To a very large number of people who ten years ago
had never even heard of a gear or a differential or a
carburetor, these are to-day familiar terms. To an
equally large number of persons, perhaps, such phrases
as "demand sterling," "cables," "dollar drafts," etc.
have, during the past few years, come to have a very
definite and important meaning. Knowledge of foreign
exchange used to be regarded as something of a luxury.
It is, to-day, not far from being a necessity.

To supply the need for a book from which, without too
great effort, the student, the business man, and the
banker could get a working knowledge of the subject,
the writing of " Foreign Exchange Explained" was
undertaken. To set down, not a mass of figures and
calculations, of interest only to the exchange expert and
obsolete almost as soon as compiled, but rather a clean-
cut, definite description of foreign exchange and of the
underlying and unchanging principles on which it works
--that has been the author's aim. So to state the
theory of the thing as to make it applicable to everyday
practical use--that has been his constant object.

If, in the attainment of this object, there has been any
measure of success, it would seem perhaps as though that
were due to the fact that the author's practical expe-

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