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The records of the equipment investments in the transport field in fiscal
1975 show that the public works expenses (in real terms) remain almost at the
same level as the previous fiscal year. The equipment investments of private
enterprises related to the Ministry of Transport (17 types of business, in principle,
enterprises with capital exceeding 50 million yen, called ''private transport
enterprise'' in the following) began to decrease before total private equipment
investments. They decreased for three consequtive years, though at lower rate
than the previous fiscal year, the extent of decline exceeding broadly that
not only in the public works expenses but in the total private equipment investments,
and reached about the level of fiscal 1968 (Fig.
2-5-3).
This indicates the declining investing ability of transport enterprises
due to failure of sufficient recovery of enterprises'power in addition to swelling
costs of materials and construction and space and environmental restrictions.
To promote the development of facilities, the management ground of transport
enterprises must be established and their power must be strengthened by means
of timely and adequate fare revisions, long-term and low interest loans and
other financial aids etc.
The transport public investments recovered from the sharp fall of fiscal 1973 and fiscal 1974 and began to rise in fiscal 1975, because of the 4th antirecession measures. The investments made amounted to 4 trillion and 569.3 billion yen, showing the increase of 1.857o over the preceding fiscal year (but only 0.2% increase in real terms). In various devisions, the expenses used for railways amounted to 1 trillion and 232.7 billions yen (11.1% increase over preceding fiscal year), those for ports and harbours amounted to 360.7 billion yen (1A% increase), those for airports amounted to 98.4 billion yen (23.9% increase), those for coasts amounted to 29.8 billion yen (14.2% increase) and those for roads amounted to 2 trillion and 847.7 billion yen (2.4% decrease), only those for roads decrease.
The equipment investments made by private transport enterprises in fiscal
1975 amounted to I trillion and 116.9 billion yen on a construction basis (16.2%
decrease from the preceding fiscal year). The decrease in real terms was 16.4%.
In the transport business sector (9 types of business including shipping, land
transport, air transport), of the private transport enterprises the equipment
investments amounted to 848.4 billion yen (on a construction basis, common in
the following), which means 10.0% decrease from the preceding fiscal year. The
investments decreased in all the businesses, except taxi and bus business. The
equipment investments made by the manufacturing business sector were as small
as 138.7 billion yen, which means 40.2% decrease from the preceding fiscal year.
This sudden decrease is accounted by the heavy declination in the shipbuilding
industry and the shipbuilding related industry in spite of increase in railway
rolling stock manufacture compared with the preceding fiscal year.
In fiscal 1975, the private transport enterprises obtained the equipment investment
funds from internal funds (27.4%), loans from private financial institutions
(29.4%) loans from governmental financial agencies (19.0%), stocks and company
bonds (14.0%) and others (10.4%). Both the loan from governmental financial
agencies and the loans from private financial Institutions have a large ratio.
The burden of interests has been giving heavy pressure on the management of
transport enterprises. The transition of the records of loans from governmental
financial institutes by types of business show the rapid growth of loans for
increasing the transport capacity of private railways in large city areas. This
has contributed to relieve crowdedness and the construct and improve terminals.
On the other hand, loans for development in oceangoing ships (Government- Subsidized
Shipbuilding Program) began to decrease in fiscal 1973, reflecting the declining
enthusiasm for construction etc.
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