Tokyo, Nov. 16.
An extensive plan for a new Y.450000.000 semi-ofücial holding company, which will be with a monopoly in the development of heavy industries in Manchoukuo, was explained to-day by its future head. Mr. Gisuke Aiyukawa, president of the Y.200000000' Japan Industrial Company:
He returned here on November 14 after a tour of Manchoukuo, Mr. 4Aiyukawa said the- first enterprise undertaken by the new company is the development of the iron manufacturing industry, to be followed by management of coal. gold, lead and other light metal industries.
For this, most of the shares of the Showa Steel Manufacturing Works is being taken over by the new company. He hoped iron mines in Tungpientao near the Korean border also would be exploited.
Operation of the motor car and aircraft industries by the company will be delayed because these need raw materials and machines imported from abroad, and preparation requiring two years at least.
Investments from abroad. he said, would be welcomed including such from America, Germany, Italy and other countries.
"In the near future," Mr, Aiyukawa concluded, "the capital of the company may be increased to Y.1,000,- 000000. but at present the capital will be sufficient for operation of industries in Manchoukuo,"—Domei.
Changchow, Nov. 16. The Foreign Office of the Manchoukuo Government announces that official Notes have been exchanged between Manchoukuo and Germany confirming the credit agreement concluded on September 4 between Manchoukuo's central bank and the German Ottoword financial organization, Under the agreement, a first instalment of Y.35.000000 credit is granted to Manchoukuo to facilitate the purchase of German goods—Reuter,
Text read from the printed page and cleaned; old type leaves the occasional error.