As it is recognized that the treasury in China, for a long while to come, should exercise a much greater measure of control over trade and banking than is possible or necessary in advanced countries like England or France, and as such control with regard to currency has to be exercised through banks, it is evident that an unwieldy organization of the central bank for the whole country would prove of no help to the Government. I believe that China cannot do better than follow the examples of India and the United States, by having a number of institutions through which the authorities could control and regulate' currency. The organization and functions of these banks would have to be evolved out of a study of the experiences of particular localities. There must, however, be a general plan to work upon; I have accordingly sketched a rough plan, which would have to be modified according to the exigencies of each particular locality. The principles that govern the relationship between the treasury and these banks, or the duties of such banks, would however, remain the same in all localities.