On Mar. 20, 1919, J. P. Morgan & Co. announced on behalf of the British Government that cessation of the War-time policy of "supporting the pound" had been ordered. Sterling, long held at about $4.75, at once started a long toboggan which ended at $3.18 on Feb. 4, 1920. In the next two years the pound twice reached $4.00 and over only to fall back again. In 1922, a genuine advance began that ended at $4.72 in February, 1923. The invasion of the Ruhr, British flight of capital and fear of the Labor Party brought sterling down to $4.20 again...
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