JAPAN'S SERIOUS PLIGHT

Poverty Bay Herald, Volume LX, Issue 18203, 26 September 1933, Page 5

JAPAN'S SERIOUS PLIGHT

FACING BANKRUPTCY MANCHURIAN GAMBLE LONDON, Sept. 25. The Daily Herald says that Japan is facing financial and economic bankruptcy as the direct result of the finding of huge sums for financing operations in Manchuria, where she staked everything on a gamble, and all the indications are that she will lose. Japan carried her policy of depreciation too far. There is a growing demand 1 all over tiie world for governmental action to prohibit the importation of cheap Japanese goods, states the journal, and if action is taken it will force Japan into bankruptcy. She is faced with a Budget deficit of approximately £100,000,000 at par. Only 55 per cent, of the Budget requirements can he met out of normal revenue, yet the military party is pressing for additional expenditure.

ANXIETY IN BRITAIN JAPANESE COMPETITION LONDON, Sept. 15. The anxiety of .British business people regarding Japanese competition. is emphasised in the trade supplement of the Times, which quotes reports by Air. T. B. Johnston, of Bristol.

The reports show that British competition with Japanese-made white plates was impossible in Australia. Japanese crockery and ehinaware were sold in Capetown at unbeatable prices. The trade supplement adds: “Tariffs and quotas will protect the British manufacturer at home, but will not make foreigners ‘buy British’ at unattractive prices.” Referring to the menace of low Japanese prices, the city editor of the Daily Alail welcomes The indication in the report of the Industrial Bank of Japan that responsible Japanese appreciate the international aspect of her export activities. The report questions the permanency of the Japanese inflationary boom.