national banks cannot enter into correspondence with banks abroad

According to the present JAPAN act,

1883 national banks cannot enter into 

correspondence with banks abroad.

 This is quite against the 

future expansion of business. 

The act is full of other restrictions, 

and it restrains the freedom of action 

so much needed in the banking business. 

Moreover, such privileges as it confers 

should not be granted in profusion,

or for long periods.