THE EXCHANGE CRISIS
Sir,—Your explanation to "L.J.S." in your issue of September 18 is admirable as far as it goes. 'Perhaps I can, however, answer , his question in tho simplest possible manner. He asks: "Supposing .the gold was actually shipped to New York, would, tho £20,000 of British sovereigns be only worth approximately £19,340 in that city? If this is so, who gets the odd £660?" The answer is simple': the odd £660 goes in freight and insurance on, the gold shipped across the Atlantic. The cost of transmitting gold frpm one country to another fundamentally governs, I think, all 'rates'of exchange between those.' countries.—l am, etc., ■ . - . •- G.T. Wellington, September 18, 1915.
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Dominion, Volume 8, Issue 2576, 25 September 1915, Page 13
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112THE EXCHANGE CRISIS Dominion, Volume 8, Issue 2576, 25 September 1915, Page 13
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