By the new railway loans of the year 1912 the amount is
increased by over £23,000,000. Foreign banks are also active

''■ Annual Reports of the Imperial and Royal Austro-Hungarian Consular
Offices, 1912. Annual Report of the Imperial and Royal General Consulate
in Shanghai for 1911, p. 150.
THE OBJECTS OF WORLD ECONOMY 83

in China, including three British and Japanese establishments
with a capital stock of about £34.,000,000.
In Japan, according to a statement of the Ministry of
Finance in 1911, foreign obligations were as shown in the
following tables :

Foreign Indebtedness of Japan

Obligation. Amount {in Yen). Interest {in Yen).
National Debt . . 1,437,449,203 62,711,242

Local Loans . . . 176,313,875 8,859,617

Corporation Securities . 151,250,000 7,266,250

Total . . . 1,765,013,078 78,837,109

These figures, however, do not include the paper repre-
senting internal Japanese loans which are in the hands of
foreigners. When these are included, the amount of interest
passing annually into foreign hands is increased to approxi-
mately 80,000,000 yen. Foreign capital invested in stock-
company and partnership enterprises amounted at the close
of December, 1910, to 32,925,000 yen. According to a state-
ment of the Ministry of Commerce and Agriculture this was
distributed as follows :

Foreign Investments in Japan





Total Foreign


New in 1911




Capital {Yen).
{Yen).
Japanese and part Japanese






Enterprises :






Stock Companies


21,850,126


471,304


Partnerships.
642,000


223,500


Foreign Enterprises :






Stock Companies.
6,743,663


50,000


Partnerships.
