Figure 3 shows the difference month by month, six months of redemption and six months of issue. The months arrange themselves naturally into three groups, as follows:

Months of Issue

February. March.

June.

August.

Months of Redemption

April. May.

July.

November (4th week).

Months of Issue

September.

October.

November (3 weeks).

Months of Redemption

December. January.

The circulation year commences with the month of February, which shows a slight output varying in amount, and due principally to the requirements of the lumbering industry. March again calls for an increased issue, as in this month the lumbering camps are paid off, and only sufficient men for the drives are retained. In April and May most of the March circulation is redeemed, as the lumbermen return from the woods and pay their family bills for the winter at the village stores, or otherwise spend their winter's pay. June, especially during the last three or four years, has shown a very considerable rise in circulation; then navigation opens, the large lumber drives are completed and the men paid off. Payments for dairy products increase in amount and general activity prevails thruout the country. July is a redemption month, and generally shows a considerable falling off; factories are closed down for repairs and stock taking, and the steady circulation of factory pay-day asserts itself by its absence. In addition to this the summer exodus to the seaside and to Europe begins with the consequent purchase of traveling funds. August is the first of the three great months of issue. Butter, cheese, and hay, with vegetables and all manner of fruit for cannery and table use, call largely for currency, and with increased momentum join forces with the cereals in September and October until the highest point of the circulation is reached, usually in the third week of November. Toward the end of November the steady return of the circulation begins and continues all thru December and January.

It is, of course, impossible to detail all the influences which affect circulation, but the above covers the more important points.

A late winter or spring, for instance, will, of course, affect the figures for the spring months slightly, and those for the fall may be influenced by the lateness of the crops or by the holding of their produce by the farmers in the hope of better prices, but these changes are all adjusted within six months, the year's average is not affected, and the fluctuations, tho delayed, take place as usual.