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Show Tokio Cabinet Resigns Office Tokio The cabinet headed by Hei-Jiro Hei-Jiro Wakatsuki as premier, resigned. This action was taken us a result of the privy council's rejection of the government's decision to give substantial substan-tial aid to the Bank of Formosa. The resignation of the cabinet is expected to precipitate a financial crits, although al-though the drectors of the Bank of Japan have decided, on their own responsibility, re-sponsibility, to offer some emergency aid in ar. effort to prevent the Bank of Formosa from closing. The privy council disapproved the government's proposal Imperial ordinance to aid the Bank of Formosa, because the concil-ors concil-ors believed the measuro unconstitutional. unconstitu-tional. The emperor has ordered Premier Pre-mier Wakatsuki to continue in office until his successor 13 appointed. After long conference represctatlves of the leading banks agreed to provide temporary tem-porary assistance to the embarrased bank. Concrete proposals, however, have not yet been formulated. Announcement An-nouncement was made that the Bank of Formosa, otherwise known as the Bank of Taiwan, will suspend buniness for three weeks except headquarters office and branches In Formosa. |