This period is not marked, perhaps, by so many unusual events as the preceding one; but it was a period of rapid, though somewhat quiet, internal development. We note in financial affairs the organization of the Bank of Japan, which has ever since been a most important agent in maintaining an economic equilibrium; in business circles the organization of the Japan Mail Steamship Company, which has been instrumental in expanding Japanese trade and commerce; in society the reorganization of the nobility; and in legal matters the promulgation of new codes. Several political events are noted in the chronology; but they were mostly preparatory to the next period. The promise to establish prefectural assemblies was fulfilled, and these became preparatory schools in political science; and another promise, that of a constitution, was made. The Cabinet was reconstructed, and political parties were organized. The Radicals, however, became dissatisfied with the slowness of political progress, and made such an agitation that, in 1887, many were expelled from Tōkyō by the so-called “Peace Preservation Act,” and those who refused to obey were imprisoned. But finally, in 1889, as the climax of the internal development and political preparations, came the establishment of local self-government and the promulgation of the Constitution, which ushered in the next period. VI. _Period of Constitutional Government_ (1889-1900). CHRONOLOGY. 1889. Anti-foreign reaction. 1890. First National Election. First Imperial Diet. Promulgation of Civil and Commercial Codes. 1891. Attack on the Czarowitz, now Emperor of Russia. Gifu earthquake. 1892. Dispute between the two Houses of Diet. 1893. Dispute between the Diet and the Government. 1894. War with China. 1895. War with China. Acquisition of Formosa. 1896. Alliance between the Government and Liberals. Tidal wave on northeastern coast of main island. 1897. Revised tariff. Gold standard. Freedom of press and public meeting. 1898. Revised Civil Code. First “Party Cabinet.” 1899. New treaties on terms of equality—Japan wide open. 1900. Wedding of Crown Prince Haru. Extension of electoral franchise. War with China—Japan allied with Christendom. General Missionary Conference, Tōkyō.