In the money columns in the daily papers there are, under the heading'' Foreign Exchanges'' a list of figures preceded by a certain amount of descriptive wording, recording the movements in rates which occurred during the previous day, such as "marks depreciated,'' "dollars appreciated," etc.', etc. The figures formerly represented the foreign exchange rates which were current at the close of business on the previous day in the various foreign centres. They were not the rates quoted in London, but were cabled from the foreign centres opposite the various names. To-day they represent the rates obtaining in London at the close of the previous day's business. These figures are in one or two forms. Either they mean

so much of a foreign currency unit to the pound, as in the case of France, Germany, or U.S.A.-3·90 opposite U.S.A. means that you can get 3·90 dollars for £1-or they are in the form of so many pence, or shillings and pence, per foreign unit, as in the case of Brazil, where the figure 8 means that you can get a milreis for 8d. ; or in the case of Japan, where the figure of 2s. 4d. means that you can get a yen for that amount. All the rates are quoted in one or other of these two forms.