There was no definite and official prohibition on the importation of any article of imports, said Mr. Sakatani.
He added that there must be a gradual reduction in the volume of imports to bring that volume down to the volume of exports, and that the imports less necessary for North China would be the ones that would be the most restricted. He realized that there would be differences of opinion as to the articles deemed to be most necessary for North China, but stated that the Federal Reserve Bank must reserve the right to make such decision not only as to the type of such articles, but as to quantity deemed necessar; It was the desire of the authorities to interfere as little as possible with the import trade of North China, consistent with the attainment of the announced objectives.
Mr. Sakatani stressed the point that unless the volume of exports increased the volume of imports allowed would be on a descending scale, because the support of the open exchange market could not be continued for too long a period.
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