But he would like, in conclusion, to remark that it seems to him that the States, even to-day, still derive some little benefit from having a portion of their "Debt" on which they pay no interest. This may be gathered from the following table made up from facts taken from the _Billet d'Etat_ presented to the States 22nd August, 1906, at which meeting the writer was an interested spectator. Summary of the indebtedness of the States of Guernsey:-- ------------------------------------+------------------+--------------- | Balance 31 Dec., | Interest paid | 1905. | during 1905. ------------------------------------+------------------+--------------- | £ | £ States General Account Obligations | 68,570 | 1,953 19 3 Special Loan Obligations | 57,500 | 2,295 0 0 Notes of _20s._ each payable to | | Bearer | 41,318 | nil "Rentes" estimated capitalised | | indebtedness thereon | 7,059 | nil Departmental borrowings | 33,000 | 965 8 0 | | Paid by Depts. | | to General | | Account. +------------------+--------------- Total indebtedness | £207,447 | ---- ------------------------------------+------------------+--------------- The circulation of these Notes in the Island to-day is, if nothing more, an interesting relic of an interesting financial policy which certainly was in vogue in Guernsey for over 20 years (1816-1837). The mystery surrounding the abrupt catastrophe is yet undeciphered and is likely to remain so, as there seems no material from which to glean what took place during those few but momentous days between the 21st September and 9th October. Was there treachery? was it but the inevitable fate of the "best-laid schemes o' mice and men"? or was it a unique and deplorable economic tragedy? APPENDIX We have not yet discovered anything with reference to a successful plan at Bath to which Daniel de Lisle Brock here alludes (see page 40). We assume the reference to Liverpool is to the fact that during a time of financial panic the Liverpool Corporation was empowered by Statute 33, Geo. III., c. 31 (10th May, 1793), to issue notes of £5, £10, £50 and £100 for value received or other due security.