The study and analysis of the monthly circulation returns afford much interesting and useful information. The monthly and annual fluctuations show, year by year and season by season, every change and pulsation in the financial life of the nation, increasing annually in volume by an average of late years of about $8,000,000, while each month, tho sharing in the general annual increase, shows a rise or fall corresponding with the same months of previous years. The tables in Figure 3 are compiled from the government returns and illustrate that fact very forcibly. It must not be over-looked that the figures given do not show either the maximum or the minimum amount of circulation during the respective months, but simply the point at which the issue stood at the end of each month. The maximum amount of circulation during the month is given in the government statement, but the figures at the end of the month are generally considered as the most satisfactory figures to deal with.