Interesting Statement by Foreign'
Financiers Tokyo, Nov. 19.
Japan is developing her _water power with the aid of foreign capital. Mx, Burnett Walker, Vice-President of the Guaranty Trust Ca,, of New York, and Mr. E. T. N. Grove, of Lazard Brothers & Ca., of London, row in Japan investigating ce The total electrical energy which may be developed in this country means of water power is estimat~ ed at 10 million kilos, or 14 million lip, Already 2,000,000 kilos have been developed, and work for the produetion of another million kilos is well Ina recent press interview Messrs. Walker and Grove "The electric industry of Japan is probably the most stable industry of {the country, both as to earnings and growth.
"Most of the capital required for: the great development of this li dustry has been furnished by the Japanese themselves, but in 1923 Messrs. Lazard Brothers & Ca., Li., issued in London a £3,600,000 loan on behalf of the Tokyo Bleetric Light Ca., La. This was the first public Tean issued by a Japanese corporetion outside of Japan. Tu 1925 the Guaranty Trust Ca. of New York sponsored two pieces of Japanese The shale has been dumped '¥|corperate financing in the American for years to mine the coal and market, a $15,000,000 loan for the this mining costs in the case of the means that there will be nolToho lecttic. Power Ca. and shale making the enterprise even' Seer race: tie te eae Electric Light Ca. This was follow-more advantageous. It is believed ed in July, 1926, by an additional that about, 2,000 tons of shale are '$10,000,000 joan for the Toho Electric daily removed at Fushun and that Power Ca. about 60,000,000 gallons of petro-
Jeum can' be obtained from the oil distilling. plants,
Text read from the printed page and cleaned; old type leaves the occasional error.