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October 15, 1942

A multitude of Japanese firms are sprouting like mushrooms. Almost all of them are branches of leading firms in Japan. They have put up their offices in the best buildings along the Escolta, such as the American-owned National City Bank, the Wilson Building, the Heacock, etc.

Some firms are engaged in mining to produce materials needed for war such as iron, copper, manganese, etc. Gold is not exploited as it has no use in war. Meanwhile, other firms are engaged in the production of cotton.

The firm have started buying all sorts of things which previously had no value. They are purchasing typewriters, old and new, worn-out machines, medicines, chemical substances, liquor and paper travel bags, paying good prices for them with newly issued bills fresh from the printing press.

A college professor who has taken to selling medicines and chemical substances to these firms said that they pay ten times more than pre-war prices.