In Siam there was no purely local note issue; the branches of the foreign banks issued bank-notes up to 1902. The Government then began issuing currency notes and thus gradually drove bank-notes out of circulation. About 18,000,000 ticals worth of notes are in circulation in Siam, these notes being issued by the Treasury in the capital and the provinces; the foreign banks circulate these notes. The reserve for them is kept exclusively in London; the sum necessary was obtained out of the loan of 1907, a part of which was also devoted for railway construction.