JAPANESE NAVY’S LOSS
NAVAL DOCKYARD DEBTS CREDITORS FORECLOSE By Cable.—Press Association.—Copyright TOKIO, Tuesday. After months of suspense about various proposals for the adjustment of the entanglement of the Kawasaki dockyard with the affairs of various banks, involving £50,000,000, or possibly half as much again, the Government is facing complete failure to find a solution. This is because creditors, headed by the Okura Company, have stepped in and foreclosed upon the dockyard’s assets. These assets include a cruiser and two submarines only 20 per cent, completed, upon which the Government has advanced £2,400,000. The creditors’ claims, including those of the commercial firms of Okura, Mitsui and Sumitomo, total over £10,000,000. It is now authoritatively predicted that the creditors will be forced to buy in the dockyard at auction. The Mitsui Company will probably control it. A report is current that the Prime Minister, Baron Tanaka, and the Cabinet have decided that the Government is impotent to help and that the civil law must take its course. This will involve a loss to the Navy of £BOO,OOO. —A. and N.Z.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/SUNAK19270706.2.8
Bibliographic details
Sun (Auckland), Volume 1, Issue 89, 6 July 1927, Page 1
Word Count
178JAPANESE NAVY’S LOSS Sun (Auckland), Volume 1, Issue 89, 6 July 1927, Page 1
Using This Item
Stuff Ltd is the copyright owner for the Sun (Auckland). You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.