The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1925-10-14
TOXIC Agent
ARRIVES HERE
FOR Big LOAN
u. S. Investors to Have
Chance to Bite
Especial to The Daily Worker,

NEW YORK, Oct. 12.-Kenzo MorI,
the Japanese financial commissioner,
who negotiated the $15o,ooo,oo Am
erlcan loan to Japan following the
earthquake in September, 1928, arrived
in this oity'today for the purpose Of
beginning negotiations for $4,000.
600 loan to the city Of Toxic, the Jap
anese capital.
The loan is to be used in the work
Of reconstructing the city and is the
second large earthquake loan" to be
fioated in the United States.
Though hard pressed for funds the
Japanese bankers have contended
against foreign loans and a number
of large loans we're ioated internally
in Japan. Domestic interest rates in
Japan are considerably lower than
! those obtaining in New York, but
against this the Japanese bankers
point to the exchange rate being in
their favor; yen being now in the
neighborhood of 40 cents as against
par fraction under 80 cents.
Wall Street Power Grows
The power of Wall Street in the far
East Is increasing, as 1t is elsewhere
thruout the world. Japan, last month.
for the first time in nine years, started
gold shipments to New York for the
purpose of supporting its rate of ex-
change. The initial shipment was 81
100000 and more is on the way.
The loan to be negotiated is to be
divided between England and the
United States. England's share being
$4,000, eco and that Of this country
$35,O00,000. A large portion Of It will
be used to purchase industrial pro.
ducts in this country.
Return to Gold Standard
That Japan, like the rest OF the
world, is going to reckon its indebted
ness to the United States in terms OF
the American standard, is indicated
by the announcement that its govern.
ment is working toward the establish
ment Of gold standard next winter.
after the seasonal pressure on Japan
csc exchange due to purchases Of cot
ton and other commodities in the
United States.
The banks, however, do not expect
that such bonds will be very profit
able and will place the issue on the
market for the small fry to gobble up,
figuring on the discount they receive
for floating the loan to guarantee them
against any losses.
TOXIC, Oct II. - Actions Of the
Chinese representatives on the eve Of
the customs conference clearly Indl-
cate determination to break the
whole affair by refusing to partleI-
pate unless the powers involved are
prepared to grant China subsidies.
Mr.. Wang, head of the Chinese dele.
cation lntimated as much today and
further remarks revealed the purpose
of China to demand autonomy in some
| form.
This is in harmony with the crow.
ing nationalist and anti-imperialist
sentiment in China that influences its
representatives at all conferences in
which they become involved with
i ~-@AASA%S e@A ethN OPOnA pOWOlbs
Powers Express Fears.
Representatives of the great DOW
ers, preparing to impose an obnoxi-
GUS customs agreement upon China,
fear that that nation will insist upon
regulating its own duty on commerce
and will resent any interference from
outside.
This fear is accentuated by the
hostile reception accorded the court
of inquiry that is sitting in Shanghai,
which has the audacity to pretend to
Investigate" and fix responsibility
for the Shanghai riots Of last May,
when those powers themselves are
the identical ones responsible for
the corpses in the streets OF that en-
battled city.
The Chinese people, far more than
the diplomats representing that ma
ton, are thoroly convinced that moth
ing favorable to China can be expect.
ed from the vultures Of Imperialism
whether they come from the United
States, England. France or Japan.
The hostility of all these nations has
been sufficiently exposed so that even
in remote corners Of the vast Chin
ese nation the very names OF these
nations are despised because they
symbolic to them the long hours Of
unrequited toll endured by men, wo-
men and children, and the bestiality
of the agents of these goverunents in
protecting the profits Of the exploit
ers.
The Japanese labor movement, like
the advanced sections Of labor In
other countries, is in full sympathy
with the aims Of the Chinese liberia.
ton movement.