65, No. 5
As a result, this study shows that the pre-war Liberal Party represented the interest of export industries. However, when these industries were shattered by World War I, it was necessary for the Liberals to work out a new strategy. Thus, in the 1920s they adopted a plan proposed by Keynes, and tried to revive industry through concentrating on the domestic market. Both before and after World War I, the Liberal Party consistently supported the interests of 'Producers'.
From the mid-1920s, the SMR loan was regarded as an important source of specie in the event of a return to the gold standard. But the financial panic of 1927 and the subsequent drain on gold made it necessary to float the loan immediately. Negotiations were opened with T.W. Lamont of J.P. Morgan & Co. who regarded the loan as financial support for the stabilization of the Japanese economy and made every effort for a successful flotation. However, there were objections from the State Department, which was afraid of antagonizing the Chinese. In August 1928, therefore, negotiations began in London. But there was opposition from the Foreign Office, because of fears that a tariff treaty with China would be adversely affected. This failure indicates the collapse of the Japanese government's attempt to combine an independent policy towards China with financial cooperation with Britain and America.
In this paper, the report of a competitive exhibition of 1885 is used to provide an objective evaluation of textile products. Efforts were made to establish quantifiable standards for the exhibits in respect to elements such as weaving, yarn quality, dyeing, length and weight, design, and price. One of the most important findings is that dyeing posed more serious problems of quality for silk textile products than for other kinds. For this reason trade associations, especially in silk textile industry districts, established institutions to teach producers how to apply new technology.
By estimating the labor supply function according to the probit model, it was possible to apply Douglas-Arisawa's first and second laws to the non-household heads of every household. The income elasticity of the salaried household heads was greater than that of the saimin and factory workers. When the saimin households were examined alone, Douglas-Arisawa's first law was applicable to the wives, but the income elasticity of their household heads was considerably less than in the post-war period. Because children were able to enter modern industries more easily than wives, their earned incomes lowered the need for their mothers to seek employment.