MINISTER OF FINANCE SAYS
JAPAN WILL N OT WITHDRAW
GOLD FROM UNITED STATES
TOKIO. Jly 29 (by Assocated
Press).—Baron Takahashi, minister o£
finance and one of the best known
financial authorities, has made a state
ment having a direct bearing on re
ports circulated in the United States
relative to Japan’s financial status.
The minister emphasized that there
was no possibility of Japan’s with
drawing her gold specie held in the
United States, as had been reported.
Baron Takahashi’s statement is as fol
lows :
“The financial situation in Japan is
in an unstable state at present owing
to the reactionary stage of the post
bellum finances and economics which
has brought about a tight money situ
ation, heavy excess of imports and a
depreciation of negotiable securities
and general merchandise. But it is a
matter for regret that the recent de
pression in financial circles led to ex
aggerated reports in the United
States and European countries.
“Perfect and clear understanding is
a most important factor for the pro
motion of international amity and
friendship. True and correct infor
mation about the exact aspect of fi
nancial situations are of vital impor
tance to the formation of closer eco
nomic relations between any two
countries having economic relations.
1 understand that in connection with
the recent financial depression in
Japan various unfounded rumors
and groundless reports found their
way to the American money market
where rumors had it that the Bank
of Japan had raised its official rate
to ten per cent, that several Japan
ese oanKs closed their doors through
failure or that Japan was going to
withdraw her gold specie held in the
American market.
“Concerning these erroneous re
ports the Japanese government some
time ago instructed the Japanese gov
ernment’s financial commissioner and
the superintendent of the Bank of
Japan in New York to issue a state
ment making clear the true aspect of
the financial situation obtaining in
this country. Through the statement
issued by them, I believe, the Amer
ican financiers and public have real
ized the actual state of affairs in
this country. But I wish to take this
opportunity to express my views
about the latest financial situation in
*his country.
“The economic situation in Japan
has undergone a great change as the
result of the European war. It is a
change similar to that in American
economic circles—only it is on a com
paratively smaller scale and of limi-1
ted proportions.
“In the pre-war period Japan’s for
eign trade always resulted in an ex
cess of imports over exports and in
the international accounts other than
trade accounts, too, the balance was
always against this country which
had to pay a large amount of money
for the settlement of the internation
al balance. Approximately 200,000,
000 yen ($100,000,000) was paid to
foreign countries in 1913.
“Accordingly, Japanese economic
c-ircles in the pre-war period had to
rely greatly upon foreign countries
for monetary assistance. The out
break of the European war, however,
wrought a sudden change in the trend
of the economic situation in this
eountrv. Since 1915 the pynnrt rr*nr)e
of this empire suddenly increased
and the volume of exports approxi
mately 1,400,000,000 yen by the end
of 1918. At the same time the re
ceipts of accounts other than trade
balance has swelled to an enormous
amount. This favorable condition
has enabled the empire to afford an
ample fund for the development of
national industry and to give econom
ic support to the allies.
“In 1919, however, however, conse- j
quent upon the termination of the j.
war the economic situation of the1
country began to take a turn to some j.
extent and though the volume of ex
ports and imports continued to in-!
crease, the balance of the foreign
trade for that year resulted in a heavy .
excess of imports amounting to 74,-1 (
000,000 yen. The adverse trend of
the trade became prominent this year
and up to the end of last April the
excess of imports reached about 340,- .
000,000 yen.
“What course the trade situation of .
this country will take in future is
difficult to guess but it is certain (
that our economic circles have just
entered the post bellum reactionarv ,
stage. The government has repeated- ,
ly given warnings about the coming .
change in the economic situation, but
the public at large was still dream
ing of the continuation of prosperous i
times and of buoyant business which
lasted long since the outbreak of the
war and was not ready to realize
the necessity of business curtailment
and the contraction of credit trans
actions.
“In the meantime repeated panh
have occurred in the stock market
since about the middle of last April
causing a panicky slump in the cot
ton cloth, rice and silk market,
which was considerably disturbed.
The financial circles have since then
been placed in a state of depression
and still remain more or less par
alyzed. The government, leading
bankers and financiers are doing their
utmost for the relief of the disturbed
financial and economic situation and
at the same time taxing their nerves
to find proper measures for providing
against any similar occurrence in the
future.
“The late financial depression has
dealt a severe blow to our economic
world. This must be admitted. But
it did not go to the length of affecting
the stability of our economic world
or of checking its future development.
The harm dohe to the economic inter
ests by the late financial depression
will be healed in a no distant future.
The blow will, I believe prove a good
and timely warning to our manufac
turers and merchants to arouse them
from the idle dreams of buoyant bus
iness of the past and eventually
serve to nip in the bud the unsound
elements of our economic circles; in
deed, the present misfortune may turn
out future happiness.
“The future of our national indus
try cans lur nu pessimism, it 10
bound to attain more development.
The present tight money should be re
garded as a phenomenon reflecting
the late financial depression and not
as its cause, which properly speak
ing was brought about by the unsound
and unhealthy business boom and un
natural growth of the speculative
mania consequent upon the sudden in
crease of demands for goods and soar
ing prices. The growth of business
enterprises which included not a few
cases of unsound an unstable under
takings, has led to the recent de
pression.
“To check the growth of such spec
ulative business mania and to provide
against its baneful result in the fu
ture, the Bank of Japan twice in
creased its official rate of interest
and discount last autumn by way of
warning the financial circles but
many unsound elements of our busi
ness circles, failed to appreciate and
understand the warnings of the auth
orities and continued to indulge in
business projects of more or less spec
ulative character. The result wras the
recent panic as was anticipated by the
government and intelligent elements
of our business circles.
“Those who suffered the severest
blow through the depression and
stringent money were mostly un
healthy elements, while many busi
ness establishments of sound and sta
ble financial standing were the least
affected. In short, the financial de
p) ession has singled out unhealthy
elements of our business circles and
served to open a new aspect of our
1 easiness world. Such being the case,
I do not hesitate to declare that both
the government and the Bank of
Japan have not the least idea of with
drawing the specie holdings in the
American market on account of the
recent financial depression because
we respect the close monetary rela
:ions between this country and the
United States.
“I think that the development o£
manufacturing industry and the econ
omy of consumption are two great
principles of the post-bellum eco
nomic measures which must be the
common policy of the world’s powers
n dealing with economic affairs after
he war. My particular wish is that
;he United States will utilize her re
sourceful economic powrer to the best
ndvantage for the post-bellum eco
nomic adjustment and contribute to
he solidification and reorganization
)f the world’s economic interests.
“Japan, also, wishes to do her best
;o contribute to the solidification
md preservation of the world’s eco
lomic interests. My sincere wish is
hat the governments and peoples of
;he United States and Japan will
nore clearly understand the finan
nal situation of their respective
?ounines and come to realize the
?reat importance of their co-opera
ion, economically and otherwise, at
;his especially grave moment.”
Graham Broad fresh every day at
he City Bakery.
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CORDOVA AND M’CARTHY, ALASKA
£ £
Combined report of the financial conditions of the
*.*. Jv
| BANK OF ALASKA |
I AND ITS BRANCHES 1
£ £
*:•: At the close of Business June 19, 1920
;X
£ RESOURCES £
£ Loans and Discounts.$ 506,901.10 £
£ U. S. and Other Bonds . 41,956.56
£ Banking Premises, Furniture and Fixtures.... 74,438.49 £
£ Cash and Due from Banks . 391,676.56 £
£ Miscellaneous Assets ... 4,085.25 £
*:•: Due from Branches . 127,769.54
— . — — . i.i .. *♦*»
£ TOTAL . $1,146,827.50 £
£ _ LIABILITIES £
£ Capital Stock .$ 140,000.00 £
£ Surplus Fund . 15,000.00 £
£ Undivided Profits . 13,811.22 £
:$ Reserved for Interest and Taxes . 1,075.00 £
£ Deposits . 856,214.14 £
£ Due to Branches . 120,727.14 :$
£ - £
:¥ TOTAL .$1,146,827.50 £
£ £
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CORDOVA MACHINE
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Residence Phone 101-3
Shop Phone 182
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i SHAMPOOING
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For MANICURING
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Regular Sailings Between Seattle,
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FROM SEATTLE— SAILS SPUTH
JULY 15. ALASKA .JULY 24
JULY 22.-. ALAMEDA .AUG. 1
JULY 29. NORTHWESTERN .AUG. 7 *
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