The eighty-fifth ordinary general meeting of shareholders in the Yokohama Specie Bank, Ld., was held at the head office, Yokohama, on September 9. Mr. Kenji Kodama, the president, in moving the adoption of the report, said in part During the half-year under review our economic life was still in the half-way stage of readjustment, and showed little evidence of any revival of activity. New capital issues and bank clearings fell off considera the former a: nounting (o Y.862,000,000 and the latter to Y.25,974,000,000, a decrease of Y.281,000,(00 and—¥.1,490,000,000, respectively, compared with the corresponding peried of the previous year. These reduced figures ave an indication of the deterioration in tha eronomie position in general, and leave an even more disquieting impression than was given by the similar figures for the preceding year. A little temporary relief was afforded the market by the redemption in May of some. public loan bonds and by the diminishing trend of imports to exceed exports, but the high price of cocoons and the failure of a big Osaka speculator exercised a restraining influence on credit. and although call anoney was freely obtainable now and then, term loan conditions were very hard.
Foreign trade during the period under review again showed an adverse balance of Y.368, C00,000, exports and imports amounting to Y.735,000,000 and—Y.1,103,000,000, respectively.
Compared with the corresponding period last year, the-figures for both exports and ports show an increase, but at the same time the difference' between them has also increased in favour of imports. During the first four months of the year, the adverse trade balance was so tremendously heavy that the economic position was seriously affected, producing an uneasy feeling generally. However, conditions improved in May, when a falling-off in imports of cotton and, an increase in exports of raw silk made it evident that the tables were twining, and eventually over-imports were reduced mensely and the situation relieved. Foreign trade being continuously adverse,' the bank's available funds abroayl were rapidly depleted to a point considerably short of our requirements, but fortunately the deficit was made good without any hitch, though it required a strenuous effort to do so. As regards exchange, the total amount dealt in by the bank during the half-year was Y¥.1,240,000,000, an increase of ¥.360,000,000 on the like period a year ago, and of the turnover Y.588,000,000 represented export bills and Y.652,000,000 import bills.
Text read from the printed page and cleaned; old type leaves the occasional error.