As pointed out in our last review there were a series of foreign loans under negotiation at Tokyo..\ccording to cables from there one of those, namely the equivalent of 85 million yen, to the Tokyo Elec. trio Ca., has practically been agree upon. Others (for instance to the Toho Electric Power Ca. for 50 mi ion U. S. $) are still under negotia~ tion with a fair chance for realization.
"The news, which in principle may' be near the truth, has created. 2 profound impression only in. Kivkiang Koad. Japan and America have remained unmoved, as is clearly proved by the fixedness of the New York cross-rate ut of 46.5/8 The reason may be looked for in the argument which we advanced last week, namely that the proceeds of foreign euro rency Joans are likely to be taken care of by the Japanese Government! 'Treasury without disturbance in the exchange market. Furthermore, industrial loans often contain the prs visa that a certain portion of the proceeds is to be used for the wequisition in the lenders' country of twaterial and/or machinery. Finally. it may be surmised that a certain percentage of such advances are re funding loans,
Text read from the printed page and cleaned; old type leaves the occasional error.