三和
FAR EASTER” ECONOMIC RE
THE
BANKERS' ALMANAC
AND YEAR BOOK
1961-62.
THE ONG BUNDRED AND Styrmann Year un PustyAFRÓGI.
FULL PARTICULARS OF THE
PRINCIPAL BANKS OF THE WORLD.
THE STANDARD INTERNA 110594L
BANKING WORK OF REFERANCN
行
Deposits
187
A Bush Beats
837,823,512,432
A GREAT BANK?
How do you judge the world's great banks? Deposits are one way. The Mitsubishi Bank's deposits of well over eight hundred billion yen* tell part of the story. For the rest, speak to the world bankers who respect Mitsubishi and the business leaders who prefer to deal with it. The Mitsubishi Bank can make your dealing with Japan easier and faster.
* As of September 30, 1962, equivalent to Stg. £831,174,119
October 31, 1963
Japan's Helping Hand
By Daniel Wolfstone
JAPAN'S TOTAL foreign aid disbursement of all kinds (in- cluding private investment funds, war reparations, export credits and contributions to international agencies) will probably total something under US$400 million this year. The pattern that has developed in the past two or three years is for Japan to supply something in the order of $150 million on the private side ($100 million in investment and $50 million in export credits), another $150 million in Government loans and another $75 million in Government grants including war reparations payments (Table I gives the figures for 1960-62). In the narrowest sense this latter sum of $75 million is Japan's foreign aid 'effort', and as Senator O.E. Passman, dedicated opponent of the U.S. aid programme, icily remarked in secret hearings of the House Appropriations Subcommittee this June, most of that is war reparations (which Mr Roger Hilsman, for the State Department, said had nevertheless the effect of aid and was negotiated). But in the most generous sense, the total outflow of financial resources to developing countries from the world's fifth largest industrial nation is nearly $400 million a year-and it is on the basis of this figure that Japan claims to rank fifth among western aid donors after the U.S., France, Britain and Germany. And the main
1-Japan's Flow of Financial Resources to Developing Countries and Multilateral Agencies
Disbursements in US$ million
A. Total official and private, net (B+C)
B. Total official, net (I-IV)
Total official bilateral, net (I-III)
I. Grants
II.
of which Reparations, etc
Loans, net
1. Total loans extended
(b) More than 5, up to 10 years
(c) More than 1, up to 5 years
2. Amortisation received
III. Consolidation credits with maturi-
ties up to 5 years, net
(a) Loans extended
(b) Amortisation received
IV. Contributions to multilateral
agencies, net
(a) Grants and capital subscription
payments
1960 1961 1962
245.8 381.4 286.0
144.6 221.4 168.0 114.6 210.0 160.9 66.9 67.8 74.6 64.3 65.1 66.8 54.2 141.3 93.8 80.2 178.2 137.0 18.5 65.5 18.9 42.6 83.2 96.2 19.1 29.5 21.9 -36.9 43.2
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237
JAPAN INTO AFFLUENCE®
Special
portion of this goes to other Asian countries.
Foreign Office (Gaimusho) officials explain that foreign aid (or "development assistance", as they prefer to call it) is part of Japan's obligations as a leading member of the world economy. But they concede that it helps their exports and is also "an instrument of Japanese diplomacy" in developing countries in the same way as other more experienced aid-
Mr Wolfstone, who visited this summer many of the Govern- ment departments and organisations in Tokyo involved in Japan's foreign aid effort, analyses this effort and assesses how it might develop in the years to come.
ropes.
givers regard it as their "new weapon in international diplomacy. Japan, after all, was Number One recipient in Asia of Uncle Sam's handouts in the immediate post-war years, and knows the Of course all Japan's aid is tied to Japanese goods and services, with the very minor exceptions of some US dollar amounts given to internation- al agencies and to pay for local costs of individual projects in some Asian countries.
Japan is a relative latecomer in this field. The San Fran- cisco Treaty came into operation in April, 1952. Two-and-a- half years later Japan was admitted to the Colombo Plan as a donor member. Overseas investment began again in 1950 but only reached serious levels in 1958, when Japan extended her first yen credit to India. In March 1960 Japan joined DAG (Development Assistance Group) as a founder member. Onc year later the Overseas Economic Co-operation Fund (OECF) was founded to supplement the activities of the Export-Import Bank (EIB). The capital funds of these two institutions stood this year at $329 million (Yen 118,300 million) and $47 million (Yen 16,900 million) respectively,
Just as the U.S. tends to favour Latin America, Britain the Commonwealth and France her former colonies in Africa, so Japan attaches the greatest importance in her total aid
effort to East and Southeast
bours. The other western donors,
II-Japan's Credits & Investments in Developing Countries
end-1962, US$ million
1. Japanese Credits to Less-Developed Areas
(a) More than 10, less than 20 years.
-26.0
6.5
0.9 6.2
-
-7.5
6.5 -5.8 -7.5
Asia,
her natural neigh-
30.0 11.4
7.1
Japan estimates,
26.0
12.3
8.6
are giving about
(b) Purchases of bonds with maturi-
ties of more than 1 year
4.0
0.9
1.5
C. Flow of Private Capital, net
101.2 160.0 118.0
I. Direct investment and other new
lending
MITSUBISHI BANK
Head Office:
Cable Address:
Marunouchi, Tokyo, Japan
London Branch:
New York Agency:
BANKMITSUBISHI
7, Birchin Lane, London, EC. 3
120 Broadway, New York 5, N.Y.
Los Angeles Agency: 626 S. Spring St., Los Angeles 14, Calif.
1. Direct investment (including rein-
vestment earnings)
2. Other private capital and portfolio
investment
II. Contributions to multilateral
agencies
net
(b) More than 1 up to 5 years
86.0 114.9 82.4
22.1 98.4
68.4
8.9 16.5 14.0
~~4.6
0.7
III. Guaranteed private export credits,
15.2 49.7
34.9
(a) More than 5 years
16.6
46.6
33.7
1.4
3.1
1.2
Source: Ministry of Foreign Affairs, Tokyo.
case the U.S. and Germany, 20% for Britain. But Japan directed
a third of their ef- fort towards all developing coun- tries to this part of Asia (about $1,730 million in official loans and grants in 1961). The proportion was about 40% in the
committed
outstanding
balance
but yet unutilised
Southeast Asia Latin America Middle East
258.4
319,8
284.2
34.8
98.3
102.7
Total
640.9
457.3
2. Japanese Direct Investments in Less-
Developed Areas
Southeast Asia
80.3
9.6
Latin America
118.1
17.5
of
Middle East
122.9
36.2
Total
321.3
63.3
Source: Ministry of Foreign Affairs, Tokyo.
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