Peiping, Feb. 19. =P17E the various complicated manipulations that have been tried during the last twelve months, in order to strengthen the new local currency introduced by the Japanese in North China, the notes of the Federal Reserve Bank have been steadily falling once more, as against the old National Currency, and have now reached a discount of over ten per cent.
In the carly months of last year the F-R.B. notes were also' at a discount, but thanks to the very stringent regulations against the use of the National Currency and other local notes, as also to the restriction of foreign exports and imports, they were given artificial support which caused them to recover, and at one time last autumn they actually reached a premium of nearly twenty per cent, The reason for the present decline of the F.lLB. note is not at all clear. In tome circles it 1s seribed to the increased purchases of foreign our which has been necessitated by the severe shortage of cercals all over: North China. If, however, as has boon stated by "Japanese economic advisors in the China Affairs Board, fly per cent. of the foreign exehan obtained from exports "has bee: Specially earmarked for the Increased imports of flour it is not clear, why the FRB. notes should have yean adversely affected.
Text read from the printed page and cleaned; old type leaves the occasional error.