The Memorandum on Currency and Central Banks issued last year was published in two volumes. Volume I contained, in addition to the Introduction, all the synoptic tables previously given in the Memorandum on Currency and a new statement showing the foreign assets held by the Central Banks of various States. Volume II contained summarised balance-sheets of all the Central Banks drawn up according to a uniform schedule, together with explicative and historical notes concerning the position of these banks, recent currency reforms, and the statistics published in Volume I on note circulation, gold reserves, deposits, prices, etc. These historical notes traced the course of events in most countries up to the middle of the year 1925 and it has not been thought necessary to re-publish or continue them on this occasion. In consequence of this decision, the Introduction has been slightly changed in form and has been rendered somewhat more historical and somewhat less analytical. The Introduction alone constitutes Volume I of this year’s Memorandum. Volume II is similar to last year’s Volume I, the only changes being that it does not contain the Introduction and that, on the other hand, the summarised balance-sheets of various Central Banks have been transferred to it.