Proceeding to details, we see below (pp. 118, 119) the quotations for forward exchange ruling in the London market since the beginning of 1920. During 1920–21 forward dollars were generally cheaper than spot dollars to a London buyer to the extent of from 1 to 1½ per cent per annum. Occasionally, however, when big movements of the exchange were taking place, the discount on forward dollars was temporarily much higher, having risen, for example, in November 1920, when sterling was at its lowest point, to nearly 6 per cent--for reasons which I will endeavour to elucidate later. During the first half of 1922 the discount on forward dollars dwindled, but rose again during the latter half of the year, reacting again in the middle of 1923 after money rates in London had been slightly raised. Thus a London merchant, who has had dollar commitments for the purchase of goods, has not only been able to cover his exchange risk by means of a forward transaction, but on the average he has got his exchange a little cheaper by providing for it in advance. TABLE OF EXCHANGE QUOTATIONS IN LONDON ONE MONTH FORWARD[38] +--------------------------------------------------+ | NEW YORK. | +----------+------------+-------------+------------+ | | | One Month | Difference | | Date. | Spot. | Forward. | per cent | | | | | per annum. | +----------+------------+-------------+------------+ | 1920 | | | | |January | 3·79 | + ⅜ cent | +1·2 | |February | 3·48⅞ | + ¼ „ | + ·9 | |March | 3·41⅜ | + ¼ „ | + ·9 | |April | 3·90¾ | + ⅜ „ | +1·2 | |May | 3·82⅞ | + ½ „ | +1·6 | |June | 3·89-15/16 | + ⅜ „ | +1·2 | |July | 3·96⅛ | + ⅝ „ | +1·9 | |August | 3·67 | + ½ „ | +1·6 | |September | 3·56⅞ | + ½ „ | +1·7 | |October | 3·48-5/16 | + ½ „ | +1·7 | |November | 3·44⅜ | +1⅝ „ | +5·7 | |December | 3·49 | + ½ „ | +1·7 | | 1921 | | | | |January | 3·58⅜ | + ⅜ „ | +1·3 | |February | 3·84¾ | +1 „ | +3·1 | |March | 3·88⅜ | + ⅞ „ | +2·7 | |April | 3·92 | + ⅜ „ | +1·1 | |May | 3·98 | + ½ „ | +1·5 | |June | 3·90⅝ | + ¾ „ | +2·3 | |July | 3·71-15/16 | + ⅝ „ | +2·0 | |August | 3·56⅜ | + ½ „ | +1·7 | |September | 3·71⅝ | + ⅜ „ | +1·2 | |October | 3·76⅛ | + ½ „ | +1·6 | |November | 3·92-1/16 | + ⅞ „ | +2·7 | |December | 4·08-5/16 | + ⅜ „ | +1·1 | | 1922 | | | |