It is absolutely impossible for the Bank of Canada, or any other body, to exercise that control. They must in their own interests take such steps as may be necessary to protect themselves against their foreign commitments. For instance, for the banks which have substantial business dealings on the continent of Europe, with some of the old gold countries-and there are not many left now-but with France, with the Netherlands, in connection with sugar importations and sales, and in connection with the Dutch East Indies, the matter becomes important. In connection with Switzerland, and the little business we have with that country, owing
to great differences and fluctuations in currency, it becomes important. I suppose it is known that last year those who had to go to Geneva found it necessary to pay an exchange rate of practically sixty per cent. That is, there was a sixty per cent exchange rate in dealing with the Swiss gold franc.