otes withdrawn from circulation.

The same fact is alluded to in a few words by Daniel De Lisle Brock
himself in his _Billet d'Etat_ to the States, 20th September, 1838.
Commenting on the Finance Committee's Report, he tabulates five items of
annual loss, among which is found the terse remark, "The founding of the
commercial banks causes an annual loss of L450."

Although the States thus agreed not to issue any more Notes, to complete
the history it should be recorded that these L40,000--to be perfectly
accurate the total amount in 1906 was L41,318--are still in circulation
in the Island.

CONCLUSION

As stated in the Introduction, the writer has determined, though
somewhat tempted, not to discuss the interesting and debatable points
that arise from a consideration of this subject. He is satisfied, for
the present, with placing the facts before the public. He leaves those
facts for abler minds than his to make such use of as they may desire.
Great care has been taken to record only that for which there is chapter
and verse.

But he would like, in conclusion, to remark that it seems to him that
the States, even to-day, still derive some little benefit from having a
portion of their "Debt" on which they pay no interest. This may be
gathered from the following table made up from facts taken from the
_Billet d'Etat_ presented to the States 22nd August, 1906, at which
meeting the writer was an interested spectator.

Summary of the indebtedness of the States of Guernsey:--

------------------------------------+------------------+---------------
| Balance 31 Dec., | Interest paid
| 1905. | during 1905.
------------------------------------+------------------+---------------
| L | L
States General Account Obligations | 68,570 | 1,953 19 3
Special Loan Obligations | 57,500 | 2,295 0 0
Notes of _20s._ each payable to | |
Bearer | 41,318 | nil
"Rentes" estimated capitalised | |
indebtedness thereon | 7,059 | nil
Departmental borrowings | 33,000 | 965 8 0
| | Paid by Depts.
| | t