Note 329 — Chapter XIV

The figures are not easily compared, as the figures for giro-transfers do not indicate the volume of giro-accounts, which is doubtless much smaller. I know no estimates for the turnover either of notes or of bills of exchange. To determine what proportion of business is done by each would, thus, not be easy. The volume of bills of exchange for the year is three times as great, for 1907, as the figures for note issue. The giro-system, as is well known, is relatively unimportant as compared with notes. But I do not undertake to assign figures showing proportions of business done.