during the Word War, the rate of progress registered in the pre-war period of 1908-13 had also been remarkable. In 1908 there were 1 1,390 industrial establishments and 196 Govern- ment factories; in 1913 the Government factories had decreased to 188 (in 1918 there was a further drop to 161), but the other indus- trial establishments had increased in number to 1 5, 8 1 1, or 38-8%. By 1918 the figure had risen to 22,391, an increase of 41-6% on 1913 and 96-6% on 1908. In a decade, that is to say, Japan had prac- tically doubled the number of factories in operation. Table II illustrates the development.

Table 11. Industrial Progress

Government Factories

No.

Motors

H.P.

Men

Women

1908

1913 1918

[06

188 161

1-746

5.2H

7,014

169,510 292,177 361,226

98,533 99,992

123,087

25,351 29,994

36,349

Industrial Establishments

1908

1913 1918

1 1 ,390 15,811 22.391

11,848 20,013

42.436

379,556 916,828 2,006,098

248,751 375,596 646,115

400,925 540,656 763,081

It is significant that the number of male workers employed increased in a higher proportion than that of the female workers, showing that the trend of -expansion was in the heavier grades of production, such as the iron and steel industries and shipbuilding. A striking advance was also attained in the use of mechanical power in factories, for not only had the number of motors in actual use advanced by 68-9% and 112% in the first and second half of the decade respectively, but the actual horse-power developed had increased to the unprecedented extent of 141-5 % and 1 18-8 % in the same periods. In other words, Japan nearly quadrupled the number