FINANCE
The expenditure upon the Japanese Navy for the years preceding the war with Russia was—
| Yen. | ||
| 1900-1 | 17,513,354 | |
| 1901-2 | 20,161,010 | |
| 1902-3 | 28,425,630 | |
In 1903 the new programme was authorised, to spread over a series of years.
The Chinese war indemnity paid for most of the ships of the after-the-war programme. The war with China cost £3,595,400 for the Navy, while the Army part totalled to £16,455,200.
Japan is not a wealthy country, and, but for the probability of war with Russia, it is quite possible that the new naval programme would never have been authorised—at any rate, on so extended a scale as now.