ROUND TABLE CLUB

Evening Post, Volume CXV, Issue 63, 16 March 1933, Page 15

ROUND TABLE CLUB

ADDRESS ON "EXCHANGE'

-An interesting and instructive 'address on the subject of "Exchange" was given yesterday by Mr. C. D. Mqrpeth at the monthly luncheon of the Business and Professional Women's Bound Table Club. The luncheon was held in the Blue Triangle Hal*], and was 'attended by a large number of

members.

Mr. Morpeth, who was introduced by Miss F. Low, traced the beginnings of exchange in the old system of barter and the necessity for finding the particular customer for the thing produced. Out of that, lie said, had grown the need for some common measure of value. Gold had been selected as the best item upon which currency could be based as it had a value of its own, and being sufficiently rare to make overproduction unlikely, its value remained stable.

It was in remitting a balance at the end of a period of trade between different countries, that the question of exchange had to be considered, the actual beginning of the idea of exchange being the cost of guard, freight, and insurance in the transport of large quantities of gold. Mr. Morpeth explained how the gold sovereign had become the yardstick of measurement with regard to the currency and also, its relationship to the dollar and other coinage. The rise and fall of the rate of exchange and its present meaning were also explained clearly and interestingly. A hearty vote of thanks to Mr. Morpeth was moved by Miss A. Bethel.