CO129-469 - Governor Sir Stubbs - 1921 [9-12] — Page 470

V.

VI.

462

will be incurred owing to the higher exchange at which the sterling has to be reconverted into local currency, apert from any further loss due to the depreciation of sterling investments.

Under the circumstances it seems right that

a flat rate of exchange should be fixed, and I venture to suggest that the pre-war value of the dollar should be

e.d taken, i.e. that fixed for Clearing Office purposes - 1/9%- as against the present rate of 2/84. Thus the amount of

sterling required to pay the amount mentioned in paragraph 2 would be £136,328, 2a, 6d, instead of £203,125, 0®. Od.

as at present rates.

I have the honour to be,

Sir,

Your most obedient humble servant,

B.E. Stable

Governor, &c.

The Committee were of opinion that in cases of the release of property of ex-enemy nationals who acquired the right of release the amount to be refunded should be the original amount of dollars actually received, considered that in all cases involving release of £100 or

The Committee upwards the matter should be referred for the consideration of the Controller of the Clearing Office.

Mr. Knight read to the Committee a letter (0.3233/249/ 18) dated the 9th of March which the Foreign Office had addressed to the German Ambassador. The Committee were of opinion that the letter disposed of the question.