Details of Working of Scheme for Duty Payments A. very important announcement has been made regarding the payment of duties under the new] scheme of Customs gold units. The} notice reads as follows Beginning with April 16, 1930,1 Import Duties fixed in terms of Customs gold units payable in Shanghai may be paid in cashier's orders of, o approved cheques drawn on, the Central Bank of China, Shanghai, ju terms of Customs Gold Units.
Such cashier's orders may be) purchased from the Central Bank of China, Shanghai, and arrangement may be made with the said bank to open current accounts, in terms of Customs Gold Units.
Importers desiring to may continue to pay import Duties as at present, The Central Bank of Ching, Shanghai, notifies the public toginning from date hereof it is prepared to sell its cashier's orders. in terms of Customs gold uni to arrange for the opening of ci vent accounts in terms of customs gold units, and to arrange for the sale of Customs gold units for forward delivery. actualy on the date mentioned QD need not be cramped for time when the goods are ready for delivery. Ky the system brought into vogue all future requirements can fixed at the rate of the day, and; reliants will make as to whether they fix such exchange or wait in expectation of securing a more favourable rate, At the same time another facility is offered by the Central Bank of to merchants. The Bank is prepared to eliminate the tael its duty transactions, and awvill sell Customs gold units against T. at the rate of. 19.80 London and 4
125 cents. U. 8. currency. This, however, will be operative only inv the case of the larger amounts required and where accounts inv London and New York are of the type known to bankers as "ape proved."
Tt has been pointed out that the fact of forward dealings in gold units may form a fresh medium for local speculation in exchange. While this is perfectly true, it is obvious that it would of necessity be a very: narrow market, and would be most unlikely to attract the attention of the Kiukiang Road fraternity who: prefer the broader mediums of steel ug, gold dollars and yen.
Text read from the printed page and cleaned; old type leaves the occasional error.