New York closing rate for Sept. 6 4.033; Local Sellers of U.S.$ against at the close 402 Local Buyers of USS against at the close
ILI
Nominal.
The local exchange banks have received instructions today to discontinue doing business in the local "free" market and there will be no further quotations in this respect, In future, business can only be done at the official rates of 34d for sterling and 55, for U.S$. Written applications for the necessary exchange will be required to be made through the loca! banks who will forward same to the stabilization control Board for approval The most interesting change consists in the inclusion of many goods or groups of goods into the list of goods the imports of which would be favoured by the allotment of for-cigua exchange at cheaper rates. These goods comprise' rice imports by the Shanghai Municipal Council. mineral oil products" and gasoline. tobacco leaf, and coal, It was also reported in bankers' circles that the respective limits for these imports would amount to U.S.$750000 for tobacco, U.S.$900.000 for gasoline. U.S$1,000.000 for coal. and U.S.$25.000 for rice, These figures represent the ceilings of monthly allotments, Besides. raw cotton. many kinds of machinery. canned foodstuffs. wheat and flour, chemicals dyes. newsprint, leather, rubber. motor cars rubber tyres. and other goods may he imported according to the new regulations. which thus have provided for a wider range of goods than local importers anticipated immediately after the first announcement by the Stabilization Board.
Goods not covered by the new rules may, nevertheless. be imported to a limited extent only. and it was stated that the value of these imports must not exceed the $2000 mark. Personal requirements such as school fees or payment of insurance premiums will be considered by the Board in case they do not amount to more than U.S.$200 per month,
Text read from the printed page and cleaned; old type leaves the occasional error.