From Jupan, heretofore the big puree of cheap hosiery imported by ix country, the total last year was 695,000 dozens, ayainst 601,000 dozens in 1938, The December imports from Japan were but 36,000 dozens.
'The association points out that "the disturbing feature in the imports of cotton hosiery from Asia is. their Jexecedingly low values. 'The declared value' of Japanese cotton hosiery: averaged 29¢ per dozen pairs, while that of hosiery coming from China averaged 18e per dozen pairs."
Total hosiery imports for 1939, the. report shows, were 1,349,000 dozens, Valued at $1,194,000, which compares with 972,000" dozens in 1938, wi of $1,131,000.
While international trade was ly affected by the start of the the hosiery association states! that) war restrictions had no effect fon imports. "The usual increase for the period in imports of wool hosiery: took place.
Woo! ttosiery:
For 1999 the total imports of wool hosiery from the United Kingdom were 275,655 dozens, which compared with 247.970 dozens in 1938, More than half the imports of this has: last year, the association finds, took. place after the outbreak of war—United Press.
US. Grants Loan
Cheque Rule To Chungking Shanghai, Mar, 8.
Any Wei Wah" cheques charges are made will hereafter not bbe accepted by the Chinese district courts in Shanghai, according to, the Chinese press. It is stated that this: ig another way of stopping speculation which has been responsible for price inefease for once surcharges made on such cheques originally meant to be circulated as cash, the Cheques themselves are made objects of speculation and they also tend to Geerease the volume of Shanghai's export business.
'The "Wel Wah" cheques, it is re~ called, which have been. abundantly Issued by Chinese banks here to the amount of well over eight gures, were circulated and supported' by cash reserve to prevent people from using Chinese bank oles to buy foreign exchange to the disadvantage of Chungking. Irregular~ {ies later developed often originating from merchants doing import. buslness, it is asserted.
After selling their foreign goods, these" import. business merchants obtain many "Wei Wah" cheques but since these cheques cannot be used for buying foreign exchange they exchange them for Chinese bank oles promising to pay surcharges. In"other words, they pay a certain per cent, of interest (sometimes. as high as over $0 per cent.) for these cheques the full face vale of which may be recognized in the native market, To pay such interest or surcharge tends to encourage the ight of native capital without obtaining foreign money in return. singe the import merchants do not export native goods as their action Indicates.
In view of the fact that the collection of surcharges on "Wei Wah" cheques may thus jeopardize the financial market, the Ministry of Finance is stated to have again ordered the Government bank: bran~ requiring them to do the "surcharge system, Local courts will hereafter nat act in cases of "Wei Wah" cheques on which interest has been charged, it is, stated, The ruling is an important {13} since i is a ropetiti which affects trade eiveles here bu! of previous order its effect remains to be seen, was learned yesterday. that the "Wei Wah" cheques was quoted" as high an 05. par cent indicating the seriousness of the situation, Washington, Inst night.
"The Toan was made possible by. th {U.S$100,000.000 increase in. the bank's funds approved recently by Congress.
"The Toan brings, to U.S.$45,000,000 the total United States advance to since the Japanese invasion.
Text read from the printed page and cleaned; old type leaves the occasional error.