522
have ceased to exist-
vizz the Agra Masterman, 2. The Commercial. 3. The Asiatic. 4. The Bank of Hindustan -
5. The Bank of India. 6. The Central Bank.
at any perceptible inconvenience would arise from the Oriental Bank's retiring all its notes at any moment whilst however true it may be that like all other Banks it is obliged to have a reserve fund to meet its liabilities.
b. As to the average Circulation of notes in the Colony Your Lordship will perceive that the total circulation at the end of January last amounted to $1,439,039, but of this there was only $289,000 in Oriental Bank notes. In fact the circulation of the latter from a period long antecedent any discussion of a Stamp Tax has been gradually decreasing from $800,000 upwards in the first two months of 1866, to $156,000 last November.
It is quite evident therefore that otherwise, it is also a fact that for reasons totally unconnected with loss or profit on its notes, it has had during the whole of the past year Specie on hand in its vaults an amount of bullion and many times greater than required to meet its note circulation with all its other current liabilities added thereto.
8. Thus whilst its issue of notes is at this moment considerably under $300,000, the amount of Bullion retained by the