New York, July 10.
The American Iron and Steel Insti= tute, in its weekly "report, places steel mill activity for the week con uly 10, at 49.7 per cent. of Po capacity. This represents a gain of 112 over the previous week and of 174 over the corresponding period Bice last year—Reater. dividend. nouncement yesterday regarding applications for import exchange will of affect the operations and policy of the Chinese Stabilization Fund, This was revealed by authoritative Chinese quarters here today in reply. {to enquiries into the new procedure announced by the authorities in Chungking.
Dr, H. H. Kung, the President of the Executive Yuan and concurrently Minister of Finance, is reported from Chungking to have announced the following measures concerning the securing of foreign exchange by importers for imports into China:—ie Exchange will be granted by Chungking for approved import quirements; 2. Exchange for approved applica Be tons will be granted at the oficial rates of the Central Bank of Chins, but applicants will be required pay a charge equal to the difference 3 between the official rates and. rates to be announced from time to time by the Bank of China and the Bank of Communications.
These arrangements supersede the regulations for exchange allot ments dated March 12, 1938, According {0 a spokesman of the Ministry of Finance in. Chungking, the rates announced by the Bank of China and. Bank of Communications are seven pence in terms of sterling and 18% cents in terms of United States dollars.
Ju its announcement yesterday, the Chinese Government prohibited' the importation of "luxuries," covering wide field including foreign wine, tobacco, sea food, silk goods, cos: maties, clothes, toys, musical instru ments, candies, tinned goods, fruits ij] and vegetables.
It was stated the decision to restrict Chinese imports was not only pected to save the country over '$230,000.00 annually and thus help maintain her international balances, but such goods represented the types. moat key to be produced by Japan
Text read from the printed page and cleaned; old type leaves the occasional error.