So...
32 to 70 (primary) equals 2.1875 reduction
21 sprocket to 42 rear equals 2.0000 reduction
Total reduction equals 4.3750 (ie engine revs per rear wheel rev)
Therefore 3500 rpm (to choose a convenient number) equals 3500/4.3750 = 800 wheel rpm
800rpm equals 48,000 revs per hour
Measured tyre circumference is 2.106m (this won't allow for centrifugal enlargement of that value at speed)
48,000 x 2.106 = 101.1 km/hr (divide by 1000 for km)
The Smiths, when reading steady and "usual" has 3500rpm equating to 62mph (100km/hr)
So it appears the Smiths (when behaving) is correct with only a 1.1% error - and that could be the "larger" tire at speed, although 800rpm isn't really spinning that quickly.
(I really have to get out more and find something to do.....

)
Cheers