WAGES, the Movement of Real 409 WAGES. The Relation of, to Prices. The President's Address 382 73 402 WINDING-UP OF COMPANIES. Bankers. See Company Law in Relation to ADVERTISEMENTS. THOS. COOK & SON, Bankers & Tourist Agents. ESTABLISHED 1841. Head Office: LUDGATE CIRCUS, LONDON. Jerusalem Melbourne Rangoon San Francisco Montreal Shanghal Montreux Naples Sydney New York Venice Nice Vienna Paris Wellington Peking Yokohama Offices of THOS. COOK & SON (Egypt), LIMITED. i Circular Notes and Letters of Credit issued, payable in all parts of the world. Telegraphic transfers of Money made between Branch Offices. Drafts issued on the principal cities of the world. Foreign Moneys supplied and exchanged. Holders of Letters of Credit and Circular Notes issued by THOS. COOK & SON, and by Banks for which they act as correspondents, have the advantage of being able to obtain Funds, and information respecting travelling arrangements, at their Branch Offices in all parts of the world. Cook's International Travelling Tickets are available for one or more persons, either for a single direct journey, or for a Circular Tour of the most complex character. Among the advantages which holders of these tickets possess are special facilities for breaks of journey and conveyance of baggage not given by the ordinary tickets of the Railway Companies, the free assistance of THOS. COOK & SON'S Agents in every City of importance, and also of their INTERPRETERS IN UNIFORM who are stationed at the principal Continental Railway Stations, and at the Chief Seaports of the Mediterranean. The many advantages which these tickets possess command the use of them by almost every description of traveller. Cook's Hotel Coupons are available at over 2,000 hotels, and provide First-class accommodation at fixed charges. SHIPPING AND FORWARDING. Packages stored, and Baggage and Goods collected and forwarded to any part of the Globe at lowest rates. Full particulars can be obtained at any of THOS. COOK & SON'S Offices. PASSENGERS' BAGGAGE INSURANCE. Travellers using tickets issued by THOS. COOK & SON can have their baggage insured against losses incidental to travelling on payment of a small premium. Full particulars can be obtained at any of their Offices in Great Britain. LIFE, FIRE, BURGLARY AND ACCIDENT INSURANCE. THOS. COOK & SON represent the principal Insurance Companies for effecting Life, Fire and Burglary Insurance, and also for effecting Insurance against accidents of all kinds. When writing to Advertisers please mention this JOURNAL. Branches and Agencies throughout Canada and Newfoundland; also at New York, Chicago and Spokane, in the United States, and at Mexico City. 47, THREADNEEDLE STREET, E.C. 2. London Offices { 9, WATERLOO place, pall mall, S.W. I. Financial Agents of the Government of the Dominion of Canada. The Bank has reciprocal arrangements with leading banks covering all countries and is, therefore, in a position to offer favourable competitive rates for business in all parts of the world. With its numerous Branches it offers exceptional facilities for the transaction of a general Banking business in Canada, Newfoundland, the United States, Mexico, and France. NATIONAL BANK OF EGYPT. Established under Egyptian Law, June, 1898, with the in 300,000 Shares of CAPITAL (10 ch, fully paid) £3,000,000 RESERVE FUND, £2,100,000 Governor: B. HORNSBY, Esq., C.B.E. Hon. ALGERNON MILLS. Head Office-CAIRO. London SE. W. P. FOSTER, C.M.G. Committee London Agency: 6 & 7, KING WILLIAM STREET, LONDON, E.C.4. Manager: J. T. BEATY-POWNALL. Assistant-Manager: A. F. GILLBE E. Accounts opened with traders and private persons. Circular Notes issued. Every kind of Banking business transacted. Offices in Egypt at Cairo (Head Office), Alexandria, Assiout, Assuan, Benha, Beni-Suef, Chibin-el-Kom, Damanhur, Fayoum, Guerga, Keneh, Luxor, Mansourah, Minieh, Mousky (Cairo), Port Said, Rod-el-Farag (Cairo), Sohag, Suez, Tantah, and Zagazig; and in the Soudan at Khartoum, El-Obeid, Omdurman, Port Soudan, Suakim, Tokar, and Sub-Agency at Wad-Medani. AUSTRALIAN MUTUAL PROVIDENT Est. SOCIETY. 1849 THE LARGEST BRITISH MUTUAL LIFE OFFICE. ASSETS £45,000,000. ANNUAL INCOME £6,400,000. MODERATE PREMIUMS. LIBERAL CONDITIONS. WORLD-WIDE POLICIES. EVERY YEAR A BONUS YEAR. Whole Life Policies, 20 years in force, show average increase of the sum assured by Bonus exceeding 50 per cent. Endowment Assurance Results also are Unsurpassed, 87, THREADNEEDLE STREET, LONDON, E.C. 2. CREDITO ITALIANO. Capital fully paid Reserve Lit. 300,000,000 80,000,000 Deposits & Current Accounts at 30th June, 1921 "} 4,683,270,156 Head Office of the Bank-MILAN, London Branch: 22, ABCHURCH LANE, E.C. 4. Transacts Foreign Banking Business and is specially prepared to grant facilities for the development of Trade between the British Empire and Italy. CORRESPONDENT OF THE ROYAL ITALIAN TREASURY. Telegrams-"ITALOCREDI, CANNON, LONDON." Telephones-CITY 7802 and 7803. When writing to Advertisers please mention this JOURNAL. ADVERTISEMENTS. THE PRINCIPLES AND ARITHMETIC OF FOREIGN EXCHANGE BY S. EVELYN THOMAS, Cert. A.I.B., Demy 8vo, 270 pp. Price 7s. 6d. net, post free 8s. The book is intended as an introductory manual to the theoretical and practical aspects of the Foreign Exchanges, and has been written to supply a long evident want for a modern exposition of the subject. Theory and Arithmetic are treated concisely and clearly in two sections, both of which may be worked concurrently. The arithmetical portion gives a lucid explanation of the simple exchange problems, and of the contracted methods which should be applied in working them. The book fully covers the Syllabus of the Examinations of the Institute of Bankers in Foreign Exchange. The Journal of the Institute of Bankers says: “As an introductory handbook for the use of students preparing for the Examinations of the Institute of Bankers the book is likely to achieve success. The author's style is clear and concise, and the arrangement of the book is good, while the second half of the book, dealing with the arithmetic of the exchanges, covers ground which most of the text books omit . . . the author has capably treated his complex subject, and the book should have a future before it." PROFESSOR H. S. FOXWELL, M.A., F.B.A., Fellow of ORDER YOUR COPY NOW. One-half the first printing MACDONALD & EVANS, iii Here is your opportunity to place in your Office or Home a handsome GLOBE MAP OF THE WORLD, showing all the new Boundaries. Write for particulars and price, or call at Blades, East & Blades Ltd., ABCHURCH LANE, LONDON, E.C. 4, ENGLAND Telegrams: "Identical, London.' Telephone: Pank 723; Central 644. When writing to Advertisers please mention this JOURNAL. |