Loading ...International exchanges have an unusual interest at the present time, and there is much confusion of thought in regard to the influences which fix exchange rates. They are in a highly sensitive state and like a person with shattered nerves react somewhat violently to changes in external conditions. This obscures to the onlooker the working of the fundamental principles which govern international payments. An examination of the seemingly mysterious but in reality simple underlying principles of international exchange should prove interesting not only to the exporter and the importer, but to business men in general who are concerned in watching the factors which make for a nation’s welfare.
It would be impossible to understand exchange in its present dislocated and abnormal state without a thorough knowledge of its operation under normal conditions, and for this reason the basic principles which govern exchange under the latter have been fully explained, although reference to the more important factors which influence the exchanges today has been frequently made.
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