THE FOREIGN EXCHANGES 243

are drawn than by dealings in them in London. No one
course is universally followed, and enough bills are drawn in
London on foreign centres for the language employed to be
quite applicable to what occurs in England, even though it
be true that the great bulk of English exports are remitted
for, and the bulk of English imports are drawn against.
The supply of and demand for bills operate in determining
their price as discussed above, though it is the price in Paris,
or Berlin, or New York, or elsewhere, rather than the price
in London, The practice, of expressing the rates on most
foreign centres in terms of the amount of currency of the
foreign country which is equivalent to a pound sterling,
indicates sufficiently that it is an old-established custom for
the bulk of the dealings in such exchange to be carried on in
the country in whose currency the rate is expressed.