This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 85.— What is the correct rate (demand or 60-day) to charge on a sterling acceptance when due? Why, custom or law?
Answer.—Under section 71, sub-section 6, of the Bills of Exchange Act, the rate fixed for such bills is the sight rate, unless otherwise expressly stipulated.
If a bill is drawn for so many pounds sterling simply, it would be payable at the sight rate.
If for so many pounds " at the current rate of exchange," that is a stipulation which fixes the rate. The " current rate of exchange" between Canada and Great Britain is the 60-day rate, that being the established usance.