Mr, Steintorf pointed cut that a portion of the 11 per cent, subject fo export control would be exported Inasmuch as the licenein" system did hot necessarily prohibit exportation of licensable commodities.
Mr. Steintort further pointed out that it there should be heavy cur tailment. of exports of licensable commodities it would probably be because the U-"-" "ates desired them for her own use and would therefore increase her purchases of such products.
Philippine trade circles enthusias~ tically: Welcomed the introduction in Congress of legislation suspending export taxes on certain "Phi: ippine products entering the United States, Unanimously zcelaiming the measure og a "blessing in many ways.
Philippine exports to the United States are divided by law into two categories, nansely, there on which export taxes are levied on a gradnat~ ed upward scale, and those which fare diminished annually by_graduat~ ed quotas. Tha Tydings-MeGehee bill dntrodueed in Congress was regarded here as a discrimination inasmuch it did not mention commodities sent 40 the United States under the quota sis.
The Philippine High Commissioner. Mr. "Francis B, Sayre, has sent 3 message to. Washington favouring suspension of the quota restrictions fag well as the export tax suspen~ sion move in order to do away with the discrimination in favour of pro-duets subject 10 export taxes—United Press, Japanese—French Bank Accord Tokyo, July 4, 'An inter-bank agreement was signed -today between Mr, 'Toshikata 'Okubo, Governor of the' Yokohama Specie' Bank, and M. Paul Gannay, Inspector-General of the Indo-Ching Bank atthe Tokyo arnee of the Yokohama Specie Bank, providing for the opening of plastte and yen accounts to facilitate the settlement fof payments between Japan and Indo-China, it was announced by the Finance Ministry today, Japan's Control of Foreign Trade Tokyo, July 2, Moving further to intensify wartime control over Japan's foreign trade as the result of the spreading of the European hostilities, the Min-Istry of Commerce and Industry allegedly is planning to expand the Scope of the so-called "Consignment Export. System" which was in augurated on June 26, with the object of regulating Japanese exports to French Indo-China, Under the consignment arrange ment, a total of 101 exporting com. panies were authorized by the Min-Istry to handle seventeen major_export items bound for French Indo; China, Tt was understood that the Ministry Extention of export contro! to Ca, additional articles destined for Tndo-China including notably foreign yle paper, paints and. pigments; Application of the system to Japanese imports from. Indo-China ins establishing double-track state control over Japanese commerce with the French colony; and '3,. Gradual expansion of the con signment arrangement to other markes including countries outside the East Asia. prosperity sphere, Tt was understood that the Govern iment was taking the necessary mea sures In the very near future in order {o give Togat basis to the consignment trade system,
Text read from the printed page and cleaned; old type leaves the occasional error.