JAPAN’S FINANCES.

Manawatu Standard, Volume XLVII, Issue 124, 23 April 1927, Page 9

JAPAN’S FINANCES.

SEVERAL BANKS CLOSED. PETITION TO GOVERNMENT. TOKIO, April 21. The fifteenth (or Nobles’) Bank has closed. It had a 100 million yen capital, and SO branches, deposits totalling 368 million yen, while loans outstanding amounted to 350 millions. The depositors include 322 members of the House of Peers. The directorate includes Prince Matsukata. Numerous names in high financial [circles are involved, also 40 of Japa'ii’s leading industrial utility firms. The Fifteenth was called the Nobles’ Bank because at the time of reconstruction the Diamyo cash bonds, exchanged for feudal lands, were placed with this bank. * Following upon the suspension of the Fifteenth Bank, which was regarded as one of the strongest, came the suspension of three provincial banks and'two minor Tokio banks. The Bankers’ Association met and drafted a petition asking the Government to come to their aid through permitting the use of Government fundsAlthough the last Government fell through a similar attempt, it is believed 2 that the present Government will not hesitate, in view of the urgency of the occasion. _ The Bank of Japan to-day advanced 100 million yen to assist various banks to meet ruus. Yesterday the Bank of Japan sent seven tons of bank notes to the Osaka banks to aid them in meeting emergencies. —Sydney Sun cable.