Beginning April 1
Public-bonds to be issued by the Tokyo, Feb. 9.
Japanese Government during the fiscal year beginning April 1 will total 'Y5,782848,000, according to figures released yesterday by the Ministry of Finance.
This represents a decrease of 1Y.142623000 compared with the estimated amount of bonds issued the current fiscal year.
The bond money will be apportioned as follows: Y.1671177,000 for
special accounts, and Y.3,673, the general budget; Y.437,7994 A for the special account to be used for extraordinary military expenses in China affairs.
Public loans since the fiscal year 1937-38, the year of the outbreak of the China conflict, have totalled v. 10912 000 000. according to figures released by the Finance Ministry. Domei. covering. The advance was further extended on Wednesday and Thursday and.the market as a whole closed on i|the latter day at its best level since January 11.
Trading unti] Thursday was around the lowest levels since last July and was largely concentrated in low-priced issues, a few of which reached new highs for 1940.
Early in the week the commodity markets were dull and a small excess of either buying or selling orders disproportionate price movements. On Thursday, however, commodities generally tended to reflect the strength of securities. Cotton was firm on good trade and Bombay buying. Record January consumption is expected but some of this is thought to represent stocking-up inasmuch as the textile demand has not been aggressive, Unfavourable weather re-Ports, especially from Europe, together with better export demand combined to cause strength in wheat. Reports of extensive jo because of the cold wave are soon and it was also that the government loan might be extended beyond April 30. British government and Continental demand supported the rubber market, Forecasts of the forthcoming quota action range from unchanged to a cut of 5 per cent. With the statistical position of hides considered strong, an improvement in the export demand caused an advance in prices despite an increase in shoe inventories. The sugar and cocoa markets were dull despite large British purchases of Cuban sugar.
The seasonally adjusted Federal Reserve Board index of industrial activity is estimated at 118 for Jan-vary in comparison with 128 for December and a further decline to around 108 is forecast for February Steel operations held steady but there is some nervousness over the price structure and two reductions of 50c each in the price of strap steel reflected the decreased demand from steel mills. Automobile output in February is forecast at 375,000 uni a 20 per cent. increase over the sam? month of 1939. Airline traffic in the United States during January registered the smallest seasonal decline on record and was 55 per cent. above the same month a year ago. Reports of new German peace proposals were ignored by the market which evidently agrees with the view expressed by Secretary of State Hull when he told Congress that there was no prospect of early peace in Europe. The Market In Figures:
Te Manger mx Ficus Thursday Feb. 1 Feb, 8 D.-J. average for 30 Indust.—14922 14940 D.-J. average for 20 Rails 3058 4146 D.-J. average for Utilit. 2461 2405 D.-J. average for.
Bonds $920—8959 D.-J. M Commodity Index 58.21 59.52
Comsoory Paces Chicago Wheat Winnipeg Wheat.. Com Cotton Rubber Hides Sugar Cocoa Previous N.Y. Times Index 108.7 Sieci operation (5; catiosaitgs (carloads) 618/000 kw. hrs.)
a 2.566.000 2.541.000 Aver. oil prod. (bbls.) 3,612000 3,499,000 Automobile output *000 omitted.
(cars) 108400 10
Stock Out Look: Most commentators agree that the major two uncertainties confronting the stock market are the duration of the European war and whether or not President Roosevelt will be elected for a third term. Weeks and months must elapse before these questions can be conclusively answered and in the meantime there is liable to be a certain amount of irregularity. However, the resistance of stock quotations to recent unfavourable news suggests that all known bearish business factors have been adequately discounted and that prices would readily reflect any constructive developments. From a technical point of view, the fact that the averages on an increasing volume of trading hav ence from the "1 which they have held for several weeks suggests that a further irregular advance is in immediate prospect. the four banks.
Gentralisation and utilization of capital funds, Inspection of note reserves of the four banks.
Issue of and application for subsidiary ein extension of loans and discounts.
Wal of remittances to and irom interior and port cities.
Approval of applications for foreign into t in special wartime ustment of material resources in tea to Russia.
Chinese overseas remittances during the year amounted to at least Exports to America during the year totalled nearly $226,000,000; to Hongkong, $22,000,000; to England, $90,- 000,000; to Annam, $71,000,000; to Japan, $66,000,000; to. Germany, $45,- 000,000; to British Malaya, $33,000, to France, $32,000,000; to British India, $30,000,000.
Text read from the printed page and cleaned; old type leaves the occasional error.