11,330,000 _yen_,—adding together 11,230,000 _yen_ of specie and 99,000 odd of paper money, which had been accumulating in the Government treasury. The Rules framed by him and issued in connection with this Reserve Fund are evidence of the clear perception the Vice-Minister had of the necessities of the hour, for he pointed out the urgent demand that then existed for giving support to the policy of the Government by saving up specie as a reserve, and arranging for its utilisation in a definite and unequivocal manner, in order that the circulation of paper money and the redemption of bills might be effectively provided for. A set of rules, twelve in number, was laid down for determining the method of the utilisation of the fund, in June 1872, and with slight modifications to suit changed conditions these regulations held good throughout the period antecedent to the introduction of Parliamentary Government. Such reserve funds as were in the possession of the _Hans_, kept for the redemption of the notes issued by them,—for they were not all indifferent to this obvious duty,—were added to the Government’s reserve, according to the actual sums received. And as the New Treasury’s convertible bills then totalled 6,800,000 _yen_, it was arranged that the amount thereof should be withdrawn at any time from the reserve fund of over 11,000,000 and paid in exchange for those bills whenever the demand might be made. By the following December the Reserve fund, in the Vice-minister’s management, had reached the sum of over 16,000,000 _yen_, and as the _yen_ was the equivalent of the dollar, at that time valued at from forty to forty-four pence English, the Reserve Fund was roughly £3,000,000 sterling.