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14

March %6, 1920.

Dear Mr. Imamura:

This letter wil/ introduce to you Mr. Benjamin Strong,
Governor of this benk, hi3 son, gr. Benjamin Strong, Jr., and

Mr. Basil Miles, formerly of the State Department, who are
making a visit to Japan.
You will recall that on the oocctelon of your vinit
here, before you opiled for Je.ro-n, ycu wor, t =oad erough to ey-

-rese th,3 hose that you mi:ht have an orportunity of meetinv

Mr. Strong tne his party.

These genticmtn are lo:? ink; forward

with keen interert to their trig, 'nc I beereak for them your
kind consideration.
yours,

J. H. CASE.
Acting Governor.

Mr. S. Imamura,
The Sumitomo Bank, Ltd.,
Osaka, Japan.




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New York, Jan. 19, 192:

PA
Dear Mr. Strong4AN 2 5 1921
I was very pleased
to meet you the other day at the
Bankers Banquet, as I did not expect
to see you on that occasion.
I am sending under
separate cover, a photograph of Baron
Sumitomo who urgently requests me to
venture to ask that you present him
a photograph of yourself so that he
may have it as a souvenir of your
visit.

If you will be kind
enough to comply with his request,
please. send the photograph to me so
that I may forward it to him.
Hoping; to see you

very shortly, I am
6incr-rely yours,



Ziktc...e




THE SUMITOMO BANK.LTD.
NEW YORK AGENCY

0
January 27th, 1921.

Dear Mr. Strong,

I am in receipt of your favor
of the 25th instant together with a photograph
of your goodself.

It will giv
to forward same to Baron
sure he will be very gr

me great pleasure
itomo, and I am

eful to you for same.

In his ehalf, I thank you,
and with my kind pers anal regards, I remain

Y urs very t

Mr. B. Strong,
Federal Reserve B= k
15 Nassau Street,
New York City.







February 15th 1921




S

desOotion of which I will write you
later in detail.

S

4/

I am also sending a number of

photographs which I took when you spent
your good time in Maiko and would be
very much pleased if you wcul

throw

back your recollection to your recent
trip.

I am looking forward to seeing

you at luncheon on Friday which you
will be so kind to attend.
y truly yours,

an

February 273,

1921.

Dear Mr. Imamura:
it 108.9

a great pleasure to me, to receive from Baron

Sumitomo, through your hands, the beautiful specimen of the "Hickman
Toh," with the story ,f which I was particularly familiar.
be interested in receiving a more detailed account.

1 should

You know,

I

visited the Horyuji Temple, near Hera; in fact, spent a day there,
with very great interest in all that we saw.

The priests were good

enough to open the "Go-Down" and show ue the treasures, some of them
the most beautiful that -e saw in Japan.

Therefore, I am all the

more delighted through the courtesy of Baron Sumitomo, to have this
rare and beautiful example of an old Japanese pagoda.
With kindest regards, and many thanks,
Sincerely yours,

S. Imanura, EFQ.,
c/o $ umitomo Bank, Ltd.,
149 Broadway,
New York, N. Y.




I

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CABLE ADDRESS
SUIVIITBANK"

HEAD OFFICE
1001, JAPAN

THE SUMITOMO BANK, LTD.

HOME BRANCHES:
TOKYO

YOKOHAMA

NAGOYA

KYOTO

KOBE

HIROSHIMA

NEW YORK

SHIMONO

FUKUS

CODES USED

NEW YORK AGENCY

MOJI

BENTLEY'S
LIEBER'S STANDARD & 5 LETTERS
A. B. C. 6TH EDITION & 5 LETTERS

149 BROADWAY

ETC.

1,4

/)

FOREIGN BRANCHES
SHANGHAI

HARROW

BOMBAY

LONDON

SAN FRANCISCO

NEW YORK

AFFILIATED BANKS

NEW YORK,

No.__

SUMITOMO BANK OF HAWAII

2iza?.d

HAWAII, HONOLULU
SUMITOMO BANK OF SEATTLE

SEATTLE, WASH.

Dear Mr. Strong,
I beg to advise that our Mr. K. Ohshima,

Assistant Agent, has been instructed to visit the South and
study the financing of cotton.

AS he desires to visit the

Federal Reserve Bank or Dallas, I shall deem it a great

favor if you would kindly issue in his behalf your letter of
introduction addressed to the above Institution.
Thanking you in advance for your kind
trouble and trusting that the same will have your kind attention, I remain
Very truly yours,

FOR T7-

Benjamin Strong, Esq.,
Governor, Federal heserve Bank
15 Nassau. St.,

New York City.




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this so-called

"0.to-in" as well

its miniature p

Is,namely,-

ita miniature pacdas were present-

"Shoto-in"

ed to this Yamashina Temple(alias,Kofukuji) for the reason cf its being
one of the tan principal to

lee a,rongst which the Empress Koken had,cn

account of war, distributed cne million 2,1iniature pa_odas on the 11th

day of the 9th month in the 8th year of the 17ra of Tempei-Hoji(764 A.D.)

The 'Shoto-inl was, as a matter of course, a deposit place of one hundred
thousand pagodas in

ancient time.

At present, nothing remains of

this Petite Pac,ades Hall,exceptin7 those miniature pagodas which haply
survive' th..

:all."

7n kassant,it way be mentioned that the dharanis of "Holy Light"
ensconced in the "Hiakman Toh" are rubbed copies of mystic Buddhist
fermulae,the hand-writing style of

has 'Nang Dynasty's flourishes

er. full of a hizh claasic taste. There is no doubt but that the printarmsarbwmaaweew

ing-block was made on the Impress auto_raphs,the ,ost antique prints
ever in existence in cur country.




/
ti

TTRINYP 3049 Nun e 13th.

My der Er. Strong:
In connection with my letter
dated Feb. 15th, 1921, I am
very glad to send you herewith
a more detailed account of the
"Hiakman Toh" written in English
as well as Jarnese, which I
have received from Baron Sumitomo
this morning.
I hope that you shall be
intrested by knowing now its
history because you spent a day
in lIoryuji Temple about this
time of last year, if my memory is
correct.

Lir. Ben amin Strong,
15 Nassau Street,
New York City.

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149 BROADWAY. NEW YORK

:,ov. 14, 1921.
ID

Mr. Benjamin Strong,
470 Park Avenue,
New York City.
Dear Sir

:

Mr. Yatsushiro, Managing
Director of the sumitomo Bank, Ltd.,
has recently arrived here, as a
member of the Japanese Butiness
Men's mission to America and United
Kingdom.

According to the Japanese
custom, he has brought with him a
little JL:itanese Ivory V;ork as his

present to you.

it is herewith forwarded
to you and both Mr. Yatsushiro
and myself shall be grt?!?tly honored

should you kindly accept it.




ctfully yours,




40

ID

November 15,

Dear Mr. Imamura:

Yesterday

received the beauti

Japanese Ivory Work, which Mr. Yateushiro
Director of the Sumitomo Bank, Ltd., was
to bring with him from

J pan.

To both you and to him, I send
thanks and my appreciation of this lovely

more especially of the kind thought which
friends in Japan to remember me in this
By this mail, I am also writin
Yatsushiro.

Yure sincer

S. Imarkura, Esq.,

c/o Sumitomo Bank, Ltd.,
149 Broadway,
New York City.




4
40

41

November 15, 1921.

Dear Mr. Imamura:

Yesterday I received the beautiful gift of
Japanese Ivory Work, which Mr. Yatsushiro, Managing
Director of the Sumitomo Bank, Ltd., was good enough
to bring with him from Japan.

To both you and to him, I send my warmest
thanks and my appreciation of this lovely souvenir, but

more especially of the kind thought which prompted my
friends in Japan to remember me in this way.
By this mail, I am also writing to Mr.
Yatsushiro.

Yure sincerely,

S. Imamura, Esq.,
c/o Sumitomo Bank, Ltd.,
149 Broadway,
New York City.
BS:MM

CABLE ADDRESS:
HORIKOSHI. NEW YORK

CHICAGO
BOSTON

TOKIO

OSA A
AMA
F

Z. HORIKOSHI & CO.

PHILADELPHIA
PARIS
LYON

KANAZAWA
SAO PAULO
LONDON
SIDNEY
SOERABAYA

IMPORTERS AND EXPORTERS

TELEPHONE:
MADISON SQ.

BANGKOK

71 MADISON AVENUE
NEW YORK

NEW YORK,

DEPT.




CODE USED:
BENTLEY'S
WESTERN UNION

149 Broa-imay,

New York City.
Dear Sir:

As per your request, we are herein enclosing
three sample swatches of Silk, details of which are as
follows:

32" x 50 yards

q $1.25 per yard.

#324 Shioze Habutai 32" x 60

@ $1,75

#328

C

"

$2.55

These are all good for any purpose.
If your friend needs less than full piece, we
shall be glad to accommodate him, but if possible, we
prefer his taking full piece of any of the numbers.
Very sincerely yours,
Z. HOR
P
SB: SF

(ENCLOSuRt)

cs

517 2
517 3

I 5174

June _20th,_1922.

Mr. S. Imamura,
C/o Sumitomo Bank, Ltd.

#325 Fuji Silk

-

& COMPAPY.

))2722)i




149 BROADWAY, NEW YOR

40




June .??,, 192?.

Dear Mr. Imaraura:

lAany thanks for your courtes! in having your friend send
me sampler of Habutai silk.

It has been

-

I shall write them in a day or two.

great ragret to we that I have not had more

opportunity for visits rith my Japanese friends in Nem

YL:r1,..

Illness

and the pressure of my work at the bank has so far prevented, but
with the approach of summer dullness I hope we can have some parties

together.

:lith kindest

regards, believe me,
Yours

S. Imanura, Esq.,
c/o Sumitomo Bank Limited,
149 Broadway,
New York City.




very truly,

TOKIO
OS

(0

A

-IAMA

CHICAGO
BOSTON

CABLE ADDRESS:
HORIKOSHI. NEW YORK

PHILADELPHIA
PARIS
LYON

KANAZAWA
LONDON
SAO PAULO
SIDNEY
BANGKOK
SOERABAYA

DEPT.

Z. HORIKOSHI & CO.
IMPORTERS AND EXPORTERS

TELEPHONE:
MADISON SQ.

71 MADISON AVENUE
NEW YORK

NEW YORK,

Silk




CODE USED:
BENTLEY'S
WESTERN UNION

Dear Sir:

We are sending to you, by boy, one piece
of Shioze Habutai, as ordered by you through
We hope that

this silk will prove satisfactory to you.

With kindest regards, we are
Very truly yours,
Z. HO

5174

June 28th,1922.

Mr. Benjamin Strong,
C/o Federal Reserve Bank,
15 Nassau Street,
New York City.

Mr. Imamura of the Sumitomo Bank.

517 2

517 3

HI & COMPANY.

a,M.2/iN

Oluic 27,

19;7.;;).

Dear Mr. Immure:
I would thank you to order for Mr. Strong a full piece
of silk as per enclosed saL,ple of silk from Z. Horikoshi & Company #328 Shioze Habutai 32" x 60 el $2.55 per yard, to be delivered

to Mr. Strong at 15 Nassau Street, New York, obliging
Yours very truly,

Secretary.

S. Imamura, Esq.,
c/o Sumitomo Bank,
149 Broadway, New York.







Copy

Washington, D. C.,
November 12, 1923.

My dear Mr. Imamura:

I am keenly disappointed to have missed your call
the other day; but sitce my recent return I have been able
to spend only a few hours at the office, and on Friday I
was obliged to come over to Washington to attend a meeting
which will detain me here the better part of the week.
So I am obliged to send you a greeting in this
I sincerely hope that when you reach home you
fashion.
will find conditions very greatly improved, and I shall
appreciate it if you will convey my warmest regards to all
of my friends in Japan, especially to your chief, Baron
Sumitomo.
to see you when
With kindest regards, and hopir
you are next here, I am
Sincerely yours,

Mr.
The
149
New

S. Imamura,
Sumitomo Bank, Ltd.,
Eroadwa!,
York City.

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May 16, 1924.

Dear 11r. Imsmure:

Thank you very much for your card of April
enjoy being in Japan when the blossoms are out.

How I zould

I had a little taste

of the same thing recently when I motored from Kris to Cherbourg
through Normandy when ali the fruit trees were in blossom, but of
cuurse that is no such spectacle as afforded by your cherry bloeeoae.
1 as glad to hear that you keep sell.

Indeed my memory of Maiko sill never fade.
tae lust delightful visite I bire dad.
regards to your associates, an

lon't you 6ive my warmect

the same to y,:ur good self.

Yours sincerely,

3. Imamura,
Sumitomo Bank,
Osaka, Japan.

11r.

ES. MW




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"HOTEL- MIYAJIMA.

T. YOKOGAWA.

PHONE. ITSUKUSHIMA
2. 10, 11

" ,-AGER

ID
ACKNIMEEVIMUINIA HOTEL,
SNLANDA R 1 0JAPAN.
M SEA,

Miyajima,

lakictuz4




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10, 11

THE KIOYAMIA

TEL,

INLAND SEA. JAPAN.

T. YOKOGAWA.
AGER.

Miyajima,

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February 26, 1925.

Dear Mr. loamura:

Just this minute :1 poatU card has been laid on my
desk sitn a picture of che view from Maio Villa on one side,
which gives me a thrill of most delightful memoriee; and on
the other side as expreseion in a fine little poem of exactly
the eentilents of friendship and good will which certainly
characterize, is a MsObt, outstanding wiy, the experience of
all American tr!..velers in Japan.

This is a delightful and most welcome reminder, although no reminder is really needed of the happy time which we
had together in gaiko, and you must understand how warmly I
appreciate it.
kr. Greene should be in liew Yorw in a aaj or two, and
I am looting forware with the teeneat interest to hearing all
asout my friends acroee the kacific who are ever in my mind.

mon't you understanc that this letter is addreseU to
you and to Mr. Tsukamoto nleo, and that it carries many ,00d
wishes with it.
Very sincerely yours,

Mr. S. Imamura,
cjo Dumitomo Bank, Ltd.,
Osaka, Japan.
PS.LS




Maroh 10, 1925.

My deer Mr. Imamura.:

any thanks for your kinl letter of February
14.

Mr. Greene hat, returned and the °U...J. evening

I h ta the 1 e4 lure of listenia; to an account el' hid
visit to Japan. certainly he received a welcome and
enjoyed hospitality such as I believe id only possible
in Japan.
My friends were moat find to him and he returned enthusiastic, about his reception Gnu thoroughly

well satisfied with the results of hid trip.
I h..t sure that much of this is due to your on
courtesy, such indeed ti .e I enjoyed when I 1115.6 in Mail°.
Please accept my beat Maw:lice and good wishes.

Sincerely yours,

Mr. S. Imamura,
Swnitoma Bank, Ltd.,
Osaka, Japan.
bS.LS

a




Rey 5, 1925

My dear :Ir.

Imeimura:

i'ir.Jt lun Yz re of

Tad Itttl; ,,cmpa.ut

cif:

?acarel 3z.,ertz 3:lac of let. lark," Aaich I b!at to you

under 'Eta

rebfuary 7, aa:3 aux. newn rwiriat::-.1 with tae

CLUIN. 31 our ne*

addition r)1.

you will oe latt;rewtoc it: it ia this lazAt,
yo.

I am terv.,-

:vcsrt.i copies.
bat.n our r..:,rt of

12 you 1.:,ve Lot
o.,at.;tione f.-Jr 1444

r.,cect.ly

mey with tc al ire a cob'/ cf tIvit

ith cordial rtg!LI,
Vt.:17 .Acccrsly

Mr. 6.

a..)

ImLulurt,

Lumitomc Etak, Ltd.,
°deka, Jc?tka.

you




1101

1111

111111

SrMITOMO BANK,LIMITED
OSAKA

Osaka, November 26, 1926.

Gt@-k tY-2x7q1/6
14 dear governor Strong,

-nsPo

I am worried to learn from our
New York Office that you have been attacked by bronchial pneumonia early this
month.

May I express to you my deep
sympathy for your suffering and most
earnest wishes for your prompt recovery?
Trusting this letter will find
you in good health again, I am, Sir,
Very truly yours,

ging 'irector.
ktiO

Benjamin Strong, Esq.,
overnor,
Federal Reserve Bank
of New York,
New York City,
U. S.

21.

becember

dear Pr. Imumura:
ineeed mind of you to writc. Governor Strong 6.13 you did
It
And he wau deeply e.,;.preci!Aive of your uhoughtfulnese.
on November 26.
period of ri!couprration which
The note ot.fre just as he was leaving for
it ie 4oi,C, will revirn him to full vigor, and at his requert I am writing

to tank you on ris behalf.
j.
Ail of us uere ru relieved, Lb I know bin Foreign Friends are
Fe ie now in
too, that Mr. &_rong hbe wade euch eatiaThotory prat:raze.
the Fouth, when; he All remain during the .linter.
Please accept ttis aso,.rsnce of Vr. Etrong's estdem,

his sincere ttans.
yours,

S::,cr;,..tary to,

Ir. Peoj. Ztron.

Ar. SNlid
The Sumitomo i.ok, Ltd.,
OeLk.

Jhn.




el'

k

0

Baron Korekiyo Takahashi,

otieicu.t, rr. Cen Yishino,
S:_unrokuro hori,




hinister of Finance.

Director of Accounts Bureau.
Lir. of Finance Bureau.
4,hr. Giichi Ono,

L,._

/
-'\

Dir. of Banking Bureau

Hideo Kuroda,

Private Secretary to

hr. Jenbei Horikiri,
Keikichi Amanoya,

Chief of 1::ation

hr. Kumasaburo Hokura,
:Tr. Yutaro Tomita,

hr. Shin Okada,

Chief of Ordina
Chief of Ilational

Chief of Special Banks

hr. J-LAchi Tsushima,

Councillor of Fin

C)

Viscount ::entaro Kaneko,

C)

Baron Yoshiro Sakatani,

C)

Viscount Inajiro Tajiri,

0

Baron Tanetaro heata,

Q)

Baron Eiichi Shibusawa.

0

Baron Seinosuke Goh,

Privy Council
Agriculture a

h.H.P., Ex-hin

:.ayor of Tok

h.F.P., Chairman
of Tokyo Stock Ex

Baron Kumakichi 7.akajima,

0 Baron Kihachiro Ohkura,

President of O

Baron Kaisaku Morimura,

?re. of horimu

-

0 Dr. Juichi Soyeda,

Ex-President of the
Adi;,inistration.

hr. Chintaro Ohashi,

0

Tcyoji 7ada,

Proprietor of the
largest printing

Pre. of Fuji Gas SfAn

hr. Kamakichi Takata,

Vice-President o

(z)

tr4IP

Pre. of Oriental Steamship Co.

Mr. Soichiro Asano,

Director of Tokyo Marine and Fire

Mr. Jichinari Suenobu,

InsuranSo.

0

ic,,t__

fa,p..),;.-4-7 e4

p
Pre. of
Chairman of Tokyo Chamber of Commerce.
.

Mr. Raita Fujiyama,
Mr. Eizo Ishizuka,
Mr. Jukuro Kadono,

0

Governor of Oriental Colonization Co.
Vice-Pre. of Ohkura & Cc.

Pre. of Yokohama Specie Bank.

Mr. Nakaji KajiNara,

Vice-Pre. of Yokohama Specie Bank.

Mr. Shimakichi Susuki,
.

Suzutaro Ichinomiya,

'I

Mr. Jasunosuke Odagiri,
Mr. Eijiro Ono,

Dir. of Yokohama Specie Bank.

Vice-Pre. of the Industrial Bank of Japan.

Mr. Katsumi Yanaga,

0
C)
()

Mr. Takuma Dan,

Dir. of the
chairman of the Board of Dir. of Mitsui & Co.

Mr. Senkichiro Hayakawa,
Mr. Seihin Ikeda,

Vice-Chairman of the Board of dir.
of Mitsui & Co.

Dir.of Mitsui Bank.

Mr. ii_ekichi Yoneyama,
Mr.

Sao Jiro Kikumoto,

Kusuyata Kimura,

0

Jr. Lanza Kushida,
Jr. Takeo Hato,

General Dir. of iatsubishi Goshi Laisha.
General Dir. of Mitsubishi Bank.

Dir. of ...itsubishi Bank.

Jr. Kiyoshi Seshimo,
Mr. -rearnt-mako Kikuchi

()

C)

Kenzo Ikeda,

Mr. Iwao Matsukata,
Kr. Yunosuke Sasaki,




Pre. of the One Hundred Bank, Chairman of
Tokyo Clearing House. /
Pre. of ti_e Fifteenth Bank.

Pre. of the First Bank, Pre. of Tokyo
Bankers' Association.

(3)
11

4

Mr. Keno Ishii,

Dir. of the First Bank.

Mr. Tomi Sugita,

ft

%,
dcf

Mr. Jenzoro Yasuda,

of Yasuda Bank.

Mr. Gunji Kawasaki,

Dir. of Taiwan Bank.

Mr. Kaoru Hisamune,

It

Mr. Kumematus

It

Mr. Chunkicili Minobe,

Tokusaburo Kano,

Governor of Chosen Bank.
Vice- Gov. of Chosen Bank.

Mr. Shi:eo Katayama,

0

Dir. of Chosen Bank.

Mr. Gentaro Shiroara,

Gov. of tl.e Hyrothec Bank of Japan.

Mr. Usabur3 Yanaziya,
Mr. Sadayuki Ikuta,
Mr. Teinosuke :urai,

Mr. Hiroshi Ando,
Dr. Tatsukuro Inouye,




Vice-Gov. of the Hyrothec Bank of Jai:an.

Pre. of Toyokuni Bank.
Lair

.

of Murai Bank.

Co uncillor of Kawasaki Bank.
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ps.41-1.....,4,4-47-1.-

104)a4AJCIL

41




SEP1 9 1:(ii3
CONSULATEGENERALOFJAPAN
165 BROADWAY
NEW YORK, N.Y.

September 18th, 1923.

Dear Ir. Strong:

The following cablegram, addressed to you,

has been received this morning from Viscount Shibusawa
through the Foreign Office, Tokyo:
"The terrible earthquake followed by the conflagration has reduced to ashes 70 or 80 per cent. of
the two great cities of 12okyo and Yokohama making them
look almost like a vast desert. various smaller cities,
towns and villages were destroyed. In spite of the
shocking devastation of my office and of factories,
stores and banks with some of which I am related, I escaped danger almost miraculously, receiving no harm whatever.
Though old, I am busily engaged in rescue work
combating with the misery and suffering of the afflicted
ones through the organization of Daishingai Kiugokai
(Association for the Great Earthquake Emergency) which
we organized. The loss is so great that it cannot be
estimated at this moment. One comforting feature in
this dark hour is the unconquerable optimism of my people
to strive for restoration. We may have to rely upon the
sympathy and assistance of the American nation for reconstruction."
Sincerel

Act

Mr. Benjamin Strong, Governor, /
Federal .reserve bank of New York,
15 Nassau Street,
New York City.




ours

September 19, 1925.

Dear Sir:

Thank you for your letter of September 18, transmitting
cablegram from Viscount Shibusawa addressed to Yr. Strong, which I
shall forward to him immediately, knowing that he will be glad to
learn that. Viscount Shibusawa is safe, as `Ir. Strong was very much

concerned about his welfare during the recent catastrophe in Japan.
Yours very truly,

6ecretary to
kr. 3sni. Strong.

Mr. J. Aueba,
Acting Consul General,
Consulate General of Japan,
1(35 Broadway, New York,




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KJukoilm4(
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( ORIENTAL STEAMSHIP COMPANY )
IMPERIAL JAPANESE AND ri.S.MAII, LINE
AWAY OFT

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MANAGER

TELEP H ONE.

COURTLANDT

CABLE ADDRESS

PF-

"TOYOKISEN"

SAN FRANCISCO OFFICE:
MERCHANTS NATIONAL BANK BUILDING

165 BROADWAY

626 MARKET STREET




IN REPLY PLEASE REFER TO:

NEW" YORK CITY
1-ipril 10, 1920

Mr. B. Strong, President
Federal Reserve Bank
15 Nassau Street, New York

Dear Sir:

At the request of Mr. Nagaike of the Bank of Japan
I telegraphed my San Francisco office to secure for your self and
party desirable accommodations on the "Tenyo Maru".

I am just

in receipt of a wire to the effect that they have reserved for you
and your son Suite No. U-1 and for Mr. Miles Cabin No. 21..

I sincerely trust that you will find these reservations satisfactory.

I have instructed my San Francisco office

to extend to you every courtesy and also while crossing the Pacific I am sure that you will be shown every attention.

Hoping that you will have a pleasant voyage, I beg
to remain

Manager, Toyo Kisen Kaisha

(15-11-'16-5m.)

Mis,

CABIN PLA SCREW STEAMER
THE TOYO KISEN KABUSHIKI KA1SHA'S TWIN

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January 23, 19U.

Dv5r
Very rimy thnkc indcoci for your kind card with good vdc,hec,
for a hai.0

;resperous new joix, chi,:h I rociir.:oate moE..L cosrdially

0)iin.s to Ny LL83n.le 324,(6 Of' t:4

now enolordn.; miLc to yvu,

Chrivtlac, L1Ird6 were delayd, Lot I am
carrioe wit

iL vary 01ir.14 Gut(!

indeed.

I often think with dtAiht. of tho vieit 1 hld with you at
Koya-11n, and *omo Gay eh=1.11 ho,:o to mt,k. c ahochor with wore Limo at my

dispsal, co that I may got a Ldttur unctrattidin

of your work ano

audios.
Wor't you write tie now and thcr_, 4116 if you find Enziibh
too difficult c'an't hcAtatf., to r.rite in Jakaac:,e ano I eLvll g6t come
of my goo,

frierda in Betz York to trancialo it for ',Lt.,.

Cordi9.11y your friend,

Mr. E. KAe.W1,

c/o t7bojT,Ifin,
Koya-San, Japan.




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November 28, 1926.

My dear Mr. Kajiwarar

It sae moat kind of you to eend me th

Pictorial Feview showing

conditions in Tokio and Yokohama following the earthquake and fire,

This

indeed wives a graphic picture cf the terrible disaster rith which Japan bae
been visited.

I am sure that the Japanese people realize the depth and

sincerity of the sympathy which all American people have felt for them.

we

would like to be of service' in restoring your country to prosperity and

but more than anything we would like to have you understand that

happiness;

this calamity has brought to the surface the true feeling of ql ftericans,
which is one of real friendship for Japan

nd the Jepeneee people.

We all hope that you F:nd your associates have esce,ed too severe
loss.

So far aa I am able to discover, all of my pereonal friends escaped

injury, but of course many of them suffered severe property lossee.
With warm rood wishes, believe me,

7.8 ever,

Faithfully yours,

Mr. Nakaji Kajiwara,
Hypothec Eank of Japan,
Tokio, Japan.
BS. MM




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NEW
e',.0L~A5,1ererib4 YORK

AGENCY.

HEAD OFFICE

YOKOHAMA, JAPAN.

De

Mr. Benjamin Strong, Governor,
Federal Fteserve Bark,

15 lias:3u St.,

New York,

N.Y.

Dear Mr. Strong-

I am advised that lir. K. Tatsumi, a Director
Yokohama Specie Bank, will arrive in New York City on l

next, spending a few days here before leaving for :And
Mr. Tatsumi bears a letter of introduction to

Mr. J. Inouye,

inister of Finance,

and

is very anxiou

the opportunity of meeting you and (liscusEing certain m

Will you kindly make ar. aprointment at the ea

next week, which will be convenient to you to receive M

Yours very truly,

"irip/74
F.

?A'e-4

/

TOKYO STATION HOTEL

09 c-14----Th

aok y,

Phone, Nos.
Honkyoku {1357 2262 3604 3605 622
3828 3829 4970 5190

&ArT
'-free-ALiZ,4vsvtl-Af--To

L'4J'e'442-1

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Haramachi,

Lug. 7th, 1920
My dear Mr. Strong

'nclosed my speach I hope is the
general aspiration of our people.
--Among many things, hitherI-to all

our religions and educational and even
administrative principles were on
deduction. But since the adoption of
codes, every thing became inflexible.
Yours i

1

.

G177,11/

ilemeber me to Mr.Mc Doo, thr.Hamlin and

Mr.;arburg when your see them.

ADDRESS OF BARON MEGATA
at Mc Cosh Hall, Princeton University,

Princeton, N. J., December 17, 1917

0

AVERICA-JAPANESE BUSINESS COOPERATION
IN THE FAR EAST.

Por some years it has been the subject of much
discussion among the thinking section on both sides
of the Paoific that the cooperation in business undertakings by America and Japan in the Par East will increase the benefit of the countries concerned, that

it is a most desirable project in maintaining a lasting
peace in the Orient, mad that, at the same time, it
is quite a feasible plan viewed from the practical
side of the question.

It would, therefore, be

superfluous for me to discuss this point any further

here, and so my observation shall be limited to the
method of realizing this ideal, or, in other words,
as to in what kind of undertakings and under what
conditions the two countries should associate themselves.
At present, China's finances are in a state of
derangements in the extreme.

ghe has not enough

money to pay even the officials of the central and
F rovincial governments and some hundreds of thousands

cf soldiers stationed at various parts of the country.

The same is more or loss true with the currency system
and the means of communication, whioh can be regarded
as the foundation on which stands the economic life
of any oiviliMed nation.

There are in China many

future has in stdre for China.
4110

Iron-ores are not

yet sufficiently produced nor made use of at present.
There are, however, immeasurable quantities of ironores lying buried along the banks of the Yaugtse River,
and the working of these resources has certainly a
most hopeful outlook.

There are also oil-fields

in Shensi and antimony deposits in Hunan districts.
In short, every branch of mining industry in China
gives ground of favorable expectations for the future

and we have every reason to believe that China has,
indeed, a most promising future in this line of industry.

Of all the various mineral produots that China is
provided with, however, especially is she rich in her
resources of the more important iron -ores and coal,
and '04 fact that the particular sort of coal qualified

for iron smelting and refining is found relatively
near the producing centres of ores gives to her iron
and steel industry ank invaluable natural advantage.

In faot, iron and steel industry constitutes, together
with the mining, the two key-industries of prime taportemes.

A striking increase in the production of pig-Aron is
noted year by year at the iron foundries of Hanyang
and Tayeh now at work, the annual output exceeding
150,000 tons in the former while the latter is expected
to yield double of that amount before long.
Turning to the manufacturing industries in China,

While there are not a few promising enterprises that
might profitably be carried on by _America. and :span

conjointly, such, for instance, as cotton-spinning,
making of agricultural implorlents, silk-reeling,

S
manufactures of oils and fats, of matohea, leather
and tol)acco industries, etc., the most suitable are,

in my opinion, cotton-spinning and manufacture of
form implanentsa China being the largest oonsumer
of cotton goods, their importation ranks first in
the order of importance among all her imports.

Indeed, it may be said that hernational prosperity
is largely dependent on the development of her cotton
While cotton-spinning has gradually made

industry.

a perceptible progress as one of the chief industries
of the country, it Is as yet in its early stage of
developOment, the number of spindles being hardly so
many as 1,300,000.

China is also quite inexperienced

in the use of modern agricultural implements and

machines, people still sticking tc the oldfashioned
primitive methods of cultivation, tillage, fertilizing,
and harvesting,

China is essentially an agricultural

country, a majority of the population coneieting of the
farming class, while throughout the whole country
covering a vast area, the soil is fertile and generallY
fit for cultivation.

If any appreciable improvements

and developments of agriculture be looked for in China
in the future it is necessary to begin with the re.

form in her methods of production along the lines
suggested by the latest knowledge of agriculture,

and

to encourage the use of better farming implements
so

and machinery as to increase the crop.

Henoe

the making cf up-to-date agricultural implements will
naturally become in time one of the important industries
partioularly in China.

a.

Such is my survey of the present situation and
outlook of various enterprises in Chine.

Suppose

America and Japan should conjointly oA,rry on one or

the other of these enterpriseu, how should that cooperation be worked cut in practice?

It has hitherto

been asserted in some quarters that the cooperation
can most succeesfully be cmrried out along this line:

the United Staten to supply the necessary oepital and
Japan to undertake the actual management of the enterprises.

But I have quite an opposite view on this

point.

When American and Japanese interests should

assooiete themselves in carrying on a buninesa enter-

prise, they might of course make working arrangements
along some such line as advocated by those men.
should they not?

thy

Still such, I believe, might be

practicable only under special circumstances which are
quite exceptional.

As u general principle, it is

most reasonable and fair to establish cooperation

between the two partiee nn an equal footim both ns
regards oepital and administration and management as
well.

Moreover, an e. consequence of strong anti-

foreign ideas still prevailing, foreigners are not

permitted to undertake certain kinds of enterprises
in China.

.

It follows, therefore, in so far as these

are concerned, mere assoeiation of the United States
and Japan only in not sufficient, but it is also
desirable
that China should enter as a oo-partner.
In fact
as regards specific enterprises and
under certain
eircUmstances we might look for
a better and more
satisfactory result from the
cooperation of these

MN,

three Powers.

Now, What is the preepect of japnAmeriea
cooperation in Japan?

siness

In my opinion, each cooperation

is not only quite practicable but also has every prospect
of great SUC00313.

Although we have of late made a notable progress
in our economic position and there has been built up a
more abundant supply of capital funds in the country,
most of our business undertakings are still defective
in their organization and scientific management.

This is exactly where the United States can claim
superiority.

Hence, it is in the interest of Japan

that the United States should °cue and participate
in the works here in this ocuntry with her atverior
organizing ability and knowledge and experienoe in
industrial undertakings, while at the came time it in
in the interest of the United States herself that

her enterprises should thus bo offered roomNfo expansion.

There may certainly be many undertakings in Japan
suitable for the joint operation of the two countries,

but the moet promising of all Would be those in the civil
engineering line, such as the hydro-electric enterprises,

house-building, and the conntruction of underground
railways.

he geographical oonditions of the country

give to our hydro-electric enterprises an advantage of

',emending abundant flow and necessary head of water,
Whilst, on the other hani, with the rise of various industrial activities, electricity has more and more come

WV

to be utilized as a motive power in place of coal, of
In spite,

Which we have a poor output in this country.

however, of the fact that its use has thus b een greatly

extended and has every prospect of being further extended
in the future, the electric power as is provided by
private enterprises at present hardly ezcoeds one million
kilowatts.

In view of the necessity of mitigating

the shortage of our coal supply in future further
exploitation of our water-power resources will become
more and more noceenary.

Turning to house-buildin,

the construction of underground railwaz,s, ana other
oivil engineering enterprises, it would be ',lordly any

use expecting, with our present engineering ability,
a steady ~end speedy progress of the work.

In the

Construction of underground railsays, especially, a
work in ahich we have no experience, we cannot but welcome the importation of the American technical skill
with many years of practicaa experience.

V3

tr1411w

cr

.Qt

50

r

411

TOKYO

HOTEL, TOKYO, JAPAN
DER THE MANAGEMENT OF SEIYOKEN CO., LTD

TOKYO STATION HOTEL
Phone, Nos.
Honkyoku /1357 2262 3604 3605 622
3828 3829 4970 5190

Arr110

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4

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jActirtIA Mapane5c 3.1finanrial Tontinissiorter

Pintilfuottli X3uilbirts

Xefu 'Nark Qlitg

[
IG

741,111 )

January 18, 1923.

My dear Nichis

Frie1osed is a copy of a note of iA-troduction which I en
giving tc two ] adiee, Mrs. Cha%rice T. Barney F.sid Mrs. Stenford 'Otto.

They are travellinz with the Cook's party, but otherwise aro unaccompEnied.

They tiro net cert,:in wbott.er they, rill red e.

courier in Jz..,pra or not,

but,

it' tray CO , i lave roonziencler.1 th:it

they api.ly to you ar.c.', havt: asked *cm tc

yc.u

1-nott c.F fc,r

advance as possible.
S;e, sure cnd

results.
rebhrds to

Loi.a you
1

good ot..re of them, r.nd let

and yleF..sz. give ny kindest

d tc your claughtF.,r.

Yours very truly,

K. Niship Esq.,
c/o miyako

Kioto, Japan.
35.M1

Eno.

?:now the

r"e4

a

1,,

0

THE FINANCIAL ANT ECONOMIC
STABILITY OF JAPAN.

The economic phenomena of a country are subject to

vicissitudes of ups and downs, like the alternate ebbs and
flows of the tide-water, prosperity being followed by depression and depression succeeded by prosperity.

Yet those

it

changes have noting to do with what is real and fundamental
of the financial and economic status of a country.
In the following statement of my views cn the financial

and economic stability cf Japan I shall proceed with my observation from

of first:

Japan

in her relation to foreign countries economically; second:

what is the condition cf her currency and credit: whether her
credit structure is founded on a sound and firm basis
or not; and third: what is the extent of the financial

burden upon her people: whether it is too heavy or not.
1.

Japan's Foreign Trade.

The five years df the world war witnessed a great
3hange in the financial and economic situations in

Japan, prirarly in cone-quence of a remarkable development in her foreign commerce.

The balance of trade,

which prior to the war tended generally against her,
now turned tc her favour,

The increase in her specie

reserves resulted in the expansion of banic-notes in

circulation, which naturally contribl:'"
ment of indllatrial

business activities.

the enhanceIn view of the

important part that the course of our foreign trade will play

J.

turing industries following upon thriving export trade;

while among the food-stuffs the importation of such
goods as riee has also increased enormously as the

result of an augmented consumption and a soaring price
of rice at home without precedent.

It cannot be

overlooked, however, that even on the side of import,
just as mech as on the side of epports the rise in value
is the more striking than the increase in quantity.

Now, what will be the probable course of our foreign
trade in future?

Prices of commodities are generally
a
on the decline throughout the whole world, inFitable as

it is the tendency after the war, and if the rehabilitation of industries results in increased production in the
other countries of the world and more abundant tonnage of
ships be made available, our export trade will probably be
hampered in seine degree.

On the side of the import trade,

also, measures taken for adjustMent of production in
various lines of industry to cope with the changed
situation of the reactionary period in business and
finance, will check the importation of raw materials
into the country.

In short, some decrease both in

exports and ieports is likely to be the general trend
of our foreign commerce in the near future.

Still, I

believe, as Japan is dependent upon foreign countries
for the supply of raw materials in the maintenance of the
various industries that have sprung up during the war,

our import trade will hot suffer any consideratle decline
in fut-re, althougi- some diminution is most probable.

As for the export trade, Japan's induetriy; have made a

conapicuous rroreas during the war and the market for

adverse trade balance even though our foreign trade
may continue unfavorable to us in the future.
2.

Currency and Specie Reserves,

Ever since the inauguration of the gold standard
in Japan over twenty years ago, the balance of our foreign
trade tended generally against us, and, while as I said
before our investments abroad were almost next.to nothing
we owed a relatively huge sum in foreign debts.

Be-

sides, gold production within the country amounted to not
more than 20 million yen annually.

Under the circumstan-

ces we have experienced not a little difficulties in the
effort to maintain cur gold reserves.

Fortunately, how-

ever, the specie reserves have but rarely been permitted
to fall below 1/3 of the amount of notes issued, so that
no fear has ever been entertained as to the stability Of
our system of note issues.

As an incidental of the world war the specie holdings cf our country having steadily increased year after
year since 1914, the Dgecie reserves against notes have
also risen rapidly from the pre-war figures of 220 million
yen to no less than 900 millions, while the amount of
notes issued have shown a marked increase to the high
figures of 1,300 to 1,400 millions, at which it is maintained
at present.

7eanwhile the Government fractional paper

currency and other subsidiary coins have also increasingly
been put into circulation, with the result that the total
volume of currency in actual circulation has reached to
1,900 millions or 24 yen per capita of the population of

Such an increase in currency being

the whole Empire.

after all due to a temporary ever- expansion in every

line of economic activities, some contraction in the currency is bound to come sooner or later consequent upon and
in the degree of credit curtailment.

As to the specie reserves that we now hold, it is
my views as stated elsewhere that after all Japan shall
be compelled to face an adverse balance cf trade for years
to come, because of a shortage in her production of raw
materials required to feed the industries which sprang
Still things have changed since.

up during the war.

Japan has accumulated large sold credits in foreign countries as I mentioned before, with which she subscribed
to loans of foreign govern7ents during the war, while not
small sums are also otherwise invested abroad, so that
despite the adverse trade balance it is inconceivable that
Even

our specie reserves should suffer toe heavy a drain.

if some drain were suffered, it would be accompanied by
the natural contraction in the currency referred to above.
Hence, it may be said with confidence that the foundation
of our currency system will be quite as stable and Sound
in future as ever.

Ranking in Japan.

3.

While we had had for ages as monetary organs certain
systems of money lending and remittance quite adapted to the
then prevailing ccnd.iticns of the country, it was

only about thirty years ago that we had introduced for the
first time to our country a modern banking system.

In

tMs o cmparatively JP
*hart period of thirty years a progress
A

7.

probably unequalled by any country on earth has been made,

and emerging from nothingness, the number of banks in the
country has reached to no less than 2,200 at present with
a total capitaliiation of 1,900 million yen, their deposits
aggregating 9,000 million yen or 115 yen per capita of
the population.

However this may be, the average amount

of capital and deposits per bank only comes to 850,000
yen and 4,000,000 yen respectively, which shows that there
have been established, as a general tendency, too many
small banks in the country independent of each other.

We

find in such state of affairs an ample reason to fear
some dreadful consequences in time of financial disturbances, but generally speaking, in this country,

as in other

leading countries of the world, ther- is a growing tendency
for large banks to absorb small banks by

amalgamation, this

trend being expected to be accelerated during the recent
reactionary period in business and finance.
In Japan ordinary banks hold only about 10% cf cash
reserves against their deposits.

This being rather a

small figure, banks in Japan may, at first sight, appear

to be in a very unhealthy condition, but there are reasons
to account for this fact.

The first is, that we have

so far not met with any such serious panics as are to be
observed in the history of other countries.

The second

is, that the Central Pank of Japan has always kept such a

00
very close relationship with the ordinary banks ace finds
no equivalent in other countries, and in case of any financial emergency the Central Pank, as has always been its

custom, is ready to offer the maximum help to the banks
on commercial bills, public loan bonds, debentures,and
other gilt-edged securities held by them.

Hence, it makes

no particular difference in effect whether the bank3 keep
their reserves in cash or in securities, and thus it is
quite unktwarranted to draw, from the small percentage of

their cash reserves against deposits, a sweeping conclusion
that our banks are in an unhealthy condition.
4.

Government Finance of Japan.

Since this country was first opened for foreign intercourse about fifty years ago, we have often encountered
serious troubles and engaged in great wsrs threatening
our very national existfince.

There has also been a marked

rise in the standard of living of the people year by year.

The finances of the Government, in consequence, have undergone a great'change and have swelled to a considerable
volume.

For.instance, the total estimated revenue and

expenditure for the fiscal year of 1919 exceeded 3,900
million yen and 3,500 million yen respectively, showing
an increase of nearly thirty times as compared with the
conditions thirty years ago, when our budget system was
first established.

National debts, which had increased considerably
during the Fuseo- Japsnese War, amounts at present to 1,500

million yen in:internal loans and 1,300 million yen in
foreign debts, which total 2,800 million yen, being an
increase of more than five times as what we had previous
tc the Russian war; but it is by no means too heavy a
burden, considering the small amount per capita of only

0

10.

0

Excises

Other Taxes

168,605,000
26,205,000

585,427,000 Yen.

Total

Profits of Government monopolies

72,807,000

.

187,218,000

Peceipts from Government enterprises

51,953,000

Stamps

166,793,000

Peceipta from Ccvirnment property, etc

1,064,190,000

1PANP TOTAL

Thus; the ordinary revenue includes wrong others a large
amount of receipts from Government enterprises, Government
property, etc., so that if these be taken out of account,
the reel public charges upon the people, i. e. taxes and
profits of the Government monopolies combined, a'rount

only to 8.40 yen per otpita es agelnst a per capita amount
of the total expenditure of 13.60 yen.

If we add to this

prefectural, municipal, and other local taxes, it will

make up a total burden upon the population of 937 milliom
yen or only less than 12 yen per capita.

ciat

--11` is projected

in the coming sessinn of the Diet to raise certain additional taxes in

to meet the cost of national defense

end to effect a rcadjustment of taxation, which will add
somewhat to the burden upon the people, but considering

the incomes of the people of Japan tc-day and judging
from various other circumstances, the increased public
charges are noting unequal to the tax bearing capacity
of our nation.

e

1-77`774

.

BARON SHIBUSAWA
2 KABUTOCHO NIHONBASHI

TOKYO

June 11th 192C

Mr. Benjamin Strong
c/o Kyoto Branch, Bank of Japan, Kyoto.
My Dear Mr. Strong:-

Your kind note of May 26th duly reached me
and I thank you for it.

I anticipated a great pleasure of seeing

you for a quiet talk ere this
am still kept in bed.
first taken by illness.

,

but on account of my illness

It is more than a month since I was

Loctors who are attending to my case

do not think that any serious complication is traceable and yet
a slight fever is troubling me.giving me occasional discomfort.
I shall be much disappointed if I can not
As my illness is
for me
not what you may call serious, it is entirely possible/Nto see
see you at all before you leave my country.

you sometime while you are still in Japan.

At any rate I shall

be greatly obliged to you if you lelpe know your whereabouts.
As you referred to, the economic conditions

of the world have greatly changed since we met and it will be
not only pleasure but also enlightenment to hear you discuss the
current questions.

Trusting that you are enjoying gocd health
and sight seeing,

I remain

Very Truly Yours,

4Aik-E-*4
Shibusawa.

:6

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>'4wtc,

OFF ICE OF SUPERINTENDENT

NEW YORK AGENCY, BANK OF JAPAN
ROOM 1025

120 BROADWAY
NEW YORK CITY

-;

OFFICE OF SUPERINTENDENT

NEW YORK AGENCY. BANK OF JAPAN
ROOM 1025

120 EiROADWAY

2-7-101-4

S
July 21, 1921.

My dear N,Adam Shiraishit

it was moot kind of yuu to write me such a nice letter, and LF,ain
recall to my mind the delightful trip which we made with you in Kinsai Maru
through the Inland Sea.
Nothin17; bold(' clos.sn me more than to tea able to
make such another trip.
My son and I very often talk of the goad times we
had, and only to-day Pr. John Kendall cams into the bank, to see me and recalled the pleasure of that came trip.
You may not kmr that :41-. Milos remained in India when I was
obliged to return home, tut he has just come bunk, and only last nl;_jit I
had dinner with him and we were taking of our many delightful experiences
in Japan, and especitqly of all the kindnesses which you showed us.

After leaving Japan, I travelled in China, Java, India, then in
France and Enland, and fin'tlly reached toxin Je..nuary of this year. Since
then I have been exceedingly busy with the work of the bank.
My son and
I have been en,7as.ed recently in having our collection of Japanese pictures
all printed and ty)und in fine big books, and a great many of those pictures
are of tho Kineei Maru, and of you end your good husband.
They will be a
constf!nt reminder of the good time that we had.
Won't you please accept
'my very warmest regrirds, and the same to your husband.
I think yf you
often with every kindness, and of how good you were to these American
travellers when they were travellini; in a strange land.
As you told me
when we parted at Miyajima, it seemed axe though we had a regular family
party, and that is what made it so delightful.
As you recently asked me to do, one of my Japanese friends in
New York will send you this letter tcsethor pith the translation in Japanese,
and I only wish I could writ3 in Japanese myself so that tho thoughts I wish
to express might be in your own language.
Very sincerely, your friend,

Mrs. Easaichi Shirakphi,

Higashi Teisuir
Biigun,
lyo, Japan.

S
October 2!, 1925.

h
My dei:a. C.5,11tain

Your very Lind leiter of ;'ioptember 1:5 has
reached me, and I canr.ot tell you has much -iles..;iurs it &.ve

ms to. feel that you had not forgottan cur trig together on
i ah4,11 clyays rc::;=Itr it e.c1 one of the
the Indian Can.
moot delightful experiences t hsd in .Tptin.

I hope test your good wife keeps well
the "AL:run is makin^ many successful voysges.
ux_ vry Lu6y and my thovEhts turn to
a holiday, I have a strong desire to visit Japan t.i;bin, end
snd
zhonever I tm able to, you my cxj;,:ct to nc-kr firl;
Zhsrl:3vor I

can z.cke nnother voys,ts together.

souvenir of our
1;1.,
I (..x; e,_u:it,i; you :Lortly
visit, ;tic:. I ;.ops t:-at. you ari%!. your Taife uill scnc7t
with my wannest good v:1:,hus.
ThenvL,r you r-r,4 tOole, I hc.2t; i

ca

clvyy 61hd to Le%r her; you vrL..
With kir4el.i

E.t
:-..inecrely yours,

ne,

r'i_.

oe

to
1,4/

SUMITOMO GENERAL HEAD OFFICE
OSAKA, JAPAN.
CABLE ADDRESS:- "SU M ITOMO. OSAKA.
CODES USED:-

LIEBER

A.

1

ededa,

A.B.C. 5th EDITION.

BENTLEY & WESTERN UNION.

.Juns3

/0

20

Ir.Banj. Strong
MatouzaLA. Hotzl

Hakons Lake
hakona
My dear lair. Strong,

Th. -ink you fcr your kind 1L4tter of th.: 6th instant.

I am axtreely glad to nuts that you ara now on your way to us again.
It will ;Ave me indeed a i;raat pleasure to ba able to 0..loe my k(aiko

I

villa at your disposal at no distant date when,shall have another
chancy to see you.

In the meanwhile, with my uast wishes for your pleasant galking trip, I remain,
Yours very sincarely,

P.S. I am sending copies of this latter to the care of Nagoya

Hotel,Nagoya and Nara Hotal, Nara, to mak: sure that you will
it in case the liakona Hotal Pins to forward it.

have

SUMITOMO GENERAL HEAD OFFICE

OSAKA, JAPAN.
CABLE ADDRESS:- " SUMITOMO. OSAKA."
CODES USED:-

LIEBER

A.

1

ededa,

A.B.C. 5th EDITION.

June 19 th 1920 /0

BENTLEY & WESTERN UNION.

Mr.Benj.Strong,
Nara Hotel,
Nara.

Yy dear ,r.Strong,

Your kind letter or the 16th instand was receive;
today and I hasten to tell you that a change of your plan does not
give me any inconvenience at all. You will however please let me know
beforehind of your definite day of arrival at Maiko, so that you will
be met by one of our office staff either here or at Kobe.' am so

sorry

that the bad weather is warring your plan,but hope ycu will have a nice
weather when you will come to us.
Enclose

erein you will find a letter from Baron Shibusawa

which vas forwarded to our Bank for you.

Looking forward to the pleasure of meeting you soon, I am,
Yours very

sincerely,

,

re.

A Rejoinder of Baron Takahashi, Minister of Finance, to tie

interpellation of Aaron Sakatari on the Financial
Situation at the House of Peers on the 5th of
July, 1920.

Baron Sakatani makes only a general statement that a cause of the
rise in the prices of commodities is the inflation of currency.
But then I don't know any one who can definitely say to that extent
a contraction cf currency is desirable; it is easy tc say,but difficult to do.

The other day Mr. Strong, Governor of the Federal

Reserve Bank in America, who was visiting this country for the sake
of recreation, called on me while I was confined in my house on
account of indisposition, and I talked for nearly two hours with him
about the financial situation.

Then the question of the inflated

prices came up, I explained to him that amon

our Japanese scholars

as well as in the Press at large the view isield that tlie rate of

interest should be raised as a means of contracting the expansion
of currency.

But it is not an easy matter for the authorities

to act on that view.

To raise the rates of interest and thereby

lower the prices of commodities, we have to consider carefully from
many respects, as for instance, tc what extent the rates of interest
should be raised and the volume of currency contracted; in what
degree the economic, commercial and industrial, agricultural and
other interests would be affected in consequence; and in particular,

what would be the effect upon the Loren trade.

The authorities

consider that it is impossible to attain the desired end without
44

harm by means of raising the rates of interest.
strong remarked thus:
same with us.
argument.

"

Thereupon, Lir.

That is quite true; it is exactly the

In America, some attacked us on the same line of

Just as you have spoken, there was nobody

: ;ho said

definitely how much the rates of interest should be raised and to
what extent the contraction is desirable, and they simply attacked
the authorities by saying such a thing.

In this respect, there is

so much of the likeness between Japan and America".
he says,

"

"

In Ey opinion,

to what rats interest should be raised; if, for instance,

the bank raises its rate of interest by 10 per cent., and if seeulators earn 20 per cent., the wave of speculation would still go
on as ever before.

Above all things, nothing can be effectdvely

done unless the nation rises to the occasion to check this speculation".

/

ce-td

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AMERICAN EMBASSY,
TOKYO

(To the House of hepresentatives)

4-0 cLe4icto

irh

1472
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AMERICAN EMBASSY,
TK

i\a\<

(To the House of ieers)

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40.1.4/ a4444.4A

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TOO

.V3C) ( T o

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403

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PROM The Yokohama Specie Bank, Ltd,
Yokohama,

10,900 May 1918.

ki

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The Yokohama Specie Bank, Lid.
Yokohama,

10,4100 May 1.918.

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19

.

" KOKAJI."
This N5 Dance is based on the tradition concerning the
sword "Kogitsune," one of the masterpieces by the famous
swordsmith Munechika who lived in Sanjo, Kyoto, in the
reign of the Emperor Ichijo (989-1004).

Tachibana-no-Michinari, Court Chamberlain, conveyed to
Munechika, swordsmith of Sanjo in Kyoto the Imperial message
ordering him to forge a sword for the Emperor. Munechika
hesitated to accept this Imperial command, because he thought
that success in making such Imperial sword would only depend
upon hammering together with one who was no inferior to him.

But in deference to the Emperor's august command, he was
prevailed upon to accept it at last. Thinking of no other way
than a reliance upon the Divine power to achieve this important
task, he proceeded to the Shrine of Inari. the tutelary gods of his

family. in Fushimi, and laid his supplication before the gods
there.

His earnest supplication was answered, receiving a divine
revelation that he would be assisted by the Divine power if he
made preparations for forging and waited for a moment.

Munechika, acting upon this divine revelation, arranged the
platform and was offering prayer to invoke the gods' help, when,
to his surprise, an infant boy app,:ared on the scene and assisted
the work of forging, with the result that a beautiful sword for the
Emperor was at once made.

The Infant Boy was virtually a little fox, incarnate of the
Mari, who assisted Munechika in hammering together. Thus the
swordsmith Munechika inscribed his name " Kokaji Munechika"

on the outer side of the sword and Kogitsune " (Little Fox) on
its inner side.
IsIo sooner the sword had been presented by Munechika to
the Imperial messenger than the Infant Boy disappeared into
the clouds and flew away in the direction of the Inad Mountain.

77/2

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JAPAN'S
d

GOLD

RES.IIIVE, 1919

Held. at Home

of January

Held Abroad

449

1133

448

1177

446

1209

445

1215

TJay

445

1244

June

443

1243

July

463

1240

Aug.

488

1266

Sept.

526

1318

Oct.

545

1354

ov

616

1340

Dec.

702

1355

Feb.

GOLD

Rasirm, 1920

Jan. 31

694

1320

r'eb. 14

693

1308

Feb. 28

691

1232

Lar. 15

678

1227

31

684

1187

Apr. 15

681

1183

680

1180

1:.ay 15

679

1181

31

693

1178

732

1181

749

1163

it

ft

"

31

June 15

30

11/

JAPAIMSE EXeIlLNGE.

Map of Places of interest in Nara.
411,It'itt.litat:'15.7%...tirff.

3 Shopping Street.

..e

4 (lids Higher
5 Prefecture Governmeut.
6 Three storied

t
'?...,

pagoda.

40

1....?"'"4)Sc2:4tori::.,

17W I

12 Bazaar.

13 Nara Club.
14 Shosoin.
15 Daibutsu.
16 Big bell.
17 Nigwatsudo.
18 Sangwatsudo.
19 Tamukeyama
Bachiman.

Pt Pite

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.;-',:lillli.tf;:f5s

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8 Five storied

10 Sarusawa pond.

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7 Nan-ettdo.

9 Kondo.

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s..

Normal School.

pagoda.

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Nara Station.
2 Post Office.
I

19.

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27

16

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20 Wakakusa
I ama.
21

.Miy agawa

22 Kasuga lama.
23 Lguisu
Waterfall.
24 Takisaka.
25 Kasugano
Miya.

26 kasuga

Wakamka.
27 Barracks.
28 Kyobate
Station.

29 Big gate.
30 Tokondo.
31 Tenmangu

HOTEL GARDEN
10

NARA HOTEL

SCHEDULE FOR A WEEK AT NARA.

ILIUM

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1,111,11,111111111rwr"

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AMERICAN EXPRESS COMPANY.
FOREIGN DEPARTMENT

YOKOHAMA
FILE No.

Er.

Ben.
Care
Nara

Julie I711 1920.

in Strong,
f Nara hotel,
Jal)en.

Dear sir,
beg to ads se clearance One
(1) Case to Geo Byer,
Federal 7:eserve B:
Idea York and enolose herewith
our
bill of chargec in the
amount 1'54.80.

We will be pleased to reeeive
charges.

EcA:ET

Y.

CC :SECOND MAIL.

money order to (lover

Not for Customs purposes and not negotialblol
ESTABLISHED

F.,-100..Intie

7

1841.

sAt-IVIM ItIC.111-MIT 310 MEPJEC,MS

CO10113EP_A_INITY"

Head Office : 65 Broadway, NEW YORK.

.

FOREIGN DEPARTMENT.
LONDON. LIVERPOOL SOUTHAMPTON. GLASGOW, ANTWERP, ROTTERDAM, COPENHAGEN, CHRISTIANIA STOCKHOLM,
PARIS. HAVRE, BORDEAUX, MARSEILLES, ROME. GENOA. NAPLES. PETROGRAD.

lir
El

g

HONG IlOrG

SUNOS AYRES

MANNA

FORWARDERS OF PARCELS, VALUABLES AND FREICHT TO AND FROM EUROPE AND ALL PARTS OF THE UNITED STATES. CANADA, MEXICO AND THE WORLD
'4

N

May 31st
Benjamin Strong,

Received from
1 Case

a

said to contain

111

given as

value asked and

0at Hundred Yen,

Japanese Lerebandise,

(Write value iu fytrjnot in figures)

v marked or addressed

Hrs. Geo. Byer,).2.7,1

Federal Reserve Bank, New York City.
:; for transmission to the nearest point to destination reached by Common Carriers, subject to the iondition

s/s "Siberia Maru
Forwarded by
prepaid Fifty.pleur.yen eighty
Freight charges
collect

Deposit for duty and
Gover nment

charges(

NO.
(W to Ballet, not in figures)
er ace

Premium

Er

the back of this fora

No.
IWr

Insured 11.12.A. Theft
Amount

Bent c. o. D

te'

Int in full, not in figures]

EXPRESS COWFANY

ed yen,
Write amount In full, not in figuresi

Premed
Collect

Prepaid 2

For delivery of above shipment, apply to

Amerioan Exrese Company, New York

AT OWNERS' RISK, UNLESS INSURED.

SEE CONDITIONS ON BACK OF THIS RECEIPT

totER

Not for Customs purposes and not oce:otiabloi
ESTAOLISHEo

10

1841.

30 ME 3P 3E{M
40
Head Office : 65 Broadway, NEW YORK.

AIME JO Mt

1V1 3P _A_ 1\T -5E-

FOREIGN DEPARTMENT.
LONDON. LIVERPOOL SOUTHAMPTON. GLASGOW, ANTWERP, ROTTERDAM, COPENHAGEN, CHRISTIANIA STOCKHOLM,
PARIS. HAVRE. BORDEAUX. MARSEILLES, ROME. GENOA, NAPLES, PETROGRAD
MIENS AYRES
MANILA
EMTCi ECI:C.

t

0

FORWARDERS OF PARCELS, VALUABLES AND FREIGHT TO AND FROM EUROPE AND ALL PARTS OF THE UNITED STATES. CANADA, MEXICO AND THE WORLD

July 28th

w

.

R

Received from

5

Benjamin Strong,

One Oaso
V value asked and

Curios,

said to contain
given as

19g0.

Two thousand Yen,
(Write value In full. not in liftman

v marked or addressee!

Er. Goerge Beyer,
'Eldora Reserve Bank, New York Ci

v:

F

for transmission to the nearest point to destination reached by Common Carriers, subject to the conditions printed on the tack of this form

First available

steamer,

Forwarded by
C. O. D lI
Freight charges prepaid Deposit Y10,00 received,
collect

Deposit for duty and
NO.
ti Government charges trzhe
ft (86,41.3164,mc,,,,A,nr.., FOR
W. T.A.

No.
(Wine amount ia toll, not in tigurein

N EXPR

OMPANY

Clause 19 on heal

thousand Yen
fWriV amount in full. not in figural

Incl. in clove.

d

f above shipment. apply to

Auerioan Express Co., New York.
SEE CONDITIONS ON BACK OF THIS RECEIPT

OWNERS' RISK, UNLESS INSURED.

{OVER

//

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