著者

斎藤 聖二

出版者

JAPAN ASSOCIATION OF INTERNATIONAL RELATIONS

雑誌

国際政治 (ISSN:04542215)

巻号頁・発行日

vol.1991, no.97, pp.154-177,L14, 1991-05-25 (Released:2010-09-01)

参考文献数

104

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Japanese warships transported five hundred million yen in gold bullion (about 450 tons) equivalent to about one trillion five or six hundred million yen at current prices, from Russia to Canada in the middle of the First World War. This bullion was the specie which was transferred to the Russian account at the Bank of England in Ottawa to supplement the overseas specie reserves. These reserves were for the purpose of purchasing munitions from America. Japan undertook to take part in this operation for the sake of showing cooperative unity with the Allied Powers. The supreme commander of the operation was the president of the Bank of England who oversaw allied finances. The operation was carried out according to a secret treaty between Russia and Britain which had been concluded at the urging of the American government.As the First World War developed into a major conflict, the Allied Powers relied heavily on imports of munitions from America which was at the time neutral. Russia had purchased vast amounts of munitions from America with the financial support of Britain. When the limit of this support was reached the trade finance situation between Russia and America reached an impasse. Britain wished to relieve the situation and enable the munitions trade to Russia to continue, as it was strategically vital that Russia maintain the Eastern front. The most effective method would have been for Russia to make one colossal transfer of specie. However, the threat of German U-boats in the sea near Europe had made that idea unfeasible. Therefore, a plan was worked out whereby Japanese warships would transport the gold across the Pacific Ocean to Canada. By taking on the role of transporter, Japan was able to impress upon the Allied Powers her cooperative attitude and turn Allied indebtedness to her advantage at the peace conference and in post-war deplomacy. Further, during the war the Japanese government had had difficulty in repatriating her foreign specie holdings. When Britain offered to sell Japan a part of the specie gold if she agreed to the transport plan, the Japanese government was more than happy to accept. In all, Japan imported a total of about 65 tons (worth about 80million yen)of gold in this way.During the First World War the center of international finance shifted from London to New York. The colossal specie transfer operation from Russia mentioned above was one of the events which symbolized the change. Japan played an unusual role in this event, a role which helps us to understand both Japan's position and in what ways she coped with international relations during First World War which pivoted on the international financial situation.In the first chapter, we look at the tight financial situation governing the munitions trade between Britain, Russia and America and consider how this gave rise to the necessity for the Russian specie transfer. In the second chapter, we discuss the process of the Japan-Russia munitions trade and the negotiations regarding the settlement of accounts. The third chapter gives a detailed description of the negotiations between Japan and Britain concerning the transportation of the gold and actual voyages of the Japanese warships.