At the outbreak of the World War, sterling reached a high of $7, largely due to British nationals converting the proceeds of United States securities which they dumped on the market into sterling. After this flurry the price of sterling returned more or less to a normal: basis, but during 1914 it never sold below $485%. In 1915, it ranged between $4.51 and $4.85% and in 1916 the range was $4.74% and $4.78%. In 1917 and 1918, it was pegged at $4.77.
Text read from the printed page and cleaned; old type leaves the occasional error.