The principles of banking; being the second part, separately issued, of The principles of money and banking - Softcover
Synopsis
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 Excerpt: ... on by a single large bank with branches. Such a bank clears transactions between its clients through its many branches which would be settled in Great Britain or America by transactions through independent banks. Checks in the former case are settled in the bank itself, while in the latter they pass through the clearing-house.' A great volume of trans 1 The balances for the year ending September 30, 1904, were $3,105,858,576, of which $3,105,653,000 was settled in gold certificates and gold coin an4 only $205,576 in legal-tender notes and minor coin. 'Arnaune, p. 411. '"If there were only two banks in a particular place there would be no economy in a clearing place. Two clerks would actions of this character is cleared through the Bank of France and the Imperial Bank of Germany by means of the different forms of checks and drafts which they put at the command of their clients. At the Bank of France there are not less than three forms of checks, exclusive of other methods of transferring funds. The "direct" checks, of a violet color, are employed for transfers at the same place. The "indirect" checks, which are red, are intended for payment at another place than that on which they are drawn. The mixed checks, for meeting discounts and other obligations, are so drawn as to be payable at the place where payment may be demanded by the holder of the obligation.1 At the Imperial Bank of Germany also a system of transfers of funds for individuals, even those who are not regular depositors with the bank, serves in a large degree the purposes of a clearing arrangement. A payment will be accepted at a branch frorri a person not a depositor, to be credited at the head office or some other branch to the account of a person who is a depositor. ...
"synopsis" may belong to another edition of this title.
