CO129-519-4 Adjustment of exchange account- payment of military contribution on profit on exchange 10-9-1929 - 10-6-1931 — Page 7

7

X

(51234/28)

+SS gruft for 3

years (33 on same fate)

Ith two separate arrangements which

affear to be confused :-

( ) Para 2. refers to the new

system

of pooling floating balances in the

hands

the Crown Agents. The

of the

system was outlined in are.

desp. of 26th July 1928, has

been accepted by H.K. (25 on 51328/28), and was put into

force on the 15th Abort 1929.

while a

Colony has a

defosit in the pool it is in

the position of a shave holder

in an investment trust and is not concerned with day-to-day realizations of in vest uncuts made by the Pook. Deposits

aredesen repay able

at call

•

When the

the

defor it is refaid, if

exchange

has

fallen in

the meanwhile, there is of course

a dollar "profit"; but I am