ABSTRACT
The above tables show two extracts from the quotations of the price of English currency in other countries. These quotations are seldom made in the reverse manner ; that is to say, the numbers of pence which must be given for a franc are not generally quoted. Naturally, when 65 50 francs are obtained for £1 instead of 25*23 francs English currency is dearer in terms of French currency, but it is equally true to say that French currency is cheaper in terms of English. Before the war 25*25 francs to the £1 was about the usual or normal rate of exchange between English and French currency. When more francs than
25.25 had to be given for a £1 the exchange was said to be unfavourable to France and favourable to England.
