BIG BANK FAILS
JAPANESE SLUMP
MANY FIRMS INVOLVED By Cable.—Press Association.—Copyright TOKIO, Thursday. The Fifteenth (or the Nobles’) Bank has closed its doors. It had a capital of £10,000,000 and 80 branches. The deposits were £36,800,000 and loans outstanding £35,000,000. The depositors include 322 members of the House of Peers. The directorate includes Prince Matsukata and numerous names of men high in finan cial circles. The fate of the bank involves 40 of Japan’s leading industrial and tradiug firms, which are concerned with shipbuilding, oils, electricity, gas and other staple products. The Fifteenth Bank was called the Nobles’ Bank because at the time oi the reconstruction of the Daimyo, cash bonds received in exchange for the feudal lands were placed with this bank. The Imperial Household is the holder of over 15,000 of the bank’s shares. The advances made by the Bank oi Japan exceeded £100,000 : 000 yesterday, which is the largest in the history of the bank. The reason for the large advances is that the officials were propping numerous other banks.
Three minor provincial banks suspended payment yesterday and two more to-day.—A. and N.Z.
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Sun (Auckland), Volume 1, Issue 26, 22 April 1927, Page 13
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186BIG BANK FAILS Sun (Auckland), Volume 1, Issue 26, 22 April 1927, Page 13
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