The vacancy caused by the death last year of the Right Hon. Wm. Lidderdale was filled by the election of Sir F. G. Banbury, Bart., M.P.

The Right Hon. Lord Allerton, owing to his numerous duties elsewhere, has felt compelled to resign his seat on the Council, and the Right Hon. Sir Algernon West, G.C.B., has been elected in his place.

In accordance with the provisions of the Corporation of Foreign Bondholders Act, seven members of the Council retired at the Second Quarterly Meeting of the Council held in April last. The vacancies were filled as follows:

Mr. J. J. Cater and Mr. W. R. Malcolm were elected by the Central Association of Bankers.

Mr. A. K. Hichens and Mr. R. B. Martin, M.P., by the London Chamber of Commerce.

Admiral Field, C.B., the Rt. Hon. Sir Mountstuart E. Grant Duff, G.C.S.I., and the Rt. Hon. Sir Algernon West, G.C.B., by the Council.

The Rt. Hon. Lord Avebury and the Hon. Sir C. W. Fremantle, K.C.B., were re-elected President and Vice-President of the Council respectively.

The fifth redemption of the Certificates of Permanent Membership in the Corporation, as provided by the Act, was held in May, 1903. The sum applied to this purpose was £2,043. 16s. 6d. Thirty tenders were accepted, the highest price being £70, and the average about £61. 2s. 4d.

The Council desire to express their thanks for valuable contributions to their Library, transmitted, in many cases, by foreign Governments or their representatives. Statistical and other data have been received regarding the Argentine Republic, Canada, Colombia, Ecuador, Egypt, France, Greece, Guatemala, Honduras, Luxembourg, Mexico, New South Wales, Nicaragua, Portugal, Salvador, Santo Domingo, Turkey, the United States, Uruguay and Venezuela. The additions to the Library during the year number 230.

30th July, 1903.

AVEBURY, President,

JAMES P. COOPER, Secretary.

(a) Created for settlement of National Railway Guarantees in arrear.

(b) to (m) Created for the settlement of the following Provincial and Municipal Obligations, viz. :-(6) Province of Buenos Ayres; (c) City of Buenos Ayres; (d) Province of Santa Fé; (e) Province of Entre Rios; () Santa Fé Railways; (g) Province of Tucuman; (k) Province of Cordoba; (2) Province of Catamarca ;_ (7) Province of San Juan; (k) Province of San Luis; (7) Province of Corrientes; (m) Province of Mendoza."

*These figures are derived from the balance-sheet of the Bank for 30th April, 1993. The Gold Series is converted into Sterling at $5 04 to the £ the Currency Series at the same rate, with premium on Gold at 127'27 per cent. (the official rate fixed by the Conversion Law) added. It should be borne in mind, however, that the actual average Gold premium for 1902 was about 133 per cent., and at this rate the total amount of National Cedulas in circulation works out at £10,664,708.