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the land tax was its monetisation.

The relative burden of the tax now depended of course greatly on the price of agricultural commodities, notably rice. With a fall in the price of rice the weight of the tax increased. During the inflationary period of the 1870s commodity prices kept rising steadily, from a base of 100 in 1868 to 138 in 1873 and 148 in

The government's goal was overall modernisation, and the build­ ing of industry. The responsible men had almost all some personal experience with industry: they had either gathered it at the pioneering industrial projects of the progressive han, such as Satsuma, or they had seen industry at work in some Western country. Yet these two experiences indicated two entirely differ­ ent avenues: one would lead to state initiative; the other towards encouragement of private enterprise.