Exchange Control For N. China London, Mar. 7.
According to telegrams received recently from China, the Japanese "have every intention of putting into operation after March 10 the regula~ tions already published for a control of exchange in North China," asserted 8 letter to "The Times" today written by Mr, J. W. Nicholson, Chairman of the Chinese' section of the British Chamber of Commeres These regulations, Mr. Nicholson added, mean a control of the whole Import and export trade in that Precedent In Taingtao system will be inaugurated," the writer continued, "under which ex-Port. certileates will be granted by the Customs only to those who can show that corresponding amounts, of exchange have been sold to the Japanese-controlled Federal Reserve Bank at the fixed rate of 1s. 2d. the Federal Reserve dollar. The cloven hoof has already been shown {in Tsingtao where the control is in yeration. There, certain imports are ly permitted if they are Japanese. The same thing will occur in Tien-sin, When the new. system, allowed, has been established, permits for imports will be made dis criminatory or withheld altogether. If the Japanese succeed in obtaining complete control of trade and cur-Feney, they will be in command of a large supply of foreign currency wit Which to continue the war in China. This threatened control by Japan another definite effort to\ destroy eventually all foreign trade with China other than her own. position is difficult but 1 am certain that it is not beyond the ingenuity of the British Government to put into operation a satisfactory remedy Havas.
Text read from the printed page and cleaned; old type leaves the occasional error.