FALL IN STERLING.
As was bound to be the case, the Sterling Exchange has moved heavily against us, and on Monday . the value of the pound, as expressed in French and American currencies, was only just a little over 17s. Moreover, the Government, doubtless with the object of preventing any further flight from the pound on the part of British capital, has now passed legislation prohibiting such transfers of capital and, excepting for proved legitimate requirements, bankers will have the State authority behind them when they refuse to give the necessary exchange facilities. Incidentally it may be noted that throughout the crisis there has never been any question for a moment of the soundness of our banking institu- tions, and we have been saved from any internal diffi- culties of thatI-incl.
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