11. The local circulation of notes and Specie in Reserve of the three Banks having authorized issues were as follows on 31st December:
Notes in Circulation Specie in Reserve. Hongkong & Shanghai Banking Corporation... $45,332,993 $33,500,000 Chartered Bank of India, Australia & China 14,587,808 5,000,000 Mercantile Bank of India, Limited 1,459,875 550,000 $61,380,676 $39,050,00012. The rate of exchange for the Estimates was taken at 2/3 whereas the average rate for purposes of conversion in the Treasury books was 2/4.
7th May, 1925.
C. McI. MESSER.
Treasurer.