The Cordova daily times., 1920-07-29
MINISTER OF FIN ANCE SAYS
 JAPAN WILL, NOT WITHDRAW
 GOLD FROM UNITED STATES

Press) Baron Takahashi, minister of finance and one of the best known financial authorities, has made state ment having a direct bearing on re- ports circulated in the United States relative to Japan's financial status. The minister emphasized that there was no possibility of Japan's with drawing her gold specie held in the United States, as had been reported. Baron Takahashi's statement is as fol- lows:
 'The financial situation in Japan is in an unstable state at present owing to the reactiOnary stage of the post bellum finances and economics which has brought about tight money situ- ation, heavy excess of imports and a depreciation of negotiable securities and general merchandise. But it is a matter for regret that the recent de- pression in financial circles led to ex- aggerated reports in the United States and European countries.
 Perfect and clear understanding is a most important factor for the pro- motion of international amity and friendship. True and correct infor- nation about the exact aspect of if nancial situations are of vital impor- tance to the formation of closer eco- homie relations between any two countries having economic relations. l understand that in connection with the recent financial depression in Japan various unfounded rumors and groundless reports found their way to the American money market where rumors had it that the Bank of Japan had raised it's official rate to ten per cent, that several Japan ese banks closed their doors through failure or that Japan was going to withdraw her gold specie held in the American market
 "Concerning these erroneous re- ports the Japanese government some time ago instructed the Japanese gov ernments financial commissioner and the uperintendent of the Bank of Japan in New York to issue a state ment making clear the true aspect of the financial situation obtaining in this country. Through the statement issued by them, I believe, the Amer 1can financiers and public have real lzed the actual state of affairs in this country. But I wish to take this opportunity to express my views about the latest financial situation in this country.
 The economic situation in Japan has undergone a great change as the result of the European war. It is change similar to that in American economic circles-only it is on con- paratively smaller scale and of limi- ted proportions
 Tn the pre-War period Japan's for eign trade always resulted in an ex- cess of imports over exports and in the international accounts other than trade accounts, too, the balance was always against this country which had to pay a large amount of money for the settlement of the information al balance. Approximately 100000 900 yen (s1OO,OOO,OOO) was paid to foreign countries in 1913.
 Accordingly, Japanese economic circles in the pre-war period had to rely greatly upon foreign countries for monetary assistance. The out break of the European war, however, wrought sudden change in the trend of the economic situation in this country. Since 1915 the export trade of this empire suddenly increased and the volume of exports approxi- mately 1,400,000,O00 yen by the end of 1918. At the same time the re ceipts of accounts other than trade balance has swelled to an enormous amount. This favorable condition has enabled the empire to afford an ample fund for the development of national industry and to give econom- ic support to the allies
 'In 1919, however, however, conse- Ouent llnOn the termination of the war the economic situation of the country began to take a turn to some extent and though the volume of ex- ports and imports continued to in- crease, the balance of the foreign trade for that year resulted in heavy excess of imports amounting to 74,- 1 100000 yen The adverse trend of the trade became prominent this year and up to the end of last April the 1