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Show PHILIPPINES GIVEN RESERVE BANK WASHINGTON". Feb. 13. The Philippine Philip-pine National bank was designated today as correspondent of the reserve bank of San Frri neisro. a furtherance of the reserve re-serve bend's policv of establishing correspondents cor-respondents throughout the world to extend ex-tend American trade and make secure the dollar as the standard of international exchange. ex-change. The board previously had authorized the appointment of the Bank of England as i corrtsporiilont of the reserve bank of j New York, but the actual appointment has not yet been made and the neaotla- ! tions regard ins it may occupy a month or! more. The Philippine bank is the first I outside continental I'nited States to be j appointed correspondent of the reserve system. Appointment of a correspondent in Ihp ! orient was deemed advisable because of j the rapid growth of trade between the I I'nited States and the Philippines. China j and Japan. Trade with the Philippines ! alone has passed the $1 "XI, 000, 000 mark and recently has received such a de- 1 elded impetus that the Philippine hajik j has established a branch in New York. I |