In fine, seeing that the non-clearing banks could, if they thought fit, so harass the clearing banks, and make the present arrangements so burdensome to them as to force them into compliance, either by demanding cash in payment of their charges upon the latter, or by paying in cash the latter's charges upon them; or, by pre-arranged variations from time to time, of either, or both, of these modes, it certainly seems the height of folly on the part of the latter, simply for the sake of gratifying their jealousy, arbitrarily to continue to exclude from the clearing many high-class institutions, and voluntarily subject themselves to the inconvenience and loss of collecting their charges in the antiquated manner.

The best proof that the clearing bankers feel the" justice of Mr. Gilbart's animadversions lies in the fact that, whatever they resolve to do when in conclave, not one of them can be found individually to defend the policy of exclusion.

The Rules and Regulations to be observed at the

Clearing-House.

Ordinary days, excepting Saturdays.

Morning Clearing to open at 10.30. Drafts, Ac, to be received not later than 11. Morning Clearing must be closed by 12.

Country Clearing to open at 12. Drafts, including Returns, to be received not later than 12.30. Country Clearing must be closed by 2.15.

Afternoon Clearing to open at 2.30. Drafts, etc, to be received not later than 4. Returns to be received not later than 5, excepting on settling days, when the last delivery shall be at 4.15, and Returns at 5.15.

Fourths of the Month.

Morning Clearing to open at 9. Drafts, etc, to be received not later than 10. Morning Clearing must be closed by 12.

Country Clearing to open at 12. Drafts, including Returns, to be received not later than 12.30. Country Clearing must be closed by 2.15.

Afternoon Clearing to open at 2.30. Drafts, etc, to be received not later than 4.15. Returns to be received not later than 5.15, excepting when the 4th of the month shall occur on a Saturday, when the last delivery shall be at 4, and Returns at 5.

Saturdays (not being Fourths).

Morning Clearing to open at 9. Drafts, etc, to be received not later than 10. Morning Clearing must be closed by 11.

Country Clearing to open at 11. Drafts, including

Returns, to be received not later than 11.30. Country Clearing must be closed by 1.15.

Afternoon Clearing to open at 1.30. Drafts, etc, to be received not later than 3. Returns to be received not later than 4.

The total amount of the Morning and Country Delivery shall be agreed by each Clearer before leaving the Clearing-House.

All Clerks that are in the Clearing-House by Four o'clock or the time appointed for final delivery, shall be entitled to deliver their articles, though they may not have been able to pass them to the different desks before the clock strikes.

All Returns in the course of delivery upon the stroke of the clock of the time appointed for final delivery, must be received by the Clearers, and credited the same day.

Any Bank which has accepted and paid an article returned to it in error, may require repayment through the Clearing-House on the following day.

Notice shall be entered upon a Board at the Clearing-House, giving monthly statements of those settling days at the Stock Exchange, upon which the time for receiving Returns is to be 5.15.

With regard to all Drafts not crossed, and all Bills not receipted, sent to the Clearing-House as Returns, the Clearer holding them must fully announce the particulars to the Clearing-House, and if not claimed, the case must be represented to the Inspectors, but on no account can the Clearer be allowed to debit the Clearing-House with the amount until an owner can be found.

No Return can be received without an answer in writing why payment is refused.

It shall be sufficient in order that a Return shall be received and credited, that it shall have on it an answer, why returned; and no Clearer shall refuse to pass to credit any Return that shall be so marked.

All Returns charged upon the Balance Sheet must be marked up and agreed by the Clearer charging the same.

All the differences arising from Marked Articles beyond the sum of 50 must be finally ascertained and placed to account, before the Clearer makes up his Balance Sheet.

No Clearer shall be allowed to charge out Drafts in the Clearing-out Book at the Clearing-House.

All differences of more than 1,000 that may have been accidentally passed over at night, shall be settled by a transfer at the Bank of England, the first thing the next morning.

The Inspectors are charged with the preservation of order and decorum in the Clearing-House, and are instructed to report to the Committee of Bankers disorderly conduct on the part of any persons, calculated in their opinion, to obstruct the adjustment of the business of the House.

It may be instructive, especially to our country readers, to have a detailed account of the operations of the Clearing-House, and of all the work to be gone through in every clearing bank in connection therewith. We shall therefore proceed to give such a detailed account; and although there may be many technicalities in our description difficult to follow, particularly by the uninitiated, we shall aim at making it as clear as possible.

It will be convenient at the outset to explain the meaning of certain technical words used constantly in connection with the Clearing-House, which will render the description more easy of comprehension:-

An "Article" is a bill, or cheque, or dividend warrant,

• or banker's payment slip, or memorandum for country notes, or indeed any article which is paid into the clearing for settlement there.

A "Charge" is a batch of articles (i.e. bills, cheques, bankers' payments, etc.) sent into the Clearing-House by one banker to be charged by him against another.