[21] A rearrangement was made in 1910; previous to that date there were four circles and four sub–circles. It is no longer worth while to explain the relations which used to exist between the circles and sub–circles. [22] For the legal provisions outlined in the following paragraphs see _Statistics of British India_, part iv. (a). [23] For some further details see p. 9. [24] Report of Comptroller of Paper Currency, 1910. [25] Before 1893 these terms were used with a different significance. The statistics are still a little ambiguous as to whether for the net circulation the notes in Government reserve treasuries or the notes in _all_ Government treasuries are to be deducted. I use the term in the latter sense. [26] For an account of this see p. 73. [27] At all times the vast bulk of the funds held by the Presidency Banks at their Head Offices are kept in notes, chiefly of high denominations (Rs. 1000 and Rs. 10,000); _e.g._ on December 31, 1911, £4,200,000 out of £4,800,000 was thus held. [28] The part played by gold is discussed in Chapter IV. [29] I estimate that at this date the total volume of the active rupee circulation was between five and six times the total volume of the active note circulation. [30] The proper proportion would partly depend upon the policy pursued in regard to the Gold Standard Reserve. [31] H. of C. 495 of 1913. [32] This quotation is from a letter addressed by the Government of India to the Secretary of State, nine years later (May 16, 1912). [33] The value of the token coins (silver, nickel, and bronze) circulating in Egypt and the Sudan is estimated at no more than £E3,600,000, and the notes of the National Bank of Egypt (chiefly current in the large towns) at £E2,400,000. The whole of the rest of the currency consists of gold coins (chiefly British sovereigns). The existing position in Egypt is, therefore, the ideal at which many Indian currency reformers seem to aim. [34] See Lindsay’s evidence before Indian Currency Committee (1898), Q. 3404. [35] The above account is summarised from the Reports of the Comptroller of Paper Currency for 1900 and 1901. [36] This is probably very considerable. India must be the main source of supply of gold for the whole of Central Asia. The following extract from a report sent in to the Comptroller of Currency (1911–12) is instructive:—“From Peshawar a considerable absorption of gold in connection with the trans–border trade is reported; this trade is said to have amounted during 1911–12 to the value of Rs. 30 lakhs. Gold so taken seldom or never returns. The Amir’s subsidy is also largely paid in gold.” It is also reported that gold is preferred by those who go on pilgrimage to Mecca. [37] Throughout 1911–12 the Bank of Bengal quoted them at a premium of 4d. [38] Report on Paper Currency, 1911–12. [39] See pp. 97–99. [40] See Report for 1909.