Note 138 — Chapter I · RETROCESSION OF THE LIAO-TUNG PENINSULA

To take only a few tangible instances, Japan’s national budget grew more than three-fold during the ten years before 1903, her foreign trade in 1903 was 263% as large as it was in 1894, her private companies increased from less than 3000 in 1894 to 8600 in 1902, with a corresponding growth of their authorized capital from less than 200 million to 1,226.7 million yen, and her population itself has increased perhaps by 12%. A decisive development has also taken place in both the internal politics and the international relations of Japan.