Again, so far as No. 4 is concerned, very little need be said. It is quite evident that when the mark is declining, people who think it is going to decline still further will sell forward, i.e. if the mark is at 800, a man will sell, and buy in when the exchange is at r,roo. The fact that he sells at 800 itself tends to bring the value of the mark down, and when he buys in at r,roo, the mere fact of his buying causes the mark to go up.