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PER 30NAL:
August 8, 1927.
My dear Governor Inouye:
It seems desirable that I should write you something of the reason
for our recent change in discount rate, specially as your representative in
Newmade
Yorkpersonal
Las
inquiry on the subject.
Under ordinary circimet.nces et this season in the yesr when demands
upon us for credit
for
crop moving and other businees purposes are
generally
rather heavy, we wo ild not Lave reduced the rste, and cert-inly not in the fEe e
of a very active speculation in securities which is taking place in New York
and 'Filch
is employing a very large
amount of credit.
Outweighing these argu-
mente, however, were the two prificipcd ones of the need for easing the movement
of the crop this year with as moderate credit
charges as
po :sable, ane more
especially of the need for easing the strain which seems to have been developing upon European exchanges which, if allowed to continue through the fall and
early winter when such heavy payments have to re made to us for our exports,
might have imposed a very heavy strain upon European sank reserves and been
.ccompanied by a very heavy movement of gold to this country.
In a word, it seemed better to let the speculator profit as he would,
and poesibly later pay as he likely muet, for speculative excesses, and develop
such s rclationehip between the level of money rates in this country ana in
Blrop,; .n m-rkets as would insure comparative ease in
meeting
payments in this
country over the next few months.
For a time this spring and e,irly summer there appeared in different
Governor Inouye
Bank of Japan.
2
sections and various industries in the United States some alight receesion or
hesitation in Wetness. It may well be that this reduction in discount rates
which is now effective in five of our Reserve Banks will prove to he some
etimuletion to business.
crop
And as the /proepecte non seem to be favoreble, we
are hopeful thet the business reaction which has been prophesied off and on for
some time may not occur.
Barring the epecul-.tion in
stocks
above referred to, the business situa-
tion and our money merkets, and particularly our Government financee, are all in
most comfortable position and we felt that ali -htly lo ,er money rates would be
some contribution towards continuance of these conditions.
I shall be most ple'.sed inde, d to Leer from you of developments in
Japan.
'le re-d what is sent to us and what is published in the press with greet
interest and are encouraged to believe that your recent difficulties are vorkine
out net' efactorily.
ie certainly hop.: 60.
lath assurances of my eateem and best wishes to your associetee,
believe
e
Faithfully yours,
Mr. Jurcosuke Inouye,
Governor, The bunk of Japan,
Tokyo, Javn.
Tokio
ent _ay 11, 1927.
Rec'd
'ay 11, 1927.
York,
Federal reserve Bank. of New
TTew York City,
Y.
For Strong
kind message
Deeply touched by your
Please
accept my sincerest thanks.
Junnosuke Inouye.
'
December 4, 1524.
Dear kr. Inouye:
I
am today giving spy friend, Mr. Jerome D. Greene,
letter of
introduction ddreseed to you, a copy of which is enclosed with thie.
dr. Greene ie a pa.rtner in the Am:::rican banking firm of
Lae, Higc;ineon
Company, one of tte leading firma in thie country 4th a
large responeibility, and bears a very successful and honorable record in
the handling of security issues and a general barikin6 business. They have
offices, 48 you nu doubt know, in Boston, New Tors, London anc elsewhere.
kr. Greene, I understand, is visiting Japan for the purpose of
invoetigating business enterprizes, and I commend him to our consideration
and courtesy.
He is a warm personal friend whom I have kuoun for many years,
and you may deal with him with confidence.
Aseuring you of my appreciation of e.nythirig you .may be able to do
to further the object of his trip, which indeed may prove to be equally in
the interests of your country, I be to remain
Very tvuly yours,
Honorable Junnosuke Inouye,
31 kikawaidai - mach', Azabu
Tokyo, Jepan.
Enc.
Jctoter 31, 1924.
My dear Mr. Inouye;
I sa._ just, i'afored with a call from Yr. Takashi Aoki,
who preeentec your letter of introduction of September.29.
I assured
hoki that if there was anything I could
do to facilitate his do rk in London, it would inateci be a
pied.s.lre, both on your account and hie, own.
I was unable to show him our bank personally hut some
of our other officers did so,
.rIc
I telieve he 11a8 greatly pleased.
Hoping that you keep well, ni with warmest regards,
I am
Yours sincerely,
dY)
J. Inouye, Esq.,
Ma4awadai-machi, Azabu,
Tokyo, Japan.
B5/12
4
October 2F3, 1924.
My dear Yr. Inouye:
It was a great pleasure on my return to the office yesterday
after a month's holidky, to receive your very kind letter of Pertembor 29.
Your visit here see alto ether too :tort to effort me vin
opportunity wti.ch
I
resTly desired to return, sit any r,,..te in prt, some
of the any courtesies which you extended to s: w.b.!le I wi,e in Japftn.
You surely mutt it us again.
It will interest me very 'such to levrn eomfIttling of your pltms
ts soon as you art e :J.,
write Te.
I `11ye T,ondren whetter your
stort pJliTiCal career migut subject us to tte misfortune of our not
having tray further aysuciation or contct with you in connection with
our bank matters, which would he a source of grief to all of us.
Pith kindest persons' regards, believe me,
Most sincerely yours,
Mr. J. Inouye,
51, Mikaiadai-machl, Alabu,
Tokyo, Jwpftra.
ACKNOW LEDOED
31, Makawadai-machi, Azabu,
Tokyo, Japan.
OCT 3 1 1924
11
St
September 29th, 1924.
Dear Governor Strong,
I venture to introduce to you Mr. Takashi Aoki
of the Bank of Japan who is just leaving here for London
as superientendent of its agency there.
I wish you would kindly receive him when he will
call on you, and whatever courtesy you may extend to
him will be greatly appreciated by me.
Yours sincerely,
Benjamin Strong,, Esq.,
Federal Reserve Bank of :'ew York,
15 Nassau Street, New YorK.
401
31, Mikawadai-machi, Azabu,
Tokyo, Japan.
September 29th, 1924.
My dear Governor Strong,
I am glad to tell you that I returned home safely on
the 25th of August via Canada, and take this opportunity of
expressing to you my sincerest thanks for all your courtesies
extended to me while staying in New York.
In this short note telling you of my safe voyage home,
I cannot allow it to pass without adding a line to say what
a pleasant time I had enjoyed with you in New York.
Indeed,
the time which had been spent with you has been the most
enjoyable and interesting one in my present visit to America
and Europe, that I never forget and will cherish long in my
life, and I am exceedingly grateful to you for the best
opportunity afforded to me to renew my friendship with you
and to have had such a nice time to enjoy with you.
With kindest regards,
Believe me
Yours sincerely,
Benjamin Strong, Esq.,
Federal Reserve Bank of New York,
15 Nassau Street, New York.
S
ZI3e Tofiofjama. Apecie cant,
7, i3ightips4Tate,
19th liaroh, 1924.
LV dear Lir.strong,
Your very kind letter of
the 20th ultimo was handed to me immediately after my arrival in London and i am
extremely obliged for the very comprehensive personal views you have furnished to
me in respect of the negotiations in the
matter of the recent Japanese tiovernment
Loan so successfully issued.
Lir. Longo iviori and ilr.
L'ono,lo iatsumi have also acquainted me
with the invaluable advice you tendered
and the help you afforded, and i would
wish to express to you my most sincere
thanks.
According to my present
plans i propose to stay in this country
and on the continent until August.
i
hope, therefore, to be in New xork in the
early autumn, when I am anticipating with
much pleasure, accepting your kind
invitation.
in the meantime, with best
wishes, believe me,
lours very sincerely,
Benj.trong,
.eederal reserve Bank,
NEV IORK.
WESTE
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PLEASE ACCEPT MY igaARTFEILV THANKS FOR YOUR KIND ASSISTANCE RE FORMATION
OF LONGW I SHEDFOR POWERFUL AND INFLUFN, T I AL GROUP LOOKING FORWARD TO
RENEMING OUR ACQUAINTANCE ERE LONG AS I START TODAY ON WORLDS TOUR
VIA SUEZ JUNNOSUKE INOUYE,.
-J iJ
Other
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Mr. Strong
4111
Mr. Hoehino says that CovernmLinout.
is on the Ocean at the present time, and he does
n-ot know his cable address or the name of the
he is travelling on.
ilpamer
Governor Inouye is expected in London
about March 20th, and mania addressed to him
c/o Yokohama Specie Bank will reach him.
Mc.
ACkNOWLEDOED
FEB 2 0 1924
31, Mikawadai-machi,
Azabu-ku, Tokyo, Japan.
ri
Janua
My dear Governor Strong,
I write these lines to infor
shortly leaving here on a tour round
visit London first via the Indian Oce
I am availing myself of the
the resignation on the 7th !met. of t
in which I was Minister of Finance, o
lese-majesty on the part of a certain
His Highness the Prince Regent who wa
House of Peers to open the Diet.
My experience as Minister of
the short duration of only four month
however, that a fairly good result wa
endeavour for framing the policy of r
important juncture immediately after
I feel I am quite satisfied with the
to undertake even for so short a time
I am gratified to learn that
kind to Mr. Tatsumi of the Yokohama S
the pleasure of introducing to you, a
so much assistance, for which you wil
2
sincere thanks.
Further, information reached me later on
that as a result of your valuable advice being given to our
financial attache, Mr. Mori, and the Vice-President
Mr. Ichinomiya of the Yokohama Specie Bank, when you kindly
received them for an interview, negotiations for our
Government loan are in progress favourably, and I wish
to take this opportunity of expressing my heartfelt thanks
to you.
In the early fall I shall be in your country and
look forward to the pleasure of being able to see you.
With kindest regards,
Believe me
Yours sincerely,
Benjamin Strong, Esq.,
Governor,
Federal Reserve Bank of New York,
New York.
December flip 1923.
My dear Mr. Inouye:
This morning I have had the pleasure of meeting Mr. Tateumi, who brinFe
ith him your kind note of introduction of November 29.
He will .dvise you, I understand, by cable of the result of our discussion, and I am sure you must realize that this whole subject is one to which
we have been giving a good deal of thought since last September, and I do not
need to assure you that the very best !,deice end information at my command will he
available for you and for Mr. Thtsumi in connection with his mission.
Considering the importance of the matter, I have taken th
liberty of
sending you a cable, a confirmation of which is enclosed, 5nd which, while rather
cryptic, will I hope convey to you promptly my desire to be of service in every
manner possible.
You are most kind to send Mr. Tatsumi to me, and I appreciate this
further evidence of your confidence and friendship.
Faithfull
Honorable Junnosuke Inouye,
Minister of Finance,
Tokyo, Japan.
132.MM
enc.
yours,
COPY OF OUTGOING CABLEGRAM
December 28, 193
Inouye
Finance Department
Tokyo
Your note of introduction of November
29 was
presented by Mr. Tatsumi today and I a.- now cabling to assure you
that every assistance and advice possible will be
gladly furnished
him for the furtherance of the matter which we have discussed
Strong
The Department of Finance,
Tokyo, Japan.
AI
December 13th, 1923.
My dear Governor Strong,
Your kind letter of November let reached me
some days ago, and, in the first instance, let me
congratulate you upon your restored health.
My writing to you personally is long overdue,
and I regret that every chance of doing so has slipped
away, although I often wanted to do; but I feel quite
sure that you will not much mind it.
Now I need hardly
tell you how anxious we have been about your illness,
and indeed, it is quite a relief to me to hear from
you that your improved health has enabled you to be et
your office, for I feel I have cause more than anyone
else to rejoice over your having become yourself again.
I appreciate very much your sentiments felt
at the time of my new appointment which I had to accept,
and wish to thank you for your kind sympathy with me in
what you say is the tremendous undertaking that
confronts me.
My only desideratum at the present
moment is that the outside assistance of my friends
will enable me to emerge from the dire ordeal, so as
to be able to serve my country successfully.
Disastrous and indeed appalling as the
40
calamity that befell my country is, the silver lining
to the cloud consists in the universal expression of
sympathy it has evoked.
In particular, the sympathy
of every section of your countrymen so promptly and
so generously extended to our suffering people is
really most gratifying.
My countrymen were deeply
touched to witness every day the actual activities of
your Red Cross here, which have been a subject of much
admiration and esteem among us, and I need hardly
assure you that profound gratitude is being felt by
all here.
It is very kind of you to give me your
important suggestions as to financing.
At this stage,
I am not quite certain to what extent financing will be
done in the foreign market, as it should be done as a
matter of course.
My plan is that the money required
for reconstruction purposes would be found in the home
market as far as possible, while the foreign purchases
of all kinds of material not obtainable in this country
should be financed abroad.
The fundamental point is
that, on the one hand, a check may be put on the danger
of inflation inevitably to be involved in the direct
introduction of foreign capital, while, on the other, the
home market should not be strained unnecessarily too much.
when the time comes, as it should come,
I shall not fail
-
3 -
to avail myself of your good offices in the way that
you suggest to me.
In the meantime, I trust that you
will be so good as to advise me from time to time on the
question that will engross all my thoughts.
I sincerely hope that my severance of
connection with the Bank of Japan will in no way affect
the friendship that we have ever cherished between us.
With all good wishes, and with the greetings
of the Season,
Believe me
Yours sincerely,
Benjamin Strong, Esq.,
Federal Reserve Bank
of New York,
New York.
Finance Department.
Tokyo, 29th November, 1923.
My Dear Mr, Strong,
This is to introduce to you Mr. K. Tatsumi,
Director of the Yokohama Specie Bank, who is now on the way
to London in connection with the Bank's business arising
from the financial side of the reconstruction plan now
contemplated here.
I shall thank you very much if you will
grant him an interview and give him such information and
advice as will be useful in furtherance of the business
with which he is entrusted.
Yours faithfully,
Benj. Strong, Esq.,
Gov. of the Federal Reserve Bank,
N. Y. City.
a
To ii1a Excellency,
The Honorable Mr. Inouye
November 1, 1923.
emurce, your cane V:13 reccivrd ftsslly, after I had F,Icceedd in
getting sord through our Department. of Stte in regard to the fete of a number
of my friends, concerning, whom I asked them to make inquiry for me, and I expect
I should thank your Ambssssdor, who is also my friend, Vs. Hanihsr, for hie kindnees in facilitating my getting this prompt advice.
'Jay I take the liberty of writing you just e few personal words :bout the
sentiment which hue resulted in this country from your osn disaatsr and the suffering which has come from it.
On every hmnd we hear expressions of friendship,
sympathy and of desire to be of seeistanoe.
It was really a great tribute to the
Japanese people when the Red Cross seked for subscriptions of 0,000,'").00 to have
$10,000,000 subscribed in a few days - in fact, almost in a few hours call beins m(4,s.
from the
This is but one of many evidences shish I have received of the
univers-1 Baling of sarm friendship.
Nos cf course I know that financing, sill be required, and it is most
natural that you should turn to this market.
Without the slightest knowledge of
your plans or of any proposals stitch may be under discussion - because 1 hays co
far met none of my bankins friends - I can only 7enture to suggest tao things:
One is that to the greatest extent pocaible cny financing done in this
country be done in the nature of a nstional movement for Japanese rehabilitation,
squarely stated, to he based upon the known -Tv! intimate ralationship and inter-
dependence which we have upon each other in oommerce and trade and in the sympathy
which we both wish to cultivate between the people o' the two countries.
Mile
sf coarse It would he a bLnkers' transsotion, T should 'lope that it would be eo
arranged that praotically our entire banking organization would take part.
I know
that you will understand that this suggestion ie inssired entirely by my friendship
and a desire to see the utmost success in slay financing th,FA is eons in this country.
I
Novembor 1
3
1923.
The c'her and even more personpl one ie to aeeure you that any edvioe
or information which you need from me or from our organization will he furnished
promptly =r3c1 effectively by cable and you must not heel:Ate at any time to cell
It will be disintereeted end
upon us.
frank and
I should bone th t. it might
Drove useful.
At a later tine!.
i
'hall write you something of business conditions,
and especially the financial and investment situation in this country, but such a
letter just now would De premature xa I Aeve only been at the office once and
feel myself very much out of touch with what haa been going on.
I 2.al glad to be r.ole to advise you that my health seems to be very
sutiefactorily restored.
itti every goon wish, believe me,
Sincerely, your friend,
To Hie Fzoellency,
The Honorable Mr. Junnosuke Inouye,
Minister of Finance,
Tokyo, Japan.
55. MM
COPY OF CABLEGRA
OUTGOING
September 8, 1923.
Inouye,
Bank of Japan,
Tokio.
Greatly relieved to learn of your safety and delighted that you
have treasury portfolio.
Am shocked and distressed by the terrible
calamity your country has suffered and will be anxious about my friends
especially your associates until I hear of their safety.
know if I can be of any service in this country.
Strong.
Please let me
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October 6
192j,
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Benj. Strong, Es,.,
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Followins wireless from Inouye dated Tokio October fifth
Please accept my sincere th:like for your kind message for my country and myself
hest assured that, my old assocites were all safe
whenever needed.
G. BETER
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IOUYE
recember 19, 122Z.
#2
Governer Inouye
necember 19, 1922.
4401tveii eeriods of years is likely to show a normal rite of increase of about 8 or
7 per cent.
V
If, therefore, we are considering 1913 conditions as a normal base
for calculation, certainly at least that base should be corrected by due ellewance for annual growth end development of the country's business and resourcee,
for the influence of eftvines, new conetruetion, traneportetion, and enlarged
population.
Further than th+, even though an effort to eetsblish a corrected 1913
normal might be fetsible, we have a feeling that any move in that direction
would result in injustice to one or another class;
end ceuee social end political disPatiefection.
have on unsettling effect,
I think my personal feelings
may be expressed in a eenerel way es follows:
T'.ere are n great many influences which affect prices.
The relation
between the quantity of goods eroduced and the effective demand for those goods.
The extent to which foreign narkets are impaired as the result of the ear.
relation between good or had crops at home and good or bad crops abroad;
in a very important eay. the general frame of mind of the public,
is in a mood to hue or in a mood to sell.
The
and
whether it
And finally, of course, is the
influence upon prices of the volume of credit whiec;1 is so largely under the
control of the Federal Reserve Syst©m here and of your bank in Japen.
So fer
es credit, therefore, Is a factor in the price level and in the general business
movement and development, I can net help but feel that -ir policy Ehould be
addressed ae carefully ae possible towards maintaining a stable volume of credit,
varying only to the extent that increases
and decreases
in the volume of business,
either seasonal or because of the annual increment,neceeeitatee variations in
cr?x:it, volume.
One of the difficulties of the situation is now exhibited by agriculture.
The period of liquidation resulted in r greeter depression in prices of
agricultural commodities than in many others;
it left production costs still
Governor Inouye
Lecember 19, 1922.
a.tairly high level and the value of the articles produced in many cases
Ailk#3
below costs of production.
Most of the things that the farmers employ to make
their crops are those whose prices are very largely fixed by domestic donditione,
AP
such, for instance, as fertilizer, building materials, seed, transportation
costs and labor.
Gn the other hand, what he produces is much more subject to
influence by %orld prices because we have so large a surplus of agricultural
production for export.
Our problem, therefore, is to agriculture seems to be
not only to facilitate the maintenance of stable values as to the general price
level, but to facilitate a readjustment in the relative values of what the
farmer consumes and of what he produces.
His margin of profit has been too
greatly impaired.
he are here confronted with that inexorable law that where domestic
prices are fixed by world prices we must, on the one hand, either find enlarged
world markets for what is produced or contract :ur production; end therefore
some fears are expressed as to the outlook for the farming industry because of
what appears to be an impaired purchasing power, especially in western and middle
Europe, which is in need of our foodstuffs but which may not be able to pay for
them.
There is a great clamor in this country for more credit for the
farmers.
of course, that is but the superficial manifestation of the difficulties
which I have described above, inspired somewhat by the fact that we seem to have
produced more foodstuffs than the world can consume,
That fact coupled with
a bad breakdown in our transportation system because of the strike, and for other
left
reasons,/considerable quantities of farm products, and especially of wheat,
unmarketed on the farms, in the warehouses and in the elevators.
In general, conditions here seem to be developing with a certain
clarity in some respects.
the country at present.
Certainly, there is no unemployment to speak of in
We find that facilities for transportation are taxed
A
'
le4
Governor Inouye
FJecember
to
19,the
1922.
uttermost.
40IP
eomewhat below the h
lir
of 1921.
We find t
which are regarded a
be almost as rapia p
send you the incex nu
also advanced conside
period prior to the
we get back to the Ci
of that war.
There are m
between various price
wee not only did not
declines in commodit
six months or more t
the burden of this in
7ie are also feeling
I do not think is rea
All of what
greet renewal of busi
industry end commerce
suffering being agric
as the small cereals
enable almost any far
true of hogs and of m
It is, of c
tnlicy which is liabl
also change very rapi
AP
fr
.45
If
"
G.:vernor Inouye
to feel that our discount rates are pretty low.
December !.9, 1922.
Most of the rates for crodit
in the market are stove our rete, end there is en increAsing tendancy for cur
members to borrow from UP.
Without being able to indicate with any definiteness AP to that the
future boles in store for us, I shauld ety in a general way that burinees is
really prospering, thet there 1E e possibility of its developing unsoundly if
the country becomes engage! in thtt pleasant paFtime tf simply marking
pricer without any real increase in pror:uction, and apt :a must watch the
situation very carefully end be reedy to interpose a check whenever the
necessity for it becomes clear.
:;o wish you Gll the e-reetest SUCCePP in the management of your own
sltuationohich I have no doubt presents as many c:ifficultig(- AF does o:re, but
I hole 1;.le Ziew Year hap in et.:rs for
could wish.
every good thing that vnur friends
It aill he a. pleasure to hear from you whenever you have
opportunity to writ; me.
Yours sincerely,
F)enj. Strnv,
Governor.
J. Inouye, req.,
Governor, Bank of Japan,
Jap7in.
BS.V1i
4
No vember
3, 1922.
Dear Governor Inouye:
Your note dated uctober 5 introducing your friend Mr. Osamu
atsumoto was presented by him to-day and I had the pleasure of cuite a
nice chat with him.
It is very kind of you to recommend your friends to thebank
and to me personally.
I
am glad to have them co as in to see us.
e may at times be able to furnish them with information which will
serve their interests and as you know I am &lad at any time to be of
any service in any direction which may be of advantage to you.
Should you have occasion to write to Vr. Matsumoto, I hope
you will assure him of the cordial welcome which he will always receive
here.
?dth kindest regw.de, believe me,
our
very truly,
3enj. Strong,
Governor.
J.1=144 Esq.,
Governor, Bank of Jaoan,
'Tokyo, Japan.
THE BANK OF JAPAN
To ie. Yo
October 5th, 1922.
Benjamin Strong, Esq.,
Governor, The Federal Reserve Bank
of New York,
New York.
My dear Mr. Strong,
I am giving myself the pleasure of introducing to
you my friend Mr. Osamu Matsumoto who takes up his duties
in New York as Financial Commissioner of the Imperial
Japanese Government.
Ir. Matsumoto was until recently a high official
in the Department of Finance and is now transferred to
his important post.
In course of discharging his duties
in such capacity, it is most likely that there will be
many occasions for him to come into contact with the
leading men of business in your City, and I am sure that
Any courtesy and
you will be interested to meet him.
assistance that you are able to extend to him I shall
esteem a personal favour.
Such attention as you may give to this letter will
be greatly appreciated by me.
With kind regards,
Believe me
Yours sincerely,
THE BANK OF JAPAN
CV,
NOWt .EDGED
20 i,a72
TOKYO
August 25th, 1922.
a
Ey dear Governor Strong,
/ti P
-1
I haiVe received your letter of July 19th enclosing
copies of a note of introduction for Mr. Frank B. Noyes who
is taking a trip to this country with his wife, and also
I have just received a word from our representative in
New York, Er. Hoshino, conveying yo.r message to me as to
his intending visit.
I had visits from many of the American journalists,
but need hardly say what an interesting acquaintance would
I make with such prominent representative of the American
Press as your friend Mr. Noyes, nor need I assure you that
he will equally be welcome here by your Japanese friends.
I have shewn your etter to 1,1r. Fukai who was back
with us just two weeks ag
and so you need not trouble
yourself to write him in the matter.
,
These few lines are only to acknowledge receipt
of your letter and to assure you that I shall not fail to
make the visit of :a". and Mrs. Noyes in this country as
agreeable as possiule.
With kindest personal reE,*ards,
Yours sincerely,
Benjamin Strong, Esq.,
Governor, Federal Reserve Bank
of New York,
New York.
Ago
July 19, 19?.?.
My dear Governor Inouye:
Nith this I
have
taken
tt.7.
enclosing a copy of a
the liberty of giving to my
vise a copy of p. Eimilar note
Mr. Noyer is
next few '.onthe, and I
to mtkke
the beet
friend
note of introduction which I
Mr. Prank E. Noyes, and like-
addrersed to Mr. Fukai.
visiting
ja.,:pan
mith his .wife in the course of the
Ex. most ;Lnxious th_lt, he shi-..11
of the comparatively short stay
have full opportunity
till make
that he
there.
;fr. Noyes is the proprietor of the "iashin3ton Star", of ,;ashington,
Le being president of the Associated Fress, 41sioh is the
D. C., as tell
important press
and he
'will
mutually
association in this country.
I
s;
very sure that both you
profit by the opportunity- to discuss matters in thicb you will be
interested.
Should Ir. Fukai feel villia. to live ?hr. Noyes
opportunity of reeting !.,arquis Matzukata,I feel sure that
greatly
most
t,1- e
L:r. Noyes will
very
appreciate it.
I ask you to shot
this letter to Atr.Fukai,
and i will
then not
write him separately.
I enjoyed very mush the opportunity to see
New York, but very much regret that I
ias unable to to in
his stay there on account of illness, so
more infrequent
than I had
r. Fukai then he vas in
that my
visits
lashington
with
during
him were much
hoped they would be.
"iith cordial regards to you and to him and to my other friends in
the tank,
I beg to remain,
Junnosuke Inouye, Esq.,
Governor, Ban'.- of Japan,
Tokyo, Japan.
$S. MM.
Faithfully yours,
fi
July 19,
Dear Governor Inouye:
This note vill be presented to you by my friend lir.
Frank F. Noyes of Yeshington, who is
vorld
Taking a trip
:tround the
somewhat similar to the one which I made two years e7o.
I have assured
both Vr. and Yrs. Noyes that they will receive
a warm welcome from my friends
in Japan, to vho I have given
them letters of introduction.
Anything that you are able to do to facilitate their
trip, or add to its enjoyment, I shell esteerand you know hov great a pleasure
it will
to to reciprocate at
any time.
nth cordial reverds, believe *re,
Faithfully yours,
Junnocuke Inouye, Esq.,
Governor, Bank of Japan,
Tokyo, Japan.
PS .W4
varsonal favor,
0
January 16, 19Th
Dear Governor Inouye:
I have been array from my desk for nearly to months on account
of illness and only to-day have been able to give your kind letter of
November 30, as *ell
other accumulated mail, some attention.
Although
I am feeling quite sell again, my physician adviEes that I take a little
recreation for a 4eek
ten days at Atlantic City, Ihich he believes
mill :rove most beneficial to me.
t the end
that time I should be
well enough to resume my duties at the bank.
It 4'as a very keen disappointment to me that I had to be in-
capacitated practically the entire time during the recent visit of your
business men to this country.
I ha; the pleasure of meeting a number
of the gentlemen before i silo taken ill, but unfortunately vas prevented
after that from extending to them many of the courtesies that I had hoped
to.
I sincerely regret that I could not have been of greater
assistance, but I know you will appreciate the circumstances.
With marm regards, believe me,
/ours sincerely,
J. Inouye, Fsq.,
Governor, Bank of Japan,
Tokyo, Japan.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St.
GB Louis
.1111
THE BANK OF JAPAN
TOKYO
Yovember 29th,
rear Governor Strong,
I have duly received your letter of October 24th
together with a copy of the report on agricultural inquiry,
which you were so kind as to send to me, and for which I wish
to thank you very much.
I have not had enough time to go through the volume
as yet, out so far as I go over it, I have noticed with greatest pleasure that you took so prominent and energetic a part
in the discussions before the Joint :2ommission of Agricultural
Inquiry on the Federal Reserve System.
Indeed, the report
must be very interesting and instructive as well, and I shall
try to find time to read it and .Take myself acquaint with
your views of the question at issue.
Again thanking you for your courtesy in this matter,
With kind regards,
Yours sincerely,
3enjamin Strong, Esq.,
Governor, Federal Reserve
Sank of New York,
ew York.
November 17, 1921.
Dear Mr. Inouye:
Your note of October 10 introducing ivtr.
Kadono was only received by me
yesterday, and, unfortunately, my absence from New York has so far prevented my
I learned from anther Letter which he
enjoying the eleaeure of meeting him.
sent, me the!, he is the son-in-law of my old friend iiaroa Megaea.
Thle afternoon I am hoping to have the pleeeure of calling on him at
the Pleza Fiotel, and if I GM unfortunate in missing him, I shall hope nevertheless
to have the eleacere
Geeing him next week.
1\K/A
Ae I cabled you, we learned with horror of the shocking attack upon
Premier Hart, which resulted in his death.
It was, of course, a great eis-
fortune but naverthelees I al glad to find this the occasion for sending my good
wishes to his successor Barue Takahesei.
I heee he has a most successful admin-
istretion as Premier, and thet in turn his successor in office will be all that
you would desire to promote the relations between your bank and the finance department of the government.
So far I have not been in
ashiugton to ueet Mr. Fukai, nor hes ho been
in New York, but I ehall hope to have the pleasure of seeing him shortly.
Really
notable prograes ie being made tJuard the solution ef the problems of armaments.
We are all greatly encouraged and heartened by the eathusiastic responses which
we hear on all sides to the rather definite t.ropoeals made by Secretary Hughes.
I am now hoping and wishing most earnestly that similar enlightened progreso will
be established between your representatives and ours toward a eound,workable,and,
still more importaat,cooporative understanding as to all Pacific questions.
Behind the public discussions and the newspaper accounts which we all read from
Mr. Inouye
b2
November 17, 19?1.
time to time, I can assure you that there is a splendid good spirit developing
!Fr
itt toward your representatives here.
The opportunity seems to be at hand for a
great achievement, and if the conference adjourns with a definite program accomplished it will then be much easier for us to turn our attention to constructive
efforts to assist economically in European recovery.
This leads me to report, very confidentially, upon some recent developments in which I am sure you will be interested.
You know that I have long felt
the need, as we so often discussed when I was in Tukyo, for a better understanding between the principal banks of issue.
My friend, Governor Norman of the
Bank of England, made me a short visit this summer with Sir Charles Addis, when
the general idea was discussed at considerable length.
Similar confidential
discussions have been conducted in Amsterdam by both Governor Norman and by our
Mr. Jay with Dr. Vissering of De Nederlandeche Bank.
One preliminary meeting has
been held with the President of the National Bank of Switzerland, and a similar
meeting with the officers of the National Bank of Belgium.
I
are expecting to
recount these matters in greater detail to Mr. FuKai at the first opportunity, but
take this occasion to ask you if you would be willing to express to ae, quits
frankly, your own views of the wisdom of continuing those discussions to the point
of a better understanding between all banks of importance of that character, in the
expectation that it will lead to mutual representation of each other in our respective countries, and the ultimate development, if possible, of exclusive
representation.
hhile I am not yet prepared to propose this definitely, it has been in
my mind that if our discussions reach a point where I feel justified in going to
Europe early next year, it will be most helpful, and I believe most important,
if you could arrange to join me there.
You must know, my goad friend, that the time has arrived, or is approaching, when some constructive and helpful program is going to be needed to mitigate
4
Noverber 17, 1921.
Mr. Inouye
#3
the distressing consequences of the war.
I must say quite frankly that I dread
the point of view of politicians in these matters, and if i must say se, without
discourtesy to people of such importance, I dread their blunders in economic matters.
Almost equally, I am beginning to fear the consequences of efforts by various people
to furnish wholly unworkable solutions of problems that can only be dealt with over
a long period of years and by a gradual healing process, rather than by a capital
This very generalsuggestion is for your thought and frank comment,
operation.
which I shall welcome most heartily.
You will be glad to know that conditions with us at the moment seem to be
improving gradually but steadily.
Our money markets are easing; there is a splendid
market for sound issues of good securities, especially bonds; there is a more hopeful sentiment prevailing throughout the country; and the banking and financial
situation has settled into a condition of mental calm and steady recovery from deThe darkest ?art of the picture is middle Europe, where Germany is
pression.
struggling hopelessly with the reparation demands, and her neighbors, especially to
toe south and west, are in the midst of a hoileless strug6le against uncontrolled
Our bank now holds 80% gold reserves against all liabilities.
inflation.
Our
discounts have been reduced from the high point of about $i billion a year azo to
lees than $200 millions.
The reduction in our discount rate to 4 1/2%, and re-
ductions of varying amounts in the other reserve banks were arranged as the result
of the Conference of Governors of all of the banks with the Federal reserve Board,
and I believe the policy is justified by events, and sound as to the immediate
future.
Would you care to be informed by cable of changes in our rates, and when
possible (although this will not be very often) some warning in advance:
In conclusion, I am referring especially to the earlier part of this
letter, and hope that you and your associates feel wholly satisfied with the businsce
which we are uow conducting for you in Now York.
It is a matter of satisfaction
to us that we have been able to form such an alliance, and I hope that it may be
http://fraser.stlouisfed.org/
extended
and
Federal Reserve
Bank of St. Louis
promoted.
4
November 17, '921.
44
With cordial regards to you and your associates, believe me,
Very sincerely yours,
J. Inouye, Esc.,
3overnor, Bank of Japan,
Tokyo, Japan.
FtS:bR4
For
Charge to the account of
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WESTERN UNION
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NEWCOMB CARLTON, PRESIDENT
Send the following message, subject to the terms
on back hereof, which are hereby agreed to
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AM
GEORGE W. E. ATKINS, FIRST VICE-PRESIDENT
CABLE
November .1, 1921
Bank of Japan
Tokyo, Japan
he are deeply shocked by news of crime which caused
your Premier's death and send our sympathy
Receiver's N
Benj. Strong.
Time Filed
THE BANK OF JAPAN
TOKYO
di
Dctober 10th, 1921.
Benjamin Strong, Esq.,
Governor,
The Federal Reserve Bank
of New York,
New York.
Dear Lir. Strong,
I venture to introduce to you :.1r.
Chokuro Kadono,
Vice-President of the Okura & CO., who will shortly be
leaving for your country as member of the Japanese Business
1Tission to the United States of America and the United Kingdom.
Ur. Kadono is
close friend of mine, and though
he may be introduced publicly to the leading men of business
in your country, I wish his contact to be more personal, and
so I take much pleasure in presenting him in person to you
as one who can best impart the views that he seeks.
what-
ever courtesy and assistance you may extend to him will be
very gratefully appreciated by me.
with kind regards,
Believe me
Yours sincerely,
THE BANK OF JAPAN
111:
pe
0(` -°s'
TOKYO
)ct "ber 10th, 1;21.
Benjamin Strong, Esq.,
Governor,
The Federal Reserve Bank
of hew York,
New York.
Dear Ir. Strong,
I venture to introduce to you ..-.r.
Kushida4
Chairman of the ,iitsubishi Bank, who will shortly be leaving
for your country as member of the Japanese Business Mission
to the United States of America and the United Kingdom.
Mr. Kushida is a close friend of mine, and though
he may be introduced publicly to the leading men of business
in your country,
I wish his contact to be more personal, and
so I take much pleasure in presenting him in person to you
as one who can best impart the views that he seeks.
Valtever
courtesy and assistance you may extend to him will be very
gratefully appreciated by rue.
With kind regards,
Believe me
Yours sincerely,
8/1.9/Li.
J. Inouye, Esq.,
trade, both in quantity and in valuee, because of the reduce;; prices.
c feel
411
that Ln obstacle even greater than the difficulties of foreign credits lies in
the wide and erratic fluctuation in the values of the various currencies. Taist
of course, is partly .sue to the reparation payments, but is A.eo partly due to
the fact that there is no atabiliwing factor in the exchanges us weulo be the
chat) if ;;old shipments uele free and unrestricted and could be made in the volume required.
Of course, ae do not want this flood of gold, but it is, never-
theless, better to
it come th-n it 4011:i be to nave even more violent
fluctuations of elchange.
The me.cnant expects to encounter the two major
risks of credit and of price fluctuations in every transaction in goods, out
when the third speculetive elementAises in the gre_t fluctLe,tion in the rate
of eichunge, foreign trade inevitably must suffer, and I expect taut you are
feeling it somewhat as k,e do.
Our money market tends toward greeter ease es people continue to
liquidate inventories and pay their debts.
Cuite a number of the large banks
have entirely repaid their lines of discount -i.hich they have carriA with us
for many years past, so that there is some real competition in the money
market on the lendiLL side.
This development is, of course, making it easier
for our Govemament to continue theconaiderable amount of flcAting debt still
unfunded at more reasonable rates of interest, and I anticipate no difficulty
from now on in taking care of all of the maturities as they approach.
warring cotton, of which we have a conAderable carry over, it seems
that Vas will h.:_ve an abundant crop this year, and the 'sheet harvest is muring
to market very rapidly.
This year's crop nes been made at vary low coat and
will Lre.ltly assist general lituidution through agricultural sections as we
eApect the crop to be reasonably profitable to the growers.
1 am looking forward with confidence towards the development of much
improved understanding between your country and ours as the result of the
a/,.d/41.
j. Inouie, khg.,
-3-
conference to bi hell in November.
The Gentlemen in our Government who ire
working on this matter -re men of broad ii,31.011 ono the right disposition to
deal with mutters as they should be dealt with.
I was rather sorry to observe
by a newspaper interview (although I um elweys chary of accepting these es
authentic) that Marquis Okuma had become so'ewhat disturbed by tae proposal
and apparently Jdeunderstood the general temper with which the matter is being
discusse=d here.
rut you awl we need is more freiuent a.nJ intimexte uisoussions
of these matters than eseew to have been possible over the period of u general
election and cnake of Government in this country.
ours will sit uroand the tble
that
great
Now teat your friende and
na uiscuss matters frank/y, I feel aopeful
results slay come of it ani that we may settle down towards construc-
tive work with u common rurpose in view.
This is the first oppottuaity I have bad to orite you for some time,
principally due to my long Absence in iostington, but herfter I hope to he
les:. remiss.
My friend, Mr. Joon T. Har_ds, is sail,nglbr Jupan next month,t.w.1 I
have taken the liberty of giving him some letters of introduction to you and
other friends in Japan.
But as his plans are vcry uncertain I have also hansled
ia the letters of uavice to be mailed only and in case he finds it possible
to call.
in QttA3 one of these letters reach you and he does call, I am sure
you will oe mucn interested in heart% whet he has to say ano will find him a
moot agreeaoie person indeed.
!3ith cordial regards to you and to my good friends with whom you are
easociated, I
bee,
to remain,
6incerely yours,
Juxino-uae Inouye, Esq.,
Governor, bank of Japan,
Tokio, japan.
'z:41-1,11
.4411
CONFIDENTIAL
July 1, 1921.
Dear Governor Inouye:
Your kind note of June 4, acknowledging receipt of our annual report,
has just reached me, and I hasten to thank you for the kind expressions contained
in your letter.
Yesterday I had the pleasure of a call from Mr. Tsukasaki.
He tells
me that he is sailing on Saturday for Europe, and I am furnishing him with a few
letters of introduction to friends in London, who may be able to render him some
service in connection with his work.
It so happens that our own statistician,
Mr. Carl Snyder, is visiting London at this time, and I hope that Mr. Tsukasaki
may be able to meet him and get the benefit of SOME of his experience along
similar lines of work.
From time to time recently, I have received inquiries from your Mr.
Nagaike, in regard to banking conditions in New York, and have no doubt that he
has written you suite fully what I told him.
This city has been filled with wholly unwarranted rumors of some banking
difficulties which might develop here.
I am sorry to say that they have attached
especially to one of our largest and most important institutions, the Guaranty
Trust Company, which is a member of the Federal Reserve System.
The gossip kad
its origin in the affairs of the Mercantile Bank of the Americas, a foreign trade
company, organized especially to finance movements of goods in Central and South
America, although doing some business in the East.
As with many institutions of
that character, the sudden decline in commodity values and many cancellations of
orders left them with a rather unmanageable volume of merchandise on their hands;
and because of that fact the large stockholders, which are important banking firms
and institutions, furnished the Mercantile Bank with about t20 millions of new
capital, and a group of New York banking institutions undertook to furnish them
with a credit, if required, for $35 millions additional.
This, in our opinion,
will enable the bank to go ahead without any embarrassment from its creditors, and
continue as a going and earning concern,
with time for the liquidation of these
merchandise accounts and for the collection of the obligations of such of its
debtors as may temporarily have been embarrassed.
The Guaranty Trust Company
had a considerable interest in the Mercantile Bank, which gave rise to these unfortunate rumors that that institution had sustained heavy losses.
As I explained to you when in Japan, we keep a very close watch upon
the condition of all of the member banks and trust companies. ae receive the
detailed reports. of their regular semi-annual examinations made by the federal and
state authorities; in fact, at the present time, due to pressure of work in the
office of the Comptroller of the Currency and of the Superintendent of Banks of
the State of New York, we are furnishing men to assist in these regular examinations.
We are, therefore, fully informed of the condition of all member banks, and especially
of those concerning which any gossip has arisen, and I have no hesitation in assuring
#4
0
July 1, 1921
you that the rumors are unfounded and any be disregarded.
The Guaranty Trust
Company has sustained some losses; nothing, however, of a nature to impair their
7" credit or sound condition.
They have a capital of $25 millions, a surplus of
e25 millions, and large undivided profits in addition.
Such lessee as they have
encountered can be written off without the slightest embarrassment.
Ai
Generally speaking, the banking situation in New York is excellent. The
proportion of slow leans held by our banks is nothing beyond what would be usual
under present conditions, and not such as could cause embarrassment to any of them.
We feel that with pricer at present low levels,with our large industrial and
business corporations readjusted, or readjusting to these conditions, without insolvencies, that the banking position has shown a strength and stability even
beyond what might have been expected, and with the large resources of this institution available for immediate use, the effects of this idle gossip will pass away
and shortly be forgotten; in fact, it has now practically disappeared.
We have been passing through a 2eriod which combines liquidation of loans
through the liquidation of stocks of goods at the same time that we have been importing large amounts of gold.
The result is apparent in the statements of the
Federal Reserve Bamks,and especially of this bank.
Our loans have been constantly
declining and our reserves increasing, so that to-day we hold in New York over 70%
cash reserves against all of our note and deposit liabilities.
aoney is
slowing a considerably easier tendency right along.
Triers is no bull speculation
on the stock exchange but rather a liquidating market, and in general, the outlook
seems to be for a cuiet and dull summer with a tendency toward greater easing of
money.
Of course, our export trade has fallen off sharply and difficulties have
been encountered in dealing rlth the over-sueplies of copper, cotton, sugar, and
wool, especially.
In a small way there has been some difficulty in financing
the breeding and fattening of cattle on the !astern ranges, but one at a time these
matters are being taken up anddealt with intelligently by our bankers, and I an
hopeful that the fall will see an improvement in the general outlook for business
recovery.
The exchanges have suffered some disorder, according to my personal
opinion, directly because of the German purchases of dollars throughout the world,
in order to effect reparation payments.
hope that the matter hereafter will be
handled a little more intelligently and ekilfully than were the first transactions.
As you have doubtless been advised by my associates, the decline in
money rates has caused a reduction in the return upon the investments which we make
for your good institution, as well as for all of the other institutions for which
This will doubtless he the case from now on, and
we act in a similar capacity.
until some revival of business takes place.
Since my return from abroad, 1 find the pressure of the work at the bank
very much reduced, my hours are shorter, and I have more time for rest and recreation.
I have added 25 or 30 pounds to my weight, and am really now enjoying the benefit
I sincerely hope that all ,Nee well with you and with your
of the year's rest.
Will you not give them all my kindest regards,
associates and my friends in the bank.
and the same to your good self.
Very sincerely yours,
Junnocuke Inouye, Esq.,
Governor, Bank of Japan,
Tokyo, Japan.
http://fraser.stlouisfed.org/
BSsitif
Federal Reserve Bank of St. Louis
May 6, '921.
Oonfidential cable for Governor Inouye, Bank of Japan.
Our action in reducing commercial paper discount rate from 7%
to 8 1/2% was inspired partly by growing ease of money rates, ,ms
recognition of extent to which liquidation' of commodity prices had
progressed, but especially was designed to afford,some sentimental
61(--Z
f621- a4 (449w/4-
relief to agricultural classes where great hardship has been caused by
low prices of cotton, cereals and cattle stop
We hope it will neither
encourage speculation nor arrest the orderly readjustment of wholesale
and retail prices and wages of labor, now proceeding in all parts of
country
Strong
3632 LONDON WALL
Toeuno,
Tel. Address:-.." SIGNALLY, AVE," 1.0Nr)4iN,
TELEGRAM
W. & S. Ltd.
A
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HOUSE, FINSBURY PAVEMENT.
ISSUED FROM CHIEF CABLE STATION, ELECTRA
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22i451 64r,
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GREETINGS
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INOUYE
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fecenber 3D, IVO.
Junnosuke Inouye, Lao.,
Governor, Rank of Japen,
Tokyo, Japan.
Dear Sir:
Governor Strong has written us of his delightful visit in Japan and of
the grecioue honpitality shown him by the officers of the Rank of Japan.
Raney-
ine that year research department mould tied to add to its collection a wet of
boots on American financial suhjeots, Governor Strong has naked me to rend you a
number of such hooks AT
!!
token of hie appreointion and friendahip.
ie are
forwarding these books to you under eepar5.te cover nnd "nve also collected A numr
of ieephlots on banking And the Federal Reserve System which are now being bound,
and these latter, together with some Additional books which we hove ex;erienced some
delay in obtaining, will be eent to you shortly.
Governor Strong ie now in London and is expected home about the middle of
January.
The very cordial reception rich you and your aesocil.tes have Accorded
to Lim in Japan ie n source of the utmost gratification to the directors and officers of ttle bank, And we earnestly hope that it may be our privilege in Use near
future to reci;srocste your kindness And hospitality.
With renewed expressione of 7.y hiLliest regard, I nave the honor to remain,
Very truly yours,
J. R. CASE
Acting Governor.
IMPERIAL GOVEgNMENT TELEGRAPHS. (Delivery Form)
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Governor Inouye's Speaoh
at the Reception of Mr. B. Strong.
(Ginko-Club, Tokio, May 24,1920)
Gentlemen:-
I am very happy to receive Mr. Benjamin Strong here this
evening, who has recently come to visit our country, and I am
also grateful that his Excellency Baron Takahashi Minister of
Finance, and other gentlemen have been good enough to accept
my invitation.
I need hardly say that the new system of the Federal Reserve
Bank in the United States, which was the fruit of many Years of
investigation, was put in practice in November 1914, when Mr.
Strong, who had been president of the Bankers Trust Company, was
appointed Governor of the New York Federal Reserve Bank, the moe
important of all the Reserve Banks in the United States and sino
then he has been in the same office.
The establishment of the Federal Reserve System in the
United States means, indeed, a great revolutionary i'siiprovement
on the monetary organisation of that country.
Concerning this
New system several different views seem to have been in !fogy('
at the outset and it was not long after the outbreak of the
great War, when this system was carried into effect.
Hence the
authorities of the Federal Reserve Panka had on one hand to exert
themselves to harmonize the new system with the practical
'
conditions of the market, and on the other hand to deal with
important financial and monetary questions arising from the
War fore.
The great pains they took at that juncture will be
much more than outsiders can guess.
very much desirable that we shall have a still closer relation
between us.
Mr. Strong's present journey, I am told, is mainly for the
good of his health and at the same time for making obeuVations
about real affairs of Japan, China and other Oriental countries.
So we have luckily
hit upon an excellent opportunity to receive
and listen to the Governor of the central monetary institution
of the American market.
Now, in America, the Federal Reserve Banks are planing and
endeavoring to deal with the various afterwar problems of the
financing circles, while, in Japan, a hard time has already
come, when measures must be argently taken to meet with the postwar economic conditions.
At such a time, it will immensely
benefit and delight us to listen to a speach of such a great
AAbanker of the World full of knowledge and exberience as Mr. Stroll.
and especially to that regarding the practice of the Federal Reserve
System and the actual relations of the Reserve Banks with the money
market, etc.
I hope that Mr. Strong will accomplish the object of his preisent
journey and on returning to America, contribute with his recovered
4eal and vigour much to the monetary circles of the pest-war World.
.)
I have the honour to propose to toast for the health of Mr.
Strong.
WI nTVflTIJ INHICNUHA0f) *SlIdATITOHrIaLL
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FILING DEPT
V7T7Z
.
171.1-
6
1,,.rch 9, 1923.
3'
Sir
Mr. Benjamin Strom-, Governor of this bank,
eximacte to leave in April of this year on a journey through
the East, and is locking forws,rd with such plet,sure to the
opportunity thus afforded him of visiting your institution.
Hie eon, Sen.:amin Strong, Junior, and Vr. Btoi1 Miler,
formerly o± our State Department, will se ompany Governor
Strong, and we shall deeply
p,)recir.te any courtesies atich
you may extend to Governor Strong and his party.
With renewed expression cr cur estee71 and regard,
*e beg to remain,
Respectful
J. H. Case,
Actine Governor.
The Governor,
Bank of Japan,
Tokio, J.-_pan.
FILING DEPT.
March 9, 1920.
I
",-)
FEDERAL
r
b?I'q
Sir :
?lo take tlensure in in+roduting to you the
terser cf this letter, Nr. 'Benjamin Strong, Governor
cf the Fe:ieral Reserve Bank cf N
.
York, his son,
Mr. Renjtmin Strong, Junior, end Mr. Tiesil
formrly of our Stete DeT;e_rtment.
Asturing you agein of our leen aryrecietion
of any courtesies which you may extend to Governor
Strong tr.1 hie :erty, we beg to remain,
Res:
lly,
J.
H.' Cade,
Acting Governor.
The Governor,
of Japan,
Tokio, Japan.
@FedFRASER