The greatest pressure upon the pound sterling in foreign exchange markets always comes in the autumn. During the fall season, the British regularly purchase large amounts of our cereals and cotton, and in consequence are forced to make heavy payments to the U. S. Even before the War, in the absence of other offsetting factors, sterling tended to sag in terms of U. S. dollars.
London bankers and British Government officials are, for this reason, looking ahead to the coming autumn season with considerable anxiety. Thus far it has not been so much of...
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