The entire boom has now been re~ moved for the past month or more, but sull foreign vessels are not allowed to proceed alongside, Japanese vessels of all sizes are fallen the privilege of the wharves 'Upon return of the _Japanes forces, an "Economical Department' was setup which Instructed the Customs not to allow export of any cargo unless covered by an export permit granted by the Japanese Navy Mission, Exporg permits were granted without dif culty until Opel 1038, when the Banknotes of the Federal Reserve Bank of North Ching were introduced in this city, Those notes are issued "by the Federal Reserve Bank in Peiping and fare not secured by reserves of any kind. "The notes were not accepted by the foreign banks as legal tender, The Yokohama Specie Bank notified all of their clients that Chinese national dollar accounts would be con~ verted to the Federal Reserve Dollars.
Aspirations for the organization of 'a new Central Government in China would be realized by the joint commission of the "Provisional" and 'Reformed Governments, Mr, Wang Keh-min, chairman of the newly: inaugurated body, said in a statement issued today. 'The commission, he said, formed the foundation for' such merged administration.
Members of the joint commission would not be increased unless _another government was to be represented on the commission, Mr. Wang, said. The Federated Autonomous Government of Inner Mongolia would,
slon. not be represented on the commls-
Felicitations for the establishment. of the joint commission were offered today by Gen, Count Hisaich! Terauchi, Commander-in-Chief of the Japanese Army in North China, who, said it was a timely measure for the organization of a Central Government in China, especially in view of the imminent fall of Hankow.—Gen. Terauchi pledged his full support and assistance to the joint commission.
The Yokohama Specie Bank would buy foreign exchange at the Axed rates of 29 for US, dollars and 1/2 1/92 for sterling," However, they would not sell any foreign currency gainst these notes, These notes were Tooked upon with much favour, fas they were only of use as local cur rency in Tsingtao, and could not be fused In exchange transactions, Th an effort to force the foreign banks to accept the new notes the Japanese Navy Mission refused to rant export permits on cargo which was financed through the foreign banks, Th order to assist exporters the Deutsch-Asialische Bank agreed to handle the mew currency and then export permits were granted for shipments Ananced by that bank, The Hongkong and Shanghai Banke ing Corporation and Chartered Bank of India, Australia & China refused to handle the notes and exports permits on cargo financed by them have always been refused.
Recently these two banks have vepled current accounts of the new notes, but actually no exchange buslness is done In these notes by them.
This condition was carried on until July 24, when without previous notice export permits were stopped entirely, No reason for the export restriction has been given,
Text read from the printed page and cleaned; old type leaves the occasional error.