Tokyo, Feb. 7
The President of the Osaka Shosen Kaisha, as chairman of the Japan Shipowners' Association, has submitted a memorial to the Japanese Ministries of Communications, Commerce and Industry, and Finance, recóm-mending the adoption of a policy to use only Japanese vessels for the transportation of Japanese cargoes.
Because of the intensified control of foreign exchange operations by the Japanese Government, the working of the Emergency Export-Import Adjustment Law and similar measures, the memorial says, trade has been dissppointingly poor for some time, with the result that Japanese shipping now shows signs of a depression. It is quite evident that there will be a sharp drop in shipping revenue—ope vf the principal items in Japan's invisible revenue—If the situation is left unattended.
All Japanese concerns engaged in Ocean operations are now experiencing considerable difficulty in collecting cargo. Now that many countries are adopting the policy of carrying their cargo by their own vessels, Japan ought to adopt the same system, the memorial declares, Therefore, it is urged that the Japanese Government enforce a licensing system for the transportation of Japanese cargo by foreign vessels.
The "Chugai Shogyo." financial daily, that the Government is Ourably disposed towards the recommendation and is likely to take up the question formally in the near future.
It adds that the Government will not take any new legal step, but will make use of existing legislation.
Japanese shipping circles are confident that their income, which at present averages Y.20,000,000 (£1. 600,000) a year, will be brought up to ¥.350,000,000- (over £ 20,000,000) or Y.360,000,000 if the plan materializes. It is obvious that this increase will greatly contribute towards the adjustment of Japan's international a counts,—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.