RUSH FOR FUNDS

Timaru Herald, Volume CL, Issue 22043, 16 August 1941, Page 10

RUSH FOR FUNDS

Japanese In America PACIFIC SHIPS AFFECTED SAN FRANCISCO. August 4. Many Japanese “beat the gun” to save their funds and shins from being frozen in the United States. Long queues of frightened Japanese from San Francisco’s 50.000 colony gathered at bank windows. The freezing order was not announced until after banking hours in Washington and New York, but San Francisco time is three hours later. Most of the Japanese apparently wanted to withdraw their money and deposit it again in the names of their American-born children. The order requires all Japanese and Chinese in the United States to subject themselves immediately to a pronerty census. It is officially estimated that San Francisco will lose £12.000.000 trade a year. “This means complete stoppage of the oil trade with Japan.” a Californian oil man said. At San Pedro harbour officials boarded the Nishi Maru. and stopped further loading of oil for Japan. But the Daini Oami Maru left San Francisco with 4.500 000 gallons of crude oil. Another Japanese ship sailed hurriedly. forfeiting a £312 bond. It was then announced that the Tatui Maru would not come into San Francisco. For many hours the Tatui Maru had cruised 12 miles off the entrance to San Francisco Bav. She had on board 247 passengers. 100 of th°m Americans, and £1.000.000 worth of silk. the largest single consignment for 10 years. Forty-five Japanese shins bound for American oorts are said to h~ve be*»n hove-to off the Pacific Coast. Shioping between Japan, the United States and Britain is expected to be suspended soon.

American investments in '"■e estimated to be worth £7l 562 n no. Japanese bonds fell 24s on th** York Stock Exchange vesterd 0 * afternoon. finishing at £3 10 -. Spk and sugar futures soared, but wheat remained steady.

The last Jap°nese business man left Egvpt. Only members of the Japanese Embassy remain. ***'d are packing up. Japan’s tride witti South Africa has already stopped.