A document prepared by a French lawyer appeared in the Chinese press last Friday and gave details of the regulations which have been drafted for the conduct of a recently established Rice and Grain exchange. It is pointed out that the regulations have been drafted to prevent unscrupulous speculation, nnd that the operations of the exchange will be on a strictly legal and business basis. We quote two of the regulations as being of special interest:
"Brokers of the exchange will be held responsible for the conduct of persons with whom they deal, and if such persons are found to have committed unlawful acts, the security money deposited by the brokers with the exchange and their shares may be confiscated and given to. charitable institu-
"The object of the exchange is to keep the price of grain uniform, and to develop industry. One tenth of the profits made by the exchange every year will be placed to a reserve fund which will be kept in a bank and may be drawn upon at the discretion of the local public bodies, the Chinese authorities, and the French Consul-General, in case of a famine or a rice crisis. Another sum of money will be taken out of the profits of the concern and paid to schools and hospitals under the jurisdiction of the French M Court."
Text read from the printed page and cleaned; old type leaves the occasional error.