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Free Books / Finance / Canadian Banking Practice / |  |
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Goods Sold In England By Canadian Firm, To Be Drawn - For Plus Expenses - Form Of Draft |
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This section is from the book "Canadian Banking Practice", by John T. P. Knight.
This section is from the "" book, by .
Question 39. - A Canadian firm sells in England goods at a cost of $1,000, for which they are to draw at sight, covering every expense. Should they draw for $1,000 plus charges in Canadian currency, or for sterling amount, and if the latter at what rate of exchange?
Answer. - We think they might draw for the amount in currency, but in practice it would be more convenient to draw for such amount in sterling as would yield $1,000 at the current rate for sight bills.
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