Exchange restrictions in many countries are proving so
detrimental to international trade that any proposal designed to relieve the situation merits consideration, and especially when it emanates from so important a body as the London Chamber of Commerce. Equally, however, the eirciunstances surrounding international trading are already so complicated
that unless remedial schemes lessen rather than increase these complications they may easily do more harm than . And having examined the present proposals of the
good. of Commerce, I must confess that I do not consider them either practicable or desirable. To circumvent the exchange restrictions it is proposed to facilitate a system of semi-barter. Special Clearing Houses will be required, but it is claimed there will be no interference with the nonual working of exchanges, and a book-keeping unit of value is suggested called Bartex." The unit is to be negotiable only between the two countries directly involved so that an importer to Great Britain could only import if he acquired " Bartex " units resulting from exports from Great Britain to the country concerned. But the value ofBartex " might fluctuate in internal value according to demand, and the internal " Bartex " rates of exchange, it is suggested, should be published by the Central Banks of the two countries both for immediate or forward transactions. A. W. h.