The Dairen Exchange was founded in September, 1918; that at Changchun and Kaiyuan in 1916, followed with those at Ssupingkai, Kungehuling, Ssupingkai, Mukden (abolished in October, 1924), Yingkou (abolished in the same year as above), and Lianoyang (abolished the same as the others). The Exchanges at Dairen, Kaiyuan, and Changchun are the oldest, and each place being a great distribution centre, b'g business is put through on the Exchange, yield- ing flattering business returns. On each Exchange, business 18 being done separately in Spots and by Forward Contract (or in Futures). (B) Ox Cuvese ExcHANGES Among the Chinese Exchanges dealing in staple pro- duce, the one at Harbin, styled the Bond & Grain Exchange Co., Ltd., is carrying on a fairly large business. It deals in Beans, Bean Cake, Bean Oil, and wheat. Besides, there are Exchange Guaranty Cos. at Ying- kou, Mukden (now closed to business), and Tiehling, noné of which are flourishing. SECTION IIL.—OUTSIDE THE EXCHANGES Talking of business outside the Exchanges dealing in Beans, Bean Coke, and Bean Oil according to the old usage in Manchuria, it may be conveniently divided into Spot hl