To the Editor of the "Norta-Catya Dairy News."
Sir,—I think that the attention of the Chinese authorities should be called to the abuses that exist on the local Chinese exchanges. These exchanges are not exchanges at all but are really gambling establishments or what the Americans call ''bucket shops." With the exception of only a few bond fide cash transactions, selling and ing does not take place with a view to delivery. The intention of the customer is merely to pocket the difference between the price which he pays and the, price to which the commodity' or stock rises. The dealings are simply in profits and losses, not in the securities or commodities themselves. As prices fluctuate, the differences flow into the pockets of the wins ners.
There are now in Shanghai over 40 exchanges which have come into being within the recent months. These exchanges cover nearly all the important Chinese trades.
Most of the quotations are for forward transactions. Hundreds of thousands of piculs of Tungchow cotton are "bought and sold" on the Stock & Produce Exchange and the Cotton Exchange every
Text read from the printed page and cleaned; old type leaves the occasional error.