Salt Lake Telegram | 1920-11-22 | Page 14 | Japanese Banking Held Defective

JAPANESE BANKING HElD DEFECTIVE Minister of of Finance Fiance Lectures Lectures Lectures Lec Lec- Lec- Lec tures His Countrymen TOKIO Nov No 22 That That th the present financial deadlock in Japan must be attributed largely to the defective detective business policy pursued by the bankers bankers bankers bank bank- ers in general was the opinion voiced by Viscount Takahashi minister of finance in the course of a speech delivered delivered de de- de- de livered at a gathering of leading bankers After declaring that there is much to be be deplored in the business policy pursued by the bankers at large the finance minister said One defect is the neglect of investigations loves loves- concerning the use tise to be made of advances from banks If the security offered is reliable and satisfactory satisfactory satisfactory satis satis- factory the bankers apparently care nothing about the purpose for which the advances are used One onse- onse consequence quence has been the unrestricted in investment investment investment in- in vestment of capital in speculation Such a policy converts the banking business into something little short of Another defect is the unrestricted issue of letters Jetters of credit This In Indiscreet indiscreet indiscreet in- in discreet system must be held largely responsible for the present enormous congestion of goods imported What is essential is the introduction tion of a more public spirited policy There are numerous Japanese bankers baner and business m men n who are respectable and respected as veterans in their own line of business but there are practically none yet who command the same popularity as benefactors in general business circles