A Result of Government Retrenchment: Request to Bankers to Check Speculators Osaka, Nov. 25.
Addressing the annual meeting of the Bankers' Association at Osaka, to-day, Mr. Ichiki, Minister of finance, outlined the Government's financial policy. He said that the Budget appropriations had been readjusted, and the Government had retrenched not only in armaments but in_ the general administrative expenditure and had also reduced to a minimum the flotation of loans. He asked the bankers to refrain from supplying funds to speculators, Mr, Inouye, Governor of the Bank of Japan, reviewing economic conditions, said that, following the Government policy of financial retrenchment and administrativ> readjustment, the people were beginning to realize the necessity for great economy and hard work. The tendency towards retrenchment was resulting in business depression. Turnovers everywhere were decreasing and prices were declining slowly but steadily.
Mr. Inouye forecasted that the period of retrenchment would be prolonged, because there was considerable room for readjustment. He said that prices were still too high, and likewise wages. Individuals and corporations had not yet overcome the habit of rackless spending. Wealth had been accus mulated during the boom and was still enabling individuals to indulge in luxuries and corporations to pay large dividends, though there were no.earnings. Mr. Inouye urged the bankers to pursue @ policy vf retronchment,—Reuter,
Text read from the printed page and cleaned; old type leaves the occasional error.