Show SALE OF EXCHANGE ON U. U S. S RESUMED MANILA P. P I. I March 10 By A. A P. P P.- P. The sale of oC exchange on the United States at the tho legal rates fixed by the currency law law law-l 1 8 1 per cent for telegraphic telegraphic tele tele- graphic transfers and one per cent for demand drafts was drafts waa resumed by the In Insular Insular insular In- In sular treasury shortly after the first of the tho present year Through this means it Is said the circulation of oC the peso In Intha Inthe inthe the tha Philippines may be augmented An American company buying exports from the Philippines may make a a. gold deposit In the States and Its local representative may draw the equivalent in pesos from the insular treasury Resumption of the sale of exchange by bythe bythe bythe the treasury marks the close period In the currency history of oC the Hie government government government govern govern- ment which began with the transfer of oC the gold reserve fund through Philippine National bank transactions from the United States to the government deposit account at the bank In Manla Manila much of oC It then going into loans not yet jet et liquidated liquidated liquid liquid- on Industrial properties such uch as oil oU mills and sugar centrals The Tho bonds sold In accordance with the currency legislation approved last year have restored the reserve and a a. long pe period period pe- pe nod of oC exchange between the Philippines and the United States is predicted by bankers S One year ago the peso eso was still at a discount of 7 per cent and In 1921 the premium on dollars was nas as much as 15 16 per cent At that time the government was compelled to close the tha treasury to I exchange transactions and seek relief In bond issues I |