The sum of ¥.164,450,000 was cut from the working budget in compiling next year's Army expendi-ures, although new appropriations amounting to ¥.7,193,000 were approved, according to a spokesman of the War office. Next year's Army estimates total ¥.495,712,000.
An appropriation of ¥3,200,000 was made for training Army aviators and "¥.100,000 was allotted to the Reservists! Association, the spokesman Mr, Yuki Most Optimistic Optimism regarding the Ananci utlook, in Japan was expressed. {o-day by 'Mr. 'Toyotaro Yuki, Governor of the Bank of Japan, in a press interview on a train' bound "for Osaka, where he will attend 2 moeting with" bankers from western 'The credit situation, Mr. Yuki said, was favourable with the year-end likely to pass quidly with' demand for funds decreasing except for those needed in the expansion of the nation's productive capacity.
Absorption of government bonds was so satisfactory that $3 per cent. of bonds issued up to November of this year, totalling ¥.3,680,000,000, had queen digested, ho added.
The present low rate of interest would have to be maintained so as to facilitate the issue of a large amount of government bonds and to secure an even supply of funds for the expansion of the nation's produetivity, according to Mir. Yuki.
Overseas Trading Hopes Pessimism concerning Japan's oyer-seas trade was deprecated by the Governor of the Bank of Japan who emphasized the remarkable improve ment in the trade balance of recent months which; he said, chiefly was due to a decrease in imports.
While admitting a corresponding decrease in exports, Mr. Yuki said that Japan's export trade would have to be developed to maintain Japan's purchasing power and safeguard her markets abroad, Exports to the yen bloc countries, including Manchoukuo and China, would not bring foreign currency 10 'Japan, but he doubted it they would bbe' deterred indiscriminately In. view of the ce-ordinated economic fabric Which had to be built up between Japan, Manchoukuo and China.
Text read from the printed page and cleaned; old type leaves the occasional error.