customer's account, but, of course, the larger
the balance the better for the banker.

The balance in some cases may be very large
where the bank has a wealthy connection, it
being a boast with some rich persons that they
have never less than £10,000, or even £20,000
at their bankers. The money so left in the
banker's hands is lent out, or invested in various
ways, and all that he receives in the shape of
interest, after paying the expenses of his estab-
lishment, is clear profit. In short, the £500 a
year which the customer might obtain if he in-
vested the £20,000 he leaves at the bank, goes
to the banker.

At the head of the joint-stock banks of London
is the Bank of England, which, like the private
banks, do not take deposits upon which interest
is allowed, but rely upon the cash at their dis-
posal in their customers' accounts for their
profits. In all other respects their mode of
transacting business is much the same as that
of other joint-stock banks. Accounts may be
opened by merchants and traders, and by private
individuals of known respectability, and no par-
ticular sum is required to be lodged upon open-
ing the account. Formerly cheques were not
allowed to be drawn for a less sum than £10,
but now there is no restriction as to the amount.