15. Notes themselves, however, are used also, and to an increasing extent, for moving crops; and, although the _gross_ circulation falls during the busy season for the reasons just given, the _active_ circulation (_i.e._, excluding the holdings of the Government Treasuries and the Presidency Banks) does, as we should expect, _increase_ at this time of year. When, therefore, we are considering what proportion of liquid reserves ought to be maintained, or what part the note issue plays in supplying the much needed element of elasticity in the busy season, it is of the active rather than of the gross circulation that we must take account. The figures are given below in lakhs of rupees:— ┌────────────┬───────────────┬───────────────┬───────────────┐ │ Months of │ 1906–1907. │ 1907–1908.(a) │ 1908–1909. │ │ Minimum ├───────┬───────┼───────┬───────┼───────┬───────┤ │and Maximum │ │ │ │ │ │ │ │ active │ 1. │ 2. │ 1. │ 2. │ 1. │ 2. │ │circulation.│ │ │ │ │ │ │ ├────────────┼───────┼───────┼───────┼───────┼───────┼───────┤ │Min.— │ │ │ │ │ │ │ │ June │ 31,15 │ 14,41 │ 35,04 │ 13,01 │ 31,13 │ 14,12 │ │ July │ 32,43 │ 12,87 │ 34,43 │ 15,89 │ 31,58 │ 16,52 │ │ August │ 32,11 │ 13,59 │ 34,30 │ 17,47 │ 31,90 │ 12,71 │ │ │ │ │ │ │ │ │ │Max.— │ │ │ │ │ │ │ │ January │ 35,54 │ 9,11 │ 33,20 │ 8,62 │ 33,67 │ 8,54 │ │ Feb │ 36,07 │ 9,42 │ 33,28 │ 9,38 │ 34,36 │ 9,50 │ │ March │ 36,45 │ 10,50 │ 32,61 │ 14,28 │ 34,95 │ 10,54 │ └────────────┴───────┴───────┴───────┴───────┴───────┴───────┘ ┌────────────┬───────────────┬───────────────┬───────────────┐ │ Months of │ 1909–1910. │ 1910–1911. │ 1911–1912. │ │ Minimum ├───────┬───────┼───────┬───────┼───────┬───────┤ │and Maximum │ │ │ │ │ │ │ │ active │ 1. │ 2. │ 1. │ 2. │ 1. │ 2. │ │circulation.│ │ │ │ │ │ │ ├────────────┼───────┼───────┼───────┼───────┼───────┼───────┤ │Min.— │ │ │ │ │ │ │ │ June │ 34,19 │ 15,10 │ 36,58 │ 20,37 │ 38,44 │ 19,78 │ │ July │ 34,31 │ 17,22 │ 36,56 │ 22,60 │ 39,15 │ 21,14 │ │ August │ 35,49 │ 16,25 │ 36,86 │ 21,20 │ 40,99 │ 18,70 │ │ │ │ │ │ │ │ │ │Max.— │ │ │ │ │ │ │ │ January │ 41,47 │ 10,37 │ 39,67 │ 11,45 │ 44,14 │ 10,56 │ │ Feb │ 41,45 │ 9,12 │ 40,95 │ 12,57 │ 44,58 │ 12,61 │ │ March │ 39,98 │ 14,43 │ 40,17 │ 14,82 │ 44,61 │ 16,75 │ └────────────┴───────┴───────┴───────┴───────┴───────┴───────┘