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, yielding
 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 produce,
 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 Yingkou,
 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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