Read e-book online Banking, the State and Industrial Promotion in Developing PDF

By Shinji Ogura (auth.)

ISBN-10: 0230598129

ISBN-13: 9780230598126

ISBN-10: 0333715039

ISBN-13: 9780333715031

ISBN-10: 1349402834

ISBN-13: 9781349402830

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Sample text

5). 5 also shows that both Mitsui Bank and Mitsubishi Bank were able to reduce their loan balances for a number of years while those of other large banks increased slowly and steadily. Mitsui Bank put the funds newly available from the increase in deposits and decrease in the loan balance into its foreign exchange and securities businesses. 5) and the end of June 1935. It bought long-term government bonds valued at 180 million yen and expanded its foreign exchange operations by 40 million yen. 23 These steps were taken in accordance with the bank’s decision to discontinue its policy of using its excess funds for its foreign exchange and securities operations.

Hence it underwrote corporate bonds for some debtor customers so that they could pay off their debts with the proceeds from the flotation of these bonds. 8 million yen, or about 21 per cent of the bank’s total outstanding loans, excluding call loan. 5 million and $70 million. 52 How eager the large banks, including Mitsui Bank, were to retrieve their loans to electric power companies by means of foreign currency bond flotation is illustrated by the sale of Toho Electric Power bonds and Tokyo Electric Light bonds, underwritten by the Guaranty Company.

As a result, about 68 million yen emerged as new funds to be utilized. Towards a Closer Relationship with Industry 37 Most of the funds were put into domestic and foreign short-term securities – such as Japanese Treasury Bills, rice certificates, Japanese Treasury Bonds, Indian Government Sterling Bonds, Exchequer Bills and Indian Treasury Bills – or deposited as foreign currency deposits at five big commercial banks and a merchant bank in Britain. 05 million rupees at the end of June 1931. 05 million during the first half of 1931, but did not sell or retire any of these.

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Banking, the State and Industrial Promotion in Developing Japan, 1900–73 by Shinji Ogura (auth.)


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