This book on the Foreign Exchanges is founded on lectures delivered from 1919 to 1922 at the Bankers’ Institute and at the Municipal School of Commerce of Manchester. The audiences consisted of students preparing for the examinations of the Institute of Bankers, and of business men. The author’s own daily experience of exchange movements and of foreign bills, obtained in his capacity of Financial Manager of a mercantile company trading in various overseas markets, he was enabled to amplify by the facilities kindly afforded him by one of the joint-stock banks for observing the daily work of exchange trading in its foreign branch.