This paper proves a conjecture of Loxton and Smith about the size of the exponential sum S(f;q) formed by summing exp (2πif(x)/q) over x mod q, where f is a polynomial of degree n with integer coefficients. It is shown that |S(f;q)| ≤ Cfdn(q)qe/(e+1), where e is the maximum of the orders of the complex zeros of f'. An estimate is also obtained for Cf in terms of n, e and the different of f, and a number of examples are given to show that the estimate is best possible.