"Additional budgets. for special accounts for military expenses in-include V2 973 000 000 for the Army, Y.731,000,000 and Y.750000,000 for the Navy, a, total of Y.4400,000,000.
"The source of these military expenses will be Y.600,000,000 transterred from the general budget, Y.100,- 000,00 from the special accounts, '¥.25,000,000 from military donations, 'Y¥.3,673,000,000 from the flotation of loans, and various sums from China Affairs special taxes, payments for the sale of Government property and other sundry items of income."
Tokyo, Feb. 2.
Taxation reforms are expected to increase national taxes by Y.804,- 000,000 in the first year and ¥.814,- 000000 in succeeding years. There may also be a considerable increase in grants to local bodies as a result of the reform of the local taxation system, The net increase in national taxes is expected to amount to '¥.873,000,000 the initial year and 510 000 000 the succeeding years.
"Bank deposits increased by Y., 974,000,000 and postal savings, Y.l-199,000,000," he said.
"The total of public loans last year was Y.5,261,000,000 of which V4. 700 000,000 was absorbed during the year, This represents an absorption of 89 per cent Convertible bank notes issued last year totalled Y.2,376,000,- 000, an increase of ¥.450,000,000 compared with 1998, largely due to expansion of productive power.
During last year, the Finance Minister continued, "Japan's overseas trade was valued at Y.3,932,000,000 for exports and Y3,127,000,000, for imports, a favourable balance' of Y.806,000,000, an increase of 35 per cent. in exports and ten per cent. in imports compared with those of 1938. The excess of exports over imports in 1939 over 1988 was Y.745.000,000. Exports largely increased to Manchoukuo and China, and certain other foreign countries.—Domei.
Text read from the printed page and cleaned; old type leaves the occasional error.