The Washington times., 1923-09-07
JAPAN To SEEK
HELP Of j. 8.
MARKETS
Japanese Bankers in N. Y. See
Increased imports Of Raw
Materials as Necessary.
By w. s. COUSINS.
Copyright. 1898. by Cosmopolitan
News Service,1

Copyright. 1923. by Cosmopolitan
News Service.)
NEW YORK, Sept. 7.-Trade be-
tween America and Japan will be
stimulated rather than retarded by
the greatest economic disaster that
has ever befallen the land Of the
Rising Sun. This view was almost
unanimously expressed today by
the managera Of banking and COM
mercial houses which maintain the
closest relations between the two
countries,
Prominent in this group Is the
Mitsui organization, with world
wide qualifications in banking, i'm.
porting and exporting, mining and
commercial exploitation. The com.
pany was founded about 500 years
ago and such has been its enormous
expansion that it might be regarded
as q Morgan-Gary-R ockefeller.Van-
derbilt combination Of Japan. While
its stock interests are widely held
among japanese investors, 1t IL
still dominated and controlled by
descendants of the original family.
Much Material Needed.
The destruction Of sosnuch prop
erty, and especially Of important
instruments of production" s.
Tajima, New York manager of
Mitsui. said today, ''will naturally
call for an enormous amount OF
new materials for reconstruction
purposes. The Japanese people are
fully alive to the seriousness Of the
situation, and will apply themselves
diligently to make up their terrible
losses.
Except for q temporary increase
in steel and cotton imports, see
no reason to look for very great
changes in the character and
volume Of the trade between the
two countries. Our first great need
will be for steel, and undoubtedly
immediate shipments will como
from America. But, due to lower
production costs and lower trans
portation rates, the European steel
manufacturers can lay down the
finished product at our ports
cheaper than American producers.
and for that reason importations
from Europe will be large.
Zone Of our most important Ameri-
can importationS is raw cotton. This
Is consumed in enormous quantities
by our people, and also shipped In
the form Of cotton goods to the mar
kets of China and other Asiatic coun<
tries. According to present reports,
not more than 20 per cent of our
cotton spindles have been destroyed"
Silk Trade to Suffer.
Tajima pointed out that the silk
Industry will suffer not only from
the destruction Of large supplies Of
exportable silk, but also from the
wiping out Of the silk.testing CON-
panies in and near Yokohama. He is
hopeful that official reports Of the
disaster, still lacking, will show the
damage to be less severe than
present indications.
M. Kioke, New York manager of
the Nitsui Bank, said:
Fortunately, the great industrial
section Of Osaka, and the Maritime
trade center of Kobe. have been
spared the raYages which visited
Tokyo and Yokohama Activities
there and elsewhere will be speedei
up in order to replace, as far as pos.
sible, the normal production of the
devastated region. Thus. while there
will be temporary arrangement Of
some Of our important industries,
the domestic and forerign trade of
the nation will show no decrease"
Kioke stated that in addition to
steel and cotton, the major imports
from this country, japan would seek
in the American markets large
quantities of lumber, grain. oil, pa.
per and chemicals. The Japanese
people are also fond Of American
machinery, and can import it more
cheaply than they can duplicate it,
he said.
Concerning government and indus.
trial financial conditions, Kioke
said:
Have no fear that our govern.
ment will not make good to the last
penny on all of her foreign obliga-
tons. Holders Of Japanese bonds
will sacrifice their own interests If
they sell their securities at de-
pressed prices. It Is possible that
the Japanese government will desire
to float some new bonds in the ill.,
vestment markets Of the. world, and
I believe investors will show a IA
vorable attitude toward Them