CO129-544-8 Adjustment of exchange account 1-6-1933 - 31-7-1933 — Page 3

3

y

1$. = 1/-. but the Band Hought Maurelves quite safe (as they wore) in accepting a forward

Contrast for 1/2d., there was :: was likely

Assume that the fo was

every

t

reason

to appreciate

And the least the Colony might have

done was

16

seek the advice of either the C.As or the Soy S.

a

I am unable to follow the argument that

forward contract for 3 200,000 in protection, public funds but that a similar contrast for £ 2,000,000 would be speculation.

I think that a measure of discretion ought to be allowed in such matters but that it should we limited to the choice between putting the C. As in founds or remitting as a when

as a when required.

I do not

think it is right to bring the local bank into

the master.

? You will wish to consult

Sir. J. Campwell.

Allade

17-7-33.

I do not think that contracting forward for

exchange to cover kennan Lidiliti

Kumon remittance programme is speculation Кажа

It is not like beying steeking in the hope of Selling at a

I should leave it to Goon's desceation

heofit.

17.V. Verner 17/7

[ what world I...C.A. say about the

Exchange Equalization Fund?