CO129-582-16 Arrangements for securing funds for trade commissioner 1-9-1939 - 18-1-1940 — Page 11

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