Precedent for Offer of Honourable Peace Tokyo, Jan. 12.
HE Japanese draft budget for the next financial year (April 1, 1937, to March 31, 1938) totals ¥.2,867,796,000, approximately £170,000,000. The new budget is formulated upon the basis of Japan's present emergency requirements, but as the Government has attempted to retrench every possible item" in. the: ordinary administrative expenditures, the total has been reduced by 'Y.76,890,000 (£ 4,500,000) from the revised budget for the present year, including the supplementary budget: approved at the 72nd Diet, The total reduction effected in. ordinary ~administratin expenditures is ¥.141,068,000 (£8,300,000).
The total bond issues in the coring financial year is Y.694,- 103,000 (£41,000,000) including ¥.124,617,000 of Manchurian incident bonds and Y.557,795,000 of deficit bonds.
The Government policy In drafting, the budget for the next financial year Was based on the following seven points: a
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