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 Hong Kong & Shanghai Banking Corporation $50,842,258 $15,612,909 Chartered Bank of India, Australia & China $35,700,000 $5,800,000 Mercantile Bank of India $1,730,584 $580,000 $68,185,751 $42,080,00012. The rate of exchange for the Estimates was taken at 2/2 whereas the average rate for purposes of conversion in the Treasury books was 2/21.
30th May, 1927.
C. McI. MESSER,
Treasurer.