维持法定汇率的目的

(4)维持法定汇率的目的

汇兑统制的结果，多半使外汇市场发生两种汇率。^[9]一、法定汇率(official rate)，是政府银行公布的外汇行市，总是比较地高。二、自由汇率(free rate)，又称暗市或黑市，总是比较地低。自由汇率所以能与法定汇率相差很多，是因为政府核准外汇数目的严格的限制，人民得不到外汇，乃向自由市场用高价购买。政府所以维持高价的法定汇率，据《货币评论》所载，是为求得外债付款的廉价，不啻课一种租税。此法在南美各国多半采用。乌拉圭在1938年12月4日颁布法令以后，不独政府需要外汇可得到特许汇率，而且买价与卖价相差很多。其他国家亦多因汇兑专营之故，使政府得到不少的税收。

“The policy of maintaining the official value of currency at a higher level than that ruling in the free market has，in most cases，been designed to secure a supply of foreign exchange at cheaper rates for the service of the Government's foreign debt，and has thus represented a special formof taxation.In Uruguay，after the Decree of December 4th，this object was secured not only by the privileged rate applicable to Government requirements，but also by themaintenance of a substantialmargin between buying and selling rates.In other countries，too，the monopoly of exchange dealings which the institution responsible for the administration of exchange control enjoys has been an attractive source of revenue to the authorities.In Argentine，a systemwas introduced in November，1933，under which the foreign bills surrendered by the exporters was sold to importers by auction.In 1935，the auction sales was abolished，but a high margin was established between the official buying rate(15 pesos to the￡)and the selling rate(17 pesos，reduced to 16 pesos in December，1936).In Estonia，the margin between the central bank's buying and selling rates has been smaller than in Argentine，but still substantially wider than it has been under competitive conditions.”^[10]

兹将南美6国1934年至1938年两种汇率及其百分差表列于下:^[11]

【注释】

[1]Eighth Annual Report of the Bank for International Settlements.见Federal Reserve Bulletin，June 1938，p.483.

[2]关于汇兑平衡基金问题，有N.F．Hall，Exchange Eqalisation Account，最近有L.Waight，History and Mechanismof Exchange Equalisation Account，Cambridge University Press，1939，均可参考。

[3]Einzig，Exchange Control，pp.9-10.

[4]Einzig，Exchange Control，p.24.

[5]关于德国的汇兑统制，可参阅梁子范先生《德国的金融设施及其经济问题》，见民国二十八年四月十六日出版《新经济半月刊》第1卷第11期，及《德国统制外汇及对外贸易之机构及方法》，见民国二十八年八月二十日《贸易半月刊》第1卷第11、12两期合刊。又F.Wunderlich，Germany's Defence Economy and the Decay of Capitalism，in the Quarterly Journal of Economics，May，1938.

[6]League of Nations，Commercial and Central Banks，1938，pp.118-119.此项规定后来又有修改。

[7]见民国二十八年六月二十六日重庆各报联合版。

[8]League of Nations，Monetary Review，1938，p.30.

[9]我国现时有三种汇率:一、法定汇率，为1先令2便士半。二、特别汇率，为7便士，用以支付各种特别汇款。三、自由汇率，高低随时不同。

[10]League of Nations，Monetary Review，1938，p.55.

[11]Ibid，p.34.