2.
As regards the rate
of exchange to be adopted for the
adjustment of such advances, the
Governor has suggested that it
would be most convenient to adopt
a fixed rate of 1/3d to the dollar.
He refers in this connection to
the arrangement whereby the
Exchange Fund buys sterling at that
13
rate and sells it at 1/2, and
states that the commercial rate,
which is not always easy to ascertain
exactly, fluctuates approximately
within the limits of the unds
tates
raised, and that for some time
past