PREFACE

The object of this work is to present in a concise and simple form the theory and practice of Foreign Exchange. At first sight some apology may appear to be due for adding to the already long list of books on this branch of monetary science, but reference to the table of contents will show that special attention has been paid to that more practical part of the subject — foreign bills. The drawing and negotiation of foreign bills are matters which concern not only bankers, but all commercial men, and, bearing this in mind, an endeavour has been made throughout the book to intersperse the practical with the theoretical points.

To explain the working of foreign exchanges in a simple manner is not easy, and the frequent dislocation of the principal exchanges during the war has not conduced to the simplicity of the task. The erratic movements in rates have, however, furnished abundant material from which to draw the necessary illustrations in support of the theories I have tried to make plain.

Exchange with the silver-using countries of the East seems to be a general source of trouble to people dealing with those centres, and in deference to many requests, I have taken the opportunity to include one or two chapters on the Eastern exchanges, which I hope will serve to remove the difficulties which appear to surround this part of the subject.

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