It is evident that something of a radical nature has happened as a result of the war which has altogether altered the working of the Foreign Exchanges; and that that alteration is having very far-reaching effects on everyday business life. Perhaps the best example of what the alteration in the exchange position means in practice is this : before the war one pound, when changed into U.S. dollars, would buy 4·86f dollars' worth of wheat. During a great part of 1920 the pound would only buy 3 ·90 dollars' worth-about 20 per cent. less. That is equivalent to the imposition of a tax of 20 per cent. on wheat imported from the U.S.