Columns(1): Active circulation. Columns(2): Holdings of Treasuries and Presidency Banks, _i.e._, _excess_ of gross over active circulation. (a) An abnormal year. We see, therefore, that, while the notes held by the Presidency Banks and the Treasury fall in the busy season by 700 to 1000 lakhs below their highest figure in the slack season, the _active_ circulation _increases_ in the busy season over its lowest figure in the slack season by about 400 lakhs (in the latest year for which we have figures, 1911–1912, by more than 600 lakhs). Of course this is not a very high proportion of the total increase in the volume of currency which is required in the busy season. But it is an amount well worth considering, and these figures put the note issue in a more favourable light as a source of currency in the busy season than is usually realised. The relative importance of notes and rupees[28] in supplying the seasonal needs of trade is well shown in the following table:— NET ABSORPTION (IN LAKHS OF RUPEES) OF CURRENCY INTO CIRCULATION (+) OR RETURN OF CURRENCY FROM CIRCULATION (–).(a) Key R. = Rupees. N. = Notes. ┌─────────┬───────────┬───────────┬───────────┬───────────┬───────────┐ │ │ April to │ July to │ Oct. to │ Jan. to │ │ │ │ June. │ Sept. │ Dec. │ March. │Whole Year.│ │ Year. ├─────┬─────┼─────┬─────┼─────┬─────┼─────┬─────┼─────┬─────┤ │ │ R. │ N. │ R. │ N. │ R. │ N. │ R. │ N. │ R. │ N. │ ├─────────┼─────┼─────┼─────┼─────┼─────┼─────┼─────┼─────┼─────┼─────┤ │1905─1906│– 116│+ 83│+ 339│+ 58│+1139│+ 175│+ 88│+ 101│+1450│+ 417│ │1906─1907│– 24│– 148│+ 600│+ 220│+1068│+ 310│+ 156│ 0│+1800│+ 382│ │1907─1908│+ 182│– 141│+ 145│+ 29│+ 735│– 126│– 670│– 146│+ 392│– 384│ │1908─1909│– 798│– 148│– 718│+ 198│+ 339│+ 112│– 311│+ 72│–1488│+ 234│ │1909─1910│+ 47│– 76│– 58│+ 286│+1065│+ 130│+ 268│+ 163│+1322│+ 503│ │1910─1911│– 287│– 340│– 100│+ 147│+ 722│+ 144│– 1│+ 68│+ 334│+ 19│ │1911─1912│– 130│– 173│+ 220│+ 262│+ 499│+ 356│+ 565│– 1│+1154│+ 444│ └─────────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┴─────┘ (a) In this table rupees (but not notes) in the Presidency Banks are treated as being in circulation. It would be a troublesome piece of work to exclude them, and would make, I think, very little difference to the result. The main variable element in the reserves of the Presidency Banks is the notes, and these are duly allowed for in the above table.