would desire some security to be deposited.
This may take the form of a sufficient portion in
value of stocks or shares in which the customer
has invested, or sometimes the personal guar-
antee of one or two responsible persons is
accepted. This is quite regular business, and
the interest usually charged is fair and reason-
able.




CHAPTER III.
LONDON BANKS AND BANKING.

THE private banks now doing business in
London are few in number. The tendency of
late years has been to transform these banks
into "Limited Liability" Companies, or to amal-
gamate with companies of this character. It
looks as though, in course of time, private banks
will altogether cease to exist, the joint-stock
banks being better adapted to modern require-
ments. The private banks do not invite deposit,
and interest on accounts is not allowed. They look
to the average balance on each account to
compensate for the trouble and expense of
keeping it, with a considerable margin for profit.
They require that not less than a certain fixed
sum shall be the minimum balance of a