ily to the material improvement of
a nation to have a single language. The descendants of the samurai class
acknowledge now the need for trade on a grand scale, and they are only
too ready to embark in manufacturing and trading enterprises. There are
scarcely ten great fortunes in the realm, and the number of subjects
removed from activity by even moderate affluence is remarkably small.
Likewise, the number of persons reckoned in the non-producing class,
through dissipation or infirmity, is insignificant. And, more potent
than all these reasons uniting to assist in the expansion of Japanese
industry and thrift, is the intense patriotism of the people, stimulated
by glorious success in two wars against foreign nations of overwhelming
populations, as well as the recognition from high and low that Japan's
golden opportunity has arrived. Almost to a man the Japanese want to
employ their sinews and intellect in elevating the Land of the Rising
Sun to an honored place among progressive nations.

The Japanese exchequer is at present a long way from depletion, by
reason of the $150,000,000 loan secured in America, England and Germany.
Probably two thirds of this remained unexpended. Many Tokyo bankers
believed the loan unnecessary, inasmuch as there were funds in hand
sufficient to finance the war well into 1906, had peace not been agreed
upon. But the flotation was deemed wise, not alone because of prevailing
ease in the money market, but for the effect that an oversubscribed loan
in America and Europe would have upon the Czar's government. The
portion of the loan remaining unused for war was employed for giving
effect to Japan's industrial propaganda, and presumably has been spent
for the endless machinery demanded by the factories and shipyards that
are transforming Japan into a vast workshop, for structural metal, and
for steel rails, cars and locomotives for railways in Manchuria and
Korea; and generally for the hundred and one purposes playing a part in
the development of lands hitherto out of step in the march of
enterprise, and where strife has until recently stifled the usual
manifestations of man's desire to improve his surroundings. The Japanese
government in 1906 purchased six railways, which were profit earners,
paying for them $125,000,000 in five per cent. bonds that may be
redeemed in five years. There is no likelihood of a reduction in Japan's
debt for a long time, but its weight upon the people may be reduced b