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 
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