Balances are settled at the close of each day by transfers on the books of the Bank of England, at which a special account is kept, called the "Clearing Bankers' Account," in addition to the separate account of each bank. When the result of the day's clearing is a balance against one of the banks, Barclay & Co., for example, the transfer is made in the following form:

Settlement at the Clearing-house.

London, July 1, 1884. To the Cashiers of the Bank of England:

Be pleased to transfer from our account the sum of Fifty-one thousand two hundred and one pounds 4s. 2d., and place it to the credit of the account of the Clearing Bankers, and allow it to be drawn for by any of them (with the knowledge of either of the Inspectors, signified by his countersigning the drafts). 51,201 4s. 2d.                                                                                             Barclay & Co.

* This is the Southwark branch of the London & Westminster Bank which clears separately.

For which the Bank signs the following certificate:

Settlement at the Clearing-house. Bank of England :                                                                                 July 1, 1884.

A transfer for the sum of Fifty-one thousand two hundred and one pounds 48, 2d., has this evening been made at the Bank from the account of Messrs. Barclay & Co. to the account of the Clearing Bankers.

51,201 4s. 2d.                                                             For the Bank of England.

This certificate has been seen by me,

............................Inspector.

On the other hand, when the balance is in favor of the bank, the National Provincial, for instance, the following forms are used:

Settlement at the Clearing-house.

London, July 1, 1884. To the Cashiers of the Bank of England :

Be pleased to credit our account the sum of Two hundred and thirty-six thousand and forty-four pounds 2s. 2d. out of the money at the credit of the account of the Clearing; Bankers.                For the National Provincial Bank of England

236,044 2s. 2d.                                                            A. B.

Seen by me,....................

Inspector at the Clearing-house.

For which the bank gives the following certificate :

Settlement at the Clearing-house.

Bank of England:                                                                 London, July 1, 1884.

The account of the National Provincial Bank of England has this evening been credited with the sum of Two hundred and thirty-six thousand and forty-four pounds 2s. 2d. out of the money at the credit of the account of the Clearing Bankers.                                                                          For the Bank of England.

236,044 2S. 2d.