The Memorandum on Central Banks issued early in 1922 represented only a preliminary study in draft form, published then owing to the particular interest which questions concerning Central Banks were raising at that time. The present Memorandum brought up to the end of 1923, and for some banks up to the end of the first quarter of 1924, gives the results of a more thorough study of the position of the Central Banks, especially with regard to their relations with the Governments as disclosed in their published reports.