5 FEBRUARY 1921, Page 2

Mr. McKeuna's exposition of the whole subject must be read

in full to be understood. Particularly interesting were his illustration& of the enormous advantage to the business man of preventing violent fluctuations. The intrepid British trader will make a bid for success and fortune in almost any circumstances, however depressing ; but it is essential for him to know exactly where he is. He must be able to foresee with some accuracy what the value of money and the state of the exchanges will be a reasonable time ahead. If he hardly dares to sign a contract because he does not know what it will mean in money terms on the day when it is completed, he becomes paralysed, and no wonder.