The Principles And Arithmetic of Foreign Exchange

Cover The Principles And Arithmetic of Foreign Exchange
The Principles And Arithmetic of Foreign Exchange
S Evelyn Samuel Evelyn Thomas
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68-0 Czechoslovakia 108-1 Switzerland 63-1 British India 98-2 Germany .
53-5 Norway 90-0 Portugal 49-9 United States 89-7 Greece . .
46-9 Holland 82-6 France . .
44-6 Sweden 80-4 Australia 44-4 Japan 78-2 Poland 44-1 Spain 76-6 Belgium .
42-8 South Africa 73-2 Italy 42-5 " European Indebtedness to America. The decision of the British Government to repay the 50, 000, 000 American Loan which matured on October 15th last, no doubt improved senti- ment as regards the future of the pound, and was
...largely respon- sible for the rise in the American exchange to over four dollars.
" But this sentiment failed to offset the enormous demand for dollars resulting from the great surplus of exports from the United States to Europe over imports from European countries 122 THE PRINCIPLES AND ARITHMETIC into America. The burden of financing this European indebtedness to America fell, of course, upon London, and the sterling exchange consequently really represented not a London-New York rate, but, as Mr.


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