Book Description

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 edition. Excerpt: ...As to the cause of the apparent lack of any campaign for the greater use of bankers' acceptances in Japan, a well known Japanese banker told the author personally that certain officials in the Bank of Japan do not favor the introduction of bank acceptances for many reasons. One is that Japanese financial conditions, with the poor accounting system and the consequent difficulty in obtaining credit information, are not well fitted for such an introduction. Be that as it may, the Bank of Japan never ma'de any statement in regard to the progress of the bankers' acceptance in Japan, either in its own financial statements or in any other publilications, while the financial statements of commercial banks do not show the bankers' acceptances as a separate item, but include them under the item called "payments guaranteed," which consists of a guaranty of payment of certain checks, letters of credit and other liabilities besides! 1Tokyo Bankers' Magazine, February, 1920, p. 189. bankers' acceptances. In consequence, it is impossible to obtain any definite information as to the progress of bankers' acceptances in Japan. Some years ago, the president of one of the government commercial colleges expressed the view that Japan should not hastily introduce bankers' acceptances.1 Against this! view, it should be said that the introduction of the system and a vigorous campaign for its use would certainly aid in bringing about conditions favorable to the adoption of bankers' acceptances. It is not too much to say that without having standardized commercial paper in the form of bankers' acceptances, efficient financing of Japanese foreign trade is well nigh impossible. C. Problems in the development of the market There is a natural tendency on the...