REMAKING JAPAN

New Zealand Times, Volume L, Issue 11686, 26 November 1923, Page 8

REMAKING JAPAN

ESTIMATES APPROVED NO FOREIGN LOANS, EXCEPT TO RESTORE TRADE BALANCE. INSURANCE AGREEMENT. Bv Telegraph.—Press Assn.—Copyright Ueuter's Telegram. (Received’November 25, 5.5 p.m.) TOICIO, November 23. The Government’s proposal for the settlement of the long-pending insurance issue purports to be a 2 per cent, loan to the insurance companies, amounting to tho equivalent of 10 per cent, of tho claims against the companies, which the companies will pay. The companies are to create an organisation to which all will subscribe, to guarantee the redemption of the loan. Final details are expected to be settled after a conference of representatives of all the companies. The reconstruction estimates, which have received the final sanction of the Cabinet, closely approximate the figures recently cabled (705 million yen). The amount is expected to be raised by a loan on the domestic market, which, it is believed, will be able to finance it, according to a statement by the Minister for Finance, who added that, if foreign loans were needed, they would he issued only to preserve the balance of trade. Such an issue is considered unlikely for the next two or three years. The estimate of 705 million, yen does not include amounts to he raised by the Tokio and Yokohama municipal bond issues, but includes interest thereon. These municipal' issues are estimated at 173 million yen. A NEW EARJHOUAKE SHOOK LASTS 11 MINUTES. PEOPLE TERRIFIED. Australian and N.Z. Cable Association. (Received November 25, 5.5 p.m.) TOKIO, November 23. A sharp earthquake, the centre of which was about 25 miles south-west of Tokio,' lasted 11 minute®. It frightened the populace, who rushed into the streets, in dread of a resumption of September’s devastation. The seismograph, however, indicated that their fears were unfounded. > KILLING OF KOREANS HORRIBLE CRIME ALLEGED. BURNING IN OIL. Australian and N.Z. fral# AaaocinHon. WASHINGTON, November 23. A protest has been filed with the Secretary of State, Mr C. E. Hughes, by the Friends of Korea Society in America against what the society as, sorted was the massacre of 600 Koreans and the imprisonment of 15,000 others during the recent earthquake and fire m Japan. Dr. Floyd Tomkins, president, declar!ed that an eye-witness. Captain Htedstrom, asistant-doek superintendent at Yokohama and an American aitizen, saw £SO Koreans bound hand and foot in groups of five, placed on an oil junk, covered with oil, and,burned alive.