At the eighty-fourth ordinary general meeting of shareholders in the Yokohama Specie Bank, Ld., held at the head office, Yokohama, recently, Mr. Nakaji Kajiwara, the president, in moving the adoption of the report, said in part The feature of our economic life during the latter half of last year was the the further progress made in the work of readjustment. In the period under review, new capital to the amount of Y.1,050,- 000,000 was raised, a_ slight increase on_ the figures for the same half of the previous year.' Bank clearings totalled Y.37,400,000,000, an increase of Y.7,900,000,000 on the same comparison. General prices showed a somewhat upward tendency, which was an unfortunate disposition for the early revival of our foreign trade and for an improvement in general business at home, while warehouse stocks were maintained at about tional 30,000,000 at the term-end. Y¥.520,000,000, but showed an addi-
Owing to the general depression in trade, the money market became increasingly sluggish, which condition was unrelieved by any new or special] demands. Consequently the associated banks' tariff of deposit rates was lowered in August. Advantage was taken of the easy conditions, and loan bonds and debentures were issued to she amount of Y.450,000,000. As the year drew to a close, however, money gradually became tighter, mainly due to the adverse balance of foreign trade, and the result was a higher rate of interest and an increase to Y.1,540,000,000 in the Bank of Japan's note issue, Exonance Assorps Funps.
As regards exchange business, the total amount dealt with by <: he bank during the half-year was Y.14123,000,000. Exchange abroad sold and bought in Japwn amounted* to Y.239,000,000 and 345,000,000, respectively. On the other hand, exchange on Japan sold and bought. by our offices abroad amounted to Y.163,000,000 and Y.376,000,000, respectively. Tu other words, exchange relating to exports totalled Y.508,000,000 and to imports Y.614,000,000, or an excess of the latter over the former of Y.106,000,000. The operations necessitated by the adverse balance shown in the foregoing nov only absorbed all our available funds abroad, but rendered it necessary for us to apply to the Government for the transfer to us of some of its foreign credit to cover our shortage.
The franc, mark and other ex+ changes were, as usual, affected by the changing political and economic positions of the respective countries, but, more practienlarly in
Text read from the printed page and cleaned; old type leaves the occasional error.