11. The local circulation of notes and Specie in Reserve of the three banks having authorised issues were as follows on 31st December:-
Notes in Circulation. Specie in Reserve. Hong Kong and Shanghai Banking Corporation $45,161,419 $34,000,000 Chartered Bank of India, Australia and China 15,022,149 5,900,000 Mercantile Bank of India, Ltd. 1,782,294 660,000 $61,965,862 $40,560,00012. The rate of exchange for the Estimates was taken at 1s. 11d. whereas the average rate for purpose of conversion in the Treasury books was 2s. 0¼d.
C. McI. MESSER,
Colonial Treasurer.
17th May, 1929.