Exchange."

Question 84.— A sterling bill on a Canadian house drawn at three days' sight is expressed to be payable " at the current rate of exchange when due." Is this payable at the 60-day or demand rate?

Answer.—For the reason set out in our reply to question 82 (1) we think this bills is payable at the 60-day rate. The usance between Canada and Great Britain is 60 days' sight, and in our opinion " the current rate of exchange " refers to the rate for that usance.