London, July 19.
Fairly active conditions prevailed on the London foreign exchange market this morning; with sterling ruling easy in terms of both dollars and francs.
After opening unchanged from Saturday's New York on London close at 497.25, the cross-rate on New York recorded a sharp decline of twenty points an hour later to 497.05. At the time of going tó press, however, a slight rally of 7 points brought the quotation to 497.12.
French francs opened with a gain of thirteen points to 132.06, but lost nineteen points at 11 o'clock to 131.87. The rate continued to rule easy and by 1 o'clock was listed at 131.81, net loss of twelve points from Saturday's close, Bar gold remained unchanged at 339/114.
Silver ruled quiet, with "spot" and forward quoted at 19}jd. and 20d., a decline of 7d. and unchanged respectively. Speculators sold, while busi-
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