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Since FY1978. Japan 's economy has been going through a steady process
of recovery. The part played in this recovery by public investment has been
very great, with the ratio of the public sector in the national economy (ratio
of total public capital formation in gross national expenditure) having expanded
in FY1977 and FY1978. Public investment is being carried out in very close connection
with the trend of the national economy. Public works investment of about \240
trillion (at FY1978 prices and including land compensation costs) is scheduled
in the 7-year New Economic Society Plan (FY1979-85). 30% of this is earmarked
for investment related to transportation. However, in the total domestic fixed
capital formation, the ratio of transportation and communication industries
against all industries has been declining from 23.5% in FY1965 to 15.6% in FY1976.
In both the public and private sectors, the ratio is steadily declining. (See
Fig. 4.)
The public sector accounts for a larger proportion than the public sector
in the total domestic fixed capital formation of industries related to transportation
and communication. The private-public ratio of total domestic fixed capital
formation in all industries is 7.5-7: 2.5-3. In transportation and communication
related industries, however, the ratio is roughly 4-5: 6-5. Particularly since
the start of the 1970s, the private sector's ratio has been gradually declining.
In addition, according to the "Survey of Equipment Investment Plans of Enterprises
Under the Jurisdiction of the Ministry of Transport", the proportion of borrowings
from Government financial institutions for the purpose of equipment investment
is greater in the case of the transportation industry than in the case of industry
in general. When this fact, too, is taken into account, it shows how great is
the direct and indirect role played by the Government in the total domestic
fixed capital formation of the transportation industry.
The breakdown of public works expenditures related to transportation in FY1978
is shown in Table 7.
(1) Equipment Investment Plans and Record
According to the "Survey of Equipment Investment Plans of Enterprises Under
the Jurisdiction of the Ministry of Transport". the recovery of equipment investment
by private transportation industries since the oil crisis is exceedingly slow.
On actual basis, the FY1978 index is only about 60% of the FY1971 level.
Equipment investment of the air transport industry, which had been decreasing
by a big margin after the oil crisis, expanded greatly in FY1978 and FY1979
(planned). This reflects the good business of the air transportation industry
and the fact that its financial balance has improved after FY1977. The maritime
transportation industry registered an increase for the first time in six years,
but behind this was the special circumstance of Japanese shipowners buying back
in FY1978 tie-in ships (those built in the berths of Japanese shipyards arranged
for foreign shipowners by Japanese shipping companies intending to eventually
charter the ships so built for long periods). The truck transportation industry,
too, is rapidly recovering its investment pace after having slumped sharply
at the time of the oil crisis. The bus business and private electric railways
have not been subject so much to business fluctuations. Investment of the hotel
industry slumped rapidly from FY1973 to FY1975 and has not yet recovered. Although
almost all other industries related to transportation are increasing their equipment
investment, the shipbuilding industry alone is unable to brake the downtrend
because of the continuing shipbuilding recession. (See
Fig. 5.)
(2) Procurement of Funds for Equipment Investment
Among all enterprises under the jurisdiction of the Ministry of Transport,
about 20% of the funds for equipment investment were met with internal capital
in the past But after FY1976, more than 30% came from owned capital This shows
that m the stable growth era, there is a trend for the owned capital ratio to
increase Moreover, a large proportion of borrowings are from Government financial
institutions, reflecting the public nature of the transportation related industries.
(1) Information System m Transportation Administration
Various information systems using computers have been developed m order to
process quickly and accurately all kinds of information and data required in
transportation administration and thus to rationalize administrative work and
to improve administrative service The systems m use cover all fields of transportation
administration and include systems for the safe operation of the means of transportation
on land, sea and air, for the collection of meteorological data, for weather
forecasting, for all kinds of tests and research, and also for general clerical
and accounting work
(2) Information System m Transport Industry
In every field of transportation work, computers are m wide use to cope with
the expansion, sophistication and diversification of demand for transportation,
to improve transportation efficiency, to improve services, and to ensure transportation
safety As of the end of FY1978, the number of computers m use m the transportation
industry totaled 1, 316 units They are being used not only for general clerical
and accounting work but also for sales control such as seat reservations, for
operation of aircraft, for container control and for other fields of facilities
and materials control.
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