At present, a month before New Year's day, this is the absorbing question before the Cabinet, Conferences are held almost hourly. 7: now institution known as the Showa Bank whose plan shows it to be a receivers' bank in fact, under the wing of the Bank of Japan, absorbs the assets and deposit books of a number of the larger banks the doors of which were closed last spring. All of these banks have made terms with a majority of, their depositors—not very creditable terms it is true, but about 40 per cent.—40 cents on the dollar or eight, shillings in the pound—Is, they say, the best they can offer. These compounded debts will be paid to the Unfortunate creditors by the Showa Bank which will be granted loans by "ithe Bank of Japan at a very low rate of interest until such time as the assets can be liquidated, 'The whole trouble, however, lies {in the fact that a considerable' percentage of the depositors refuse to accept the offer of the debtor banks. Of course, the Showa Bank declines to include in the merger those banks unable to compound with their: creditors, One of the worst features of the situation is that, so fa hundred millions have not collected their shares in full. One bank, for instance, is capitalized at a hundred millions and hits only 50° millions Jof paid up capital.
Text read from the printed page and cleaned; old type leaves the occasional error.