The next thing was to dispose of the silver that had been brought in, and a large part of it was recoined into subsidiary coins, a large proportion sold in Hong Kong, Shanghai and elsewhere, and much sent to Korea. The whole amount was disposed of in a year and a quarter after the new coinage law was promulgated in Japan. The total expense incurred by the State in effecting the change was roughly £500,000 sterling, but this was more than made good by the Mint profit on the subsidiary coinage. As fast as they could be produced the ten-_sen_, twenty-_sen_, and fifty-_sen_ pieces were put into circulation, in lieu of the paper money of small denominations, and it is estimated that the sum-total of the subsidiary coinage in actual circulation,—silver, nickel, and copper,—would be of the value of 4s. _per capita_, if calculated in English money. This is considered to be ample for the economic needs of the people to-day. In October 1898 Count Matsukata was for the fourth time called upon to take the portfolio of Finance, with Marshal Yamagata as Minister-President, and in May 1899 he presented to the Premier a masterly report on the financial progress of Japan, entitled the “Adoption of the Gold Standard,” which was issued in book form, and it was followed in March of the next year by a “Report on the Post-Bellum financial administration of Japan, 1896-1900,” both affording emphatic testimony to the Minister’s untiring zeal and industry. In October 1900 Count Matsukata retired into private life, and in the ensuing summer he visited London and the capitals of Europe. In recognition of his long and valuable services to the State the Emperor accords him as much consideration as if he were a Cabinet Minister still. He has received the Grand Cordon of the Paulownia Imperialis, and other decorations, and many foreign honours. He was twice Premier, and fourteen years Finance Minister. His achievements include land-tax reform, centralisation of fiscal administration, the redemption of the paper money, the establishment of the Bank of Japan, post-bellum finance, the adoption of the gold standard, the establishment of the Industrial Bank,—and he has rendered many other services to his sovereign and his countrymen of which it is needless to give details here. His part in the Making of Japan has been most ably and conscientiously performed, and he has won the respect and admiration of all classes of his fellow-subjects of the Japanese Emperor. XX ADMIRAL VISCOUNT ENOMOTO