From day to day the pound sterling has bounded up and up. Its par level in terms of U. S. dollars is $4.8654 After 1919, it fell by degrees to a figure far under $4.00, the chief reason being that a major part of the world's gold supply was in the U. S. In the early months of 1923, it had climbed up to $4.71—the highest figure since the War control over Allied exchanges was abandoned in March, 1919. The advance was short-lived and the pound sank back to $4.34 in December of...
To continue reading:
or
Log-In
