Floating bush journal bearings are widely used to support small-sized high-speed rotating machinery. In the previous report, the authors have developed an analytical tool to predict the bush rotational speed and stability threshold speed of a rotating shaft that is supported in the bearings. However the predictions were in poor agreement with the measurements. In this report, the tool is modified extensively so as to model the shaft by means of a finite element method and also to obtain the bearing characteristics with the effect of circumferential oil supplying grooves in both inner and outer clearances of floating bush and so on considered. As a result, the predictions agree relatively well with the measurements.