hai, July country doing business with Australia will welcome the news which was received yester-Jday by the Australian Government Trade Commissioner, Mr. V.G. Bowden, to the effect that heneeforward all Australian goods consi to Hongkong or to ports in China may be paid for in sterling.
For some months past, as a means of acquiring foreign exchange for national needs, Australia has been Fequiring that payment for her ex-jure ports to non-sterling countries should, with certain exceptions, be made. certain specified currencies "(which were commonly referred to as "hard" currencies), and under this ruling' 812 she has been calling upon buyers China and Hongkong to make their Payments in United. States dollars, The fact, however, that, to comply, with the regulations, the price of the. goods in United States dollars had to be established by conversion at. the Bank of England's official rate of exchange, which is about 40248, naturally produced a somewhat dificult position on a free exchange market like Shanghai, where the London—WNew York cross-rate has fluctuated very much below this. Frequent. complications developed as a result, and in many cases business on this basis was found to be impracticable, 'This anomalous position is now entirely done away with by the new, ruling, and importers on these mark-cts will henceforward be able to buy and pay for all Australian' goods sterling.
Text read from the printed page and cleaned; old type leaves the occasional error.