The production of petroleum is steadily increasing. In 1894, the total production equaled 6,193,200 gallons; in 1895, 6,669,600 gallons; in 1896, 9,528,000 gallons; and it is estimated for 1897 as 14,292,000. The total production of coal in 1896 was 5,249,919 tons, of which 2,194,412 tons were exported, valued at 8,879,265 yen. COTTON SPINNING. The following table shows the amount (in pounds) of cotton yarn and thread imported, the home production, total amount consumed and per capita consumption, and the number of spindles, from 1888 to 1894: According to the examination made in December, 1895, the number of spindles is over 632,130, and the spindles under construction or planned, over 352,427, which, when added together, make a sum of 984,557. In 1896, the total number of weaving establishments was 660,408; looms, 949,123; weavers, 1,042,866, of whom 57,850 were men and 985,016 women. The values of the products were as follows: Silk textiles, 46,471,401 yen; silk and cotton mixtures, 10,281,272 yen; cotton fabrics, 37,083,757 yen; hemp manufactures, 2,021,467 yen; others, 329,338 yen; total, 96,187,235 yen. The state of the cotton spinning industry in December, 1897, stood as follows: Total number of spinning mills existing, 65; number of spindles, 773,738; weight of yarn spun, 17,466,274 pounds: weight of cotton consumed, 20,471,141 pounds; weight of waste cotton, 2,770,280 pounds; weight of coal consumed, 43,886,091 pounds; aggregate horse-power, 21,610; number of male operatives employed. 12,672, and female, 42,656; number of working days, 26; average daily working hours, 126; average daily wages of males, 23.37 sen (11.6 cts.); females, 14.57 sen (7.2 cts.); cost of 1 bale of yarn, 85.45 yen ($42.72%). The quantity and declared value of raw cotton imported into Japan from the United States, China, and British India were as follows: The sugar industry has made considerable progress. In 1888, there were produced 72.268.226 pounds of refined sugar, valued at $3,331,856, and brown sugar, 73,157,369 pounds, valued at $1,828,742. In 1897, 196,321,595 pounds of refined, valued at $7,494,818; and brown, 124,262,630 pounds, valued at $2,404,727. A tabular statement of the commercial and industrial development since the last war will be found on page 89, volume III, "Commercial Year Book." Foreign Commerce. The imports and exports of merchandise are shown as follows, in thousands of yen: *120 mommé 1 lb. avoirdupois. Amount of export subtracted. In addition, there were imported on the seeds in 1893, 28,203,265 lbs., valued at $498,167; in 1894, 13,808,577 lbs., valued at $220,759; in 1895, 11,462,849 lbs., valued at $187,100. +1 kwan = 8.28 lbs. In 1895, the imports subject to duty were of the value of 118,680,124 yen, and duty-free 19,994,718 yen. Exports subject to duty, 72,003,837 yen; duty-free exports, 64,182,491 yen. The trade with the principal countries was as follows, in thousands of yen: The principal imports and exports were as follows (calendar years), in thousands of yen: 1895. 6,004 Sugar... Chlorate of potash. Raw cotton Cuttlefish.. 996 1,151 Cotton goods.. 4,249 7,862 Woolen yarn. Flannels.. Silk goods.... Carpets, hemp, etc.. Umbrellas.. manufactured 2,124 2,461 The increase and decrease of staple imports and exports are shown as follows: The values of the principal exports to the United States for the year ending June 30, 1896, are as follows: Camphor, crude, $87,975; sulphur, crude, $95,244: hats, bonnets, etc., materials for, $110,001; earthen, stone, and china ware, $387,591; flax, hemp, jute, manufactures of, $484,936; paper and manufactures of, $192,414; rice and rice meal, $377,678; silk, unmanufactured, $12,987,796; silk, manufactured, $2,804,906; tea, $4,911,448; gold, $4,915; silver, $13. Imports from the United States were: Breadstuffs, $286,111; cotton, unmanufactured, $1,481,056; iron and steel, and manufactures of, $906,713; leather sole, $474,692; oils, mineral, refined, $3,149,527; gold, $4,630; silver, $3,382,732. IMPORTS AND EXPORTS OF GOLD AND SILVER COIN AND BULLION. Shipping, Railroads, Telegraphs, and Post-Office. (See Index.) Money and Banking. The following table shows the amount of coinage issued in the fiscal years stated (ending March 31): The total coinage issued from the mint from its foundation in 1870 up to 1897, exclusive of re-coinage, amounted to 284,782,821 yen. The paper money in circulation consists of Treasury notes, Kokuritsu Ginko notes, or notes of the national banks, and Nippon Ginko (or Bank of Japan) notes, exchangeable for silver on presentation. The note circulation on April 1, 1897, was 203,768,357 yen In 1895, the Nippon Ginko, or Bank of Japan, had a paid-up capital of 22,500,000 yen; notes in circulation, 180,336,815 yen; loans, 328,525,696 yen; deposits, 540,665,431 yen. The Kokuritsu Ginko (133 head offices having 180 branches), paid-up capital, 48,951,100 yen; notes in circulation, 20,728,708 yen; loans, 518,363,525 yen; deposits, 1,099,963,525 yen. The Shokin Ginko, or Specie Bank, paid-up capital, 4,500,000 yen; loans, 47,421,012 yen; deposits, 322,413,441 yen. At the end of 1895 there were 792 private banks, with paid-up capital of 49,967,260 yen; loans, 380,898,955 yen; deposits, 842,575,973 yen. In 1895-96, 1,605,855 persons deposited 46,397,978 yen, and withdrew 17,918,294 yen from the post-offices, which act as savings-banks. For further information relating to Money and Banking, see "A History of Banking in All Nations," Volume IV, pages 409 to 544; published by the "Journal of Commerce and Commercial Bulletin.” THE NEW CURRENCY LAW. The following is a translation of the new currency law, submitted by the Government to the Diet, taken from the London "Economist": Art. 1. The power of minting and issuing coins belongs to the Government. Art. 2. A weight of 2 fun (11.574 grains T.) of pure gold shall be the unit of coinage, which shall be called a yen. Art. 3. The varieties of coin shall be as follows: GOLD COINS-Pieces of 20 yen, 10 yen, and 5 yen. SILVER COINS-Pieces of 50 sen, 20 sen, and 10 sen. dredth part of a yen shall be called a sen, and the tenth part of a sen shall be called a rin. Art. 5. The composition of the coins shall be as follows: The hun GOLD COINS-900 parts of pure gold to 100 parts of copper. SILVER COINS-800 parts of pure silver to 200 parts of copper. NICKEL COINS-250 parts of nickel to 750 parts of copper. COPPER COINS-950 parts of copper, 40 parts of tin, and 10 parts of zinc. Art. 6. The weights of the coins shall be as follows: The 20-yen gold piece = 4.444 mommé (16.6665 grammes). The 10-yen gold piece = 2.222 mommé (8.3333 grammes). The 5-yen gold piece=1.111 mommé (4.1666 grammes). The 50-sen silver piece= 3.5912 mommé (13.4783 grammes). The 20-sen silver piece = 1.4377 mommé (5.3914 grammes). The 10-sen silver piece = 0.7188 mommé (2.6955 grammes). The 5-sen nickel piece = 1.244 mommé (4.6654 grammes). The 1-sen copper piece = 1.9008 mommé (7.1280 grammes). The 5-rin copper piece = 0.9504 mommé (3.5640 grammes. Art. 7. Gold coins shall be legal tender to any amount. Silver coins shall be legal tender to the amount of ten yen. Nickel and copper coins shall be legal tender to the amount of one yen. Art. 8. The dimensions of the coins shall be fixed by Imperial ordinance. Art. 9. The legal remedy of fineness shall be 1-1000ths in the case of gold coins, and 3-1000ths in the case of silver coins. Art. 10. The legal remedy of weight shall be as follows: In 20-yen gold coin, 0.00864 mommé (0.0324 gramme), or 0.83 mommé (3.1125 grammes) in 1,000 pieces. 10-yen gold coin, 0.00605 mommé (0.02269 gramme), or 0,62 mommé (2.325 grammes) in 1,000 pieces. 5-yen gold coin, 0.00432 mommé (0.0162 gramme), or 0.41 mommé (4.5375 grammes) in 1,000 pieces. the case of the silver coins, legal remedy of weight shall be 0.02592 mommé (0.0972 gramme) for each piece, or 1.24 mommé (4.65 grammes) in each 1,000 pieces of 50 sen; 0.83 mommé (3.1125 grammes) in each 1,000 pieces of 20 sen; and 0.41 mommé (1.5375 grammes) in each 1,000 pieces of 10 sen. Art. 11. The minimum circulating weights of the gold coins shall be as follows: 20-yen gold coin 4.42 mommé (16.575 grammes); 10-yen gold coin, 2.21 mommé (8.2875 grammes); 5-yen gold coin, 1.105 mommé (4.1438 grammes). Art. 12. If in consequence of friction from circulation, any of the gold coins fall below the minimum circulating weight, or if any of the silver, nickel, and copper coins become visibly reduced owing to the same cause, or if any coins become inconvenient for purposes of circulation, the Government shall exchange such coins for others of the same face value, without making any charge. Art. 13. If the design upon a coin becomes difficult to distinguish, or if it has been privately restamped, or otherwise defaced, it shall be regarded as unfit for circulation. Art. 14. Should any person import gold bullion, and apply to have it minted into gold coin, the Government shall grant the application. Art. 15. The gold coins already issued shall circulate on an equality with the gold coins issued under the provisions of this law. Art. 16. The silver 1-yeu coins already issued shall be gradually extended for gold coins, according to the convenience of the Government, at the rate of one gold yen for one silver yen. Pending the completion of the exchange referred to in the last paragraph, silver 1-yen coins shall be legal to an unlimited extent, at the rate of one silver yen for one gold yen; and the suspension of their circulation shall be notified six months in advance by Imperial ordinance. Any of these coins not presented for exchange within a period of five full years, reckoned from the day on which their circulation is suspended, shall be regarded thenceforth as bullion. Art. 17. The 5-sen silver coins and the copper coins already issued shall continue in circulation as before. Art. 18. From the day of the promulgation of this law, the coinage of 1-yen silver pieces shall cease; but this restriction shall not apply to silver bullion entrusted to the Government for coinage prior to that date. Art. 19. All previous laws or ordinances conflicting with the provisions of this law are hereby rescinded. Art. 20. With the exception of Art. 18, this law shall go into operation from the 1st day of the 10th month of the 30th year of Muji (October 1, 1897). PERSIA. The estimated area of Persia is 628,000 square miles. Its population, though variously estimated, is reported by the Government as having been, in 1881, 7,653,000, divided as follows: By the same authorities, the number of inhabitants in 1894 was estimated at about 9,000,000. The total revenue in cash and kind in the year 1876-77 was 50,700,000 krâns, or (1 kr. 9.25d.) £1,950,000. In 1888-89 it was 54,487,630 krâns, or (1 kr. = 7.6d.) £1,602,580. With the rise in the price of silver, the value of revenue rose in 1890-91 to £1,775,000, and owing to the fall in silver the receipts for 1896-97 are estimated at £1,350,000. The expenditure for the year 1888-89 amounted to about 50,100,000 krâns; of this expenditure 18,000,000 were for the army, 10,000,000 for pensions, 3,000,000 for allowances to princes, 600,000 for allowances to members of the Kajar tribe, 800,000 for the Foreign Office, 5,000,000 for the royal court, 500,000 for colleges, 1,500,000 for civil service, 2,630,000 for local government expenses, 800,000 remission of revenue in poor districts; the remainder was paid into the Shah's treasury. Besides wheat, barley, rice, fruits, and gums, Persia produces silk, the annual yield, chiefly from the Caspian provinces, being about 606,100 pounds. About two-thirds of this quantity is exported. The opium industry is on the increase. In 1870, there were exported 800 boxes of 150 pounds each; in 1891, the export amounted to 10,000 cases, and is now estimated at 13,000 cases, the opium sent to Europe being prepared fo- medicinal purposes, and that to China for smoking. Tobacco is exported annually to the amount of 5,500 tons; cotton, 9,934.400 pounds; wool, 1,200,000 fleeces, weighing 7,714,000 pounds, about one-third to Bombay, and the remainder mixed with Turkish wool, chiefly to Marseilles. Persian carpets, of which there are about thirty different kinds, are all made by hand, and the design varies with each carpet. The export of these carpets in 1888 reached the value of £140,000, and is now a little more. The estimated value of the combined imports and exports is as follows; in the absence of any official records, however, the estimates are very uncertain: The imports consist mostly of cotton fabrics, cloth, glass, woolen goods, carriages, sugar, petroleum, tea, coffee, drugs, etc. The exports principally consist of dried fruits, opium, cotton and wool, silk, carpets, pearls, turquoises, rice, etc. There are annually exported from Persia about 10,000 boxes of opium, valued at about £750,000. The customs duties are, for foreigners, five per cent. ad valorem, the value being the invoice price plus the freight. The monetary unit is the krân, a silver coin, formerly weighing 28 nakhods (88 grains), then reduced to 26 nakhods (77 grains), now weighing only 24 nakhods (71 grains) or somewhat less. The proportion of pure silver was before the new coinage (commenced 1877) 92 to 95 per cent.; it was then for some time 90 per cent., and is now about 89% per cent. The value of the krân has in consequence much decreased. In 1874, a krân had the value of a franc, 25 being equal to £1; in December, 1888, a £1 bill on London was worth 34 krâns. In consequence of the fall in the price of silver, the value of a krán is (October, 1897,) about 4%d., a £1 bill on London being worth 53 krâns, while the average exchange for 1895-96 was 50. AFRICA. EGYPT. The area of Egypt is claimed to be 10,698 square miles, of which 6,204 is in Lower Egypt and 4,438 in Upper Egypt. The latest and apparently the only census was taken in 1882, which gave the population at that date as 6,817,265. Taken by nationalities, the number of foreigners in Egypt is: Greeks, 37,301: Italians, 18,665; French, 15,716; Austrians, 8,022; English, 6,118; Germans, 948; other foreign nations, 4,116; total, 90,886. Of this total, nearly 90 per cent. reside in Lower Egypt. The budgets show the estimated revenue and expenditures to have then been as follows: Revenue. Expenditure.. 1895. 1896. 1897. The table following shows the amount of the Egyptian debt in January, 1897: 1898. £E. 10,440,000 10,440,000 £8,628,600 29,393,580 55,971,960 6,631,600 3,788,000 £104,413,740 Crops. About sixty per cent. of the area of Egypt is under cultivation. The agricultural year includes three seasons or crops. The leading winter crops, sown in November and harvested in May and June, are cereal produce of all kinds; the principal summer crops, sown in March and harvested in October and November, are cotton, sugar, and rice; the autumn crops, sown in July and gathered in September and O tober, are rice, sorgho (a sort of maize), and vegetables generally. The total number of date trees which yield fruit or seed is about 3,452,674. Cattle and farm animals, including horses and camels, number 1,668,860. The following table shows (in feddans*) the area of the several crops in 1890 and 1891 : The exterior commerce of Egypt, comprising imports and exports of all kinds of merchandise, is given at the following figures for six years: * Feddan = 1.038 acre; the kantar = 99.049 lbs. |