PURPOSE: To improve operability of switching a paper course by providing the first opening part relating to an entry path and the second opening part relating to a discharge path or a stack part, in a column-shaped switching valve, and respectively opposing the second opening part to the discharge path at the time of conveying continuous paper and to the stack part at the time of conveying cutform paper, by actuating a drive shaft.

CONSTITUTION: The first opening part 4a opened at a wide angle relating to an entry path 1 and the second opening part 4b opened at a narrow angle relating to a discharge path 2 or a stack part 3 are provided in a switching valve 4 of column external shape. The second opening part 4b is opposed to the discharge path 2, when continuous paper 9 is conveyed, and to the stack part 3, when cutform paper 8 is conveyed, by actuating a drive shaft 5. As a result, a course of paper can be switced by a narrow space, and further a bundle of the cutform paper accumulated in the stack part, when taken out by a hand, can be taken out with no contact with the switching valve.