82 Sterling Bill Payable "at the Current Rate of
Description
This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
82 Sterling Bill Payable "at the Current Rate of
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.
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