Papers Relating to the Foreign Relations of the United States, Transmitted to Congress, With the Annual Message of the President, December 8, 1885

No. 408.

Mr. Hubbard to Mr. Bayard.

Legation of the United States,
Tokio, Japan, September 24, 1885. (Received October 30.)

No. 42.]

Sir: I have the honor to transmit herewith, for the information of the United States Government, a translation (by the interpreter of this legation) of the official statement of the finance department of the Japanese Government, published in the “Official. Gazette,” No. 670, of date September 22, 1885, relating to the national debt in outstanding bonds.

It will be observed from this statement that the present bonded indebtedness of Japan is 229,002,960 yen, which at the present value of the yen is equivalent to $229,002,960 in silver dollars. The average rate of interest on these bonds is about 7 per cent., payable semi-annually. Of this amount, the Interest on 168,897,000 yen is payable in gold, and these last-named bonds are styled “gold salary bonds.” The remainder of the national bonds are payable in “kinsatsu,” or the paper currency of the Empire.

In this connection, I have to state upon unofficial information received that the Japanese Government are endeavoring to negotiate a new loan in London, where the financial agent is now, of $10,000,000, to be used, it is said, in the speedy completion of a railway system already begun, and in the inauguration of new lines, connecting the interior with the coast. Such a consummation, it is believed, will largely increase the agricultural and manufactured products as well as commerce of this people (both as to imports and exports) with other countries.

I have, &c.,

RICHARD B. HUBBARD.

[Inclosure in No. 42.]

Amount of national public loan bonds of Japan outstanding August 31, 1885.

[Translation from the official statement of the finance department as published in the Official Gazette, No. 670, of date September 22, 1885

		Yen.
New public loan bonds issued 1872		10,652,850
Old public loan bonds issued 1872		10,972,725
Public loan bonds payable in kinsatsu:*
	Issued 1873	1,147,950
	Issued 1874	511,100
	Issued 1880	2,843,000
	Issued 1881	597,050
	Issued 1882	415,400
	Issued 1883	372,550
Capitalized pension bonds:
	Issued 1874	100
	Issued 1875	6,650
	Issued 1876
Five per cent. gold pension bonds, 1877		30,925,115
Six per cent. gold pension bonds, 1877		24,616,600
Seven per cent. gold pension bonds, 1877		106,578,945
Ten per cent. gold pension bonds, 1877		6,576,350
Ten per cent. gold pension bonds, 1878		200,000
Pension bonds granted to Shintu temples, 1878		115,975
Industrial loan bonds, 1878		11,009,000
Nakasendo railway bonds, 1884		15,000,000
Unregistered Kinsatsu bonds, 1884		1,414,600
Unregistered Kinsatsu bonds, 1884		47,160
Nakasendo railway bonds, 1884		5,000,000
	Total	229,002,960

Correct translation.

W. N. WHITNEY, Interpreter.

1. Kinsatsu = paper currency.