42

displayed  by  Japanese  stocks  is  furnished
by  the  shares  of  the  Tokyo  Tramway  Company. ­
  The  face  value  of  these  shares  is
50  yen  apiece.  They  rose  from  43|  yen  to  the
enormous  price  of  405  yen  between  1892  and
1896.  From  this  point  they  steadily  continued
to  shrink  in  value,  until  in  1904  they  were
quoted  at  65  yen.  The  feat  of  a  Tramway
Ordinary  share  rising  over  800  per  cent,  could
only  be  possible  in  a  country  where  the  working
of  Joint  Stock  enterprise  was  but  dimly  understood. ­
  As  the  general  movement  of  some  of  the
principal  Japanese  stocks  is  rather  curious,
we  here  illustrate  them  in  the  form  of  a  chart.

JAPANESE  PRICE-MOVEMENTS,

Names  of  Slocks.

Price  Movement  During

189211893  1894  1835  1396  1897  1898  1899  1900  1901  1302  1903  1904

(J)  Hokkaido  Rly.  Comp.
Ord  Share*

©  Tokyo  City  Bond*  6%

(D  Imp.  61  Con*.  Loan

©  Yokohama  Specie
Bank  Ord.  Shares

(6)  Bank  of  Japan  Ord.
Shares

©  Japan  Rly  Co.  Or
Shares  ....

©  Kwansal  Rly.
Ord.  Shares

©  Japan  Steamship  C
Ord.  Shares

©  Kyûshü  Rly.  Co.  On
Shares  ....

©  Osaka  Steamship  Co.
Ord.  Shares

©  Sanyo  Rly.  Co.  Or
Shares  ....

©  Tokyo  Tramway
Ord.  Shares