On and after March 11 a new decree governing the Customs procedure for exports of staple products to Central and South China, Japan, Manchoukuo and other countries, as has already been announced by the Customs in North China, will take effect, The Customs procedure requires that the "Certitcate of Selling Exchange" showing that the export exchange has been sold to this Bank must contain the seal of confirmation famed by this Bank as an attestation; the export merchants must sell the export exchange to any of the exchange banks as they please; and the exchange banks must in urn sell the amount of exchange equivalent {0 the amount stated on the export exchange purchased by them from their clients, fo this Bank at the official rate of exchange, 1s, 24. to the pound sterling per 1 Chinese yuan, Is confident dat after the enforcement of this new system. North China, on the basis of stabilizing the valve' of the national currency' lurider the conditions of equal treat~ ment, will be able to impart foods from' the various "foreign countries, and simultaneously the disturbance in the general commodity" prices of North China caused by the depreeiation of the old legal tender notes will be removed " and stabilized, Besides the basis of the price of the major commodities produced North China can be determined for exportation. providing, however, the Bank's sale to any ove bank should be the same currency and will not exceed the guregate amount previously purchased from all oMlees of the said bank in north China, Application Form 5.—The exchange banks desiring to purchase exchange from the Bank Should produce stipulated application che form for buying exchange to the Banke, The application should be attested by the applying bank's clients.
G—Importers who bought exchange from their exchange banks being granted these covers through the Bonk, should make necessary reports to the Bank as required and produce the eertifeate of import of Maritime Customs to the banks as soon as they selually imported the merchandise.
'7—The Bank's T.T. selling and buying rate of exchange will definitely be st 1/2d, on London per 1 Chinese yuan for spot and forward and at the basis of 1/24. on New York being. arbitraged by closing rate of previous day's New. York/London Gross rate, its forward rate is to be adjusted according to the discount of forward cross rate.
The Bank, however, undertakes change over transaction at the level fate for the time being.
"Bin case the export, bills purchased by exchange banks are refunded by or resold to the drawers, the Bank may cover property the risk of exchange of the said banks as occasion alls.
Exchange banks are not necessarily required to make the sale of exchange to the Bank at the sine fice at which they negotiated the exchange of their clients; they may Sell it) to the Bank collectively through their main office in North China, namely in Tientsin or Tsingtao.
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Text read from the printed page and cleaned; old type leaves the occasional error.