In his lecture on "The Sight Rate of Foreign Exchange," yesterday evening, Mr. John E. Gardin, vice-president of the National City Bank of New York, emphasized the intricate nature of his subject, and the great assistance of a college education in such a career. A business which takes so much continual study and acumen deserves the title of a separate profession. The breadth of a market comprising the whole world, the continual shifting of trade, and the constant necessity of grasping unexpected opportunities, all combine to demand a man of exceptional ability and knowledge.

Mr. Gardin discussed the price of gold and its fluctuations, comparing the policies of the different European countries. Gold being the basis of international exchange affects by its fluctuating price the volume of imports and exports of every civilized nation, and its presence or absence in a country indicates the condition of that country's finances.

Mr. Gardin next defined the instruments of foreign exchange, the most important of which are telegraphic transfers and letters of credit. If it were not for these facilities it would be impossible to carry on one-half the international business which is now being conducted.

In conclusion, the complexity of his subject was shown as well as the relations between the various markets of the world which are constantly in need of delicate readjustment.