Chungking, July 4. The Chinese Finance Minister, Dr.
H. H. Kung, yesterday evening explained the new import and export ordinance. He declared the new measures aimed at a strengthening of the Chinese economic system in the present critical times. While the import of a number of luxury goods was forbidden altogether, the export of other goods was facilitated.
In accordance with the barter trade agreement between China and other countries, the Chinese Government will further the export of timber. oil, tea, bristles and minerals through state-controlled organizations, while the export of other goods is to be caamed on through the usual private channels.
The proceeds in foreign currencies are to be bought up by the Bank of China at official rates. In addition, the exporters are to receive an export premium to be fixed by the Bank of China.
A spokesman of the Finance Ministry stated that the Chinese Government disliked the curtailing òf imports but added that under the prevailing conditions no other was feasible—Trans-
Text read from the printed page and cleaned; old type leaves the occasional error.