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INTRODUCTORY NOTE BY THE AUTHOR
The attention of the people of the United States at the present time is drawn, with ever increasing interest, to the commercial and financial institutions of foreign countries. This is due, primarily, to the fact that the industrial growth of this country has brought her to the point when a foreign market seems a necessity. For more than a century her development has rested upon the cultivation of new lands for new crops. There has been a steady movement Westward in search of unclaimed soil for the growth of wheat and corn. This movement is now drawing to a close. The opportunity for agricultural expansion, under the old form of extensive farming, is past, and out of this fact there has sprung an increased interest, not merely in intensive farming, but in the development of manufactures without which intensive farming is not possible. This is the explanation of the new interest which the people of the United States are taking in manufactures and in a foreign market for the disposal of manufactured goods. There was a time when the attention of the American people was drawn to the institutions of foreign lands because of the interest felt in history and in art. This interest is as strong as ever, but on account of the remarkable commercial expansion which has taken place in the last decade, there is now added the more powerful interest of commerce. Under such conditions it is evident that a monograph like that of Dr. Hamaoka, upon the Bank of Japan, will claim the attention of the United States, for not only does it tell us something of the character and life of the Japanese people, but it describes ‘an institution which may be regarded as the highest expression of the commercial intelligence of the Japanese nation.
For another reason, also, will this monograph claim
attention. The Bank of Japan, with its many branches, furnishes a concrete illustration of a highly centralized banking system, and there are many publicists in this country who advocate the substitution of such a bank for the present somewhat loosely organized system of National Banks. These will read with interest the present description of the Bank of Japan, for it must be admitted that the phenomenal success which has attended this institution is a strong argument in favor of the idea that underlies it.
It may not be inappropriate that this note of introduction should include a word of a personal sort. The University of Michigan has been a favorite resort, during the past twenty years, for Japanese students, and a very considerable number of those who have sought here an education have chosen Political Economics Finance and Political Science as their chief work. Many of these young men have returned to their native land to assume honorable and responsible positions, and I feel in writing this note as though I were speaking a word of remembrance to my old students. To them all would I send greeting. It is with ever increasing pleasure, as the years go by, that I hear of their continued prosperity, and I trust the tie which has given me so direct an interest in the life of the Japanese people may not be broken.
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