The matter of enforced controlled exchange, in Shanghai, will be a very serious position for exporters to face and a cautionary attitude on committments will necessarily result. Just what the chaotic position would be to an exporter who had sold say for August/September "shipment and had booked exchange with a foreign bank for his contract and then have his shipment refused export privileges because there was no contract for exchange with one of the National Banks can easily be imagined. On the one hand the exporter would have to ship in any case to keep his contract with his buyer abroad and on the other hand he would be forced to take new exchange from the National Banks at the standard rates and offset his prior bookings with his own bank at a fearful loss in the differentials of the respective rates, In these days of uncertainties and when the most unexpected things do happen it behoves the exporter to be ultra careful to avoid being caught and badly stung—'c.o.x."
Text read from the printed page and cleaned; old type leaves the occasional error.