notes by Royal Decree of August 4, 1914, but this duty of redemption was re-established by Order in Council of March 8, 1916. On March 19, 1920 the obligation to pay gold in exchange for notes was again suspended. Redemption in gold was again resumed as and from May 1, 1928, but was once more suspended by Order in Council of September 27, 1931. At present the authorised note circulation of the Bank is fixed at a sum equivalent to its inter- nal gold reserves plus an additional 250,000,000 Kroner. At December 31, 1913 the authorised circulation of notes was 45,000,000 Kroner in excess of the gold reserves, which were 74,200,000 Kroner, and at December 31, 1933 the figures were 250,000,000 and 118,000,000 Kroner respec- tively. Norges Bank’s Rate of Discount for bills has on a yearly average been as follows during the period 1914-1933: Year Percentage Year Percentage 1914 5,11 1924 6,95 1915 §,22 1925 5,85 1916 5,06 1926 5,35 1917 5,53 1927 4,58 1918 6,00 1928 5,53 1919 5,69 1929 5,57 1920 6,52 1930 4,53 1921 6,75 1931 4,65 1922 5,53 1932 4,68 1923 5,81 1933 3,70 116