I want now to supplement what is said in our report on the question of monopolies, Tientsin has so far been the centre where these have been most severely felt. At the end of December there was An embargo on sheepswool, hemp gute, hides and certain desses "of "Export and exchange control over all produce leaving Inner Mongol Restriction on the export of. cotton by means of regulations requiring a permit from the Ministry industries in Peiping before shipment could be effected.
These measures have been so designed as, to divert the entire trade of certain articles into the hands of the Japanese who, having paid for the merchandise in Federal Reserve Bank notes, will market them abroad and secure foreign exchange in United States dollars and. sterling. As long as the British Empire and the United States continue to purchase China products acquired under such conditions, there would appear to be no reason why Japan should not recuperate a large amount of her war expenses in this manner and at the same time effectively remove foreign competition in North China.
Text read from the printed page and cleaned; old type leaves the occasional error.