FOREIGN TRADE: Puzzling Pound

In terms of dollars, the British pound has two prices. One price is quoted by the Rt. Hon. Montagu Collet Norman, who last week was re-elected for his 21st year as Governor of the Bank of England.

Through his bank all dollars held by Britons must ultimately pass, and for them he pays an official price, unchanged since mid-September: £1 for $4.02⅓. The other price for pounds is freely made by U. S., other international money-changers in what, under a tighter system of ex change control than Britain's, would be known as a "Black Bourse." Until early last month, this free...

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