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(Written across:
Accepted payable
at the Bank of
London.
J. Robinson. )

The acceptance of the obligation by John
Robinson is written across the face of the docu-
ment, and he makes it payable, as most bills
are for convenience, at a London bank, pre-
sumably the London agent of his own bankers
at Liverpool. Payment becomes due three
months after date, with three days of grace
added according to custom. Probably Bullion
& Co. would find this £500, if in cash, useful
in their business, and supposing the parties to
be of good repute, they can readily convert it
by discounting this bill at their bankers or at
a bill broker, who, deducting a small amount
in the shape of discount, will hand over the
balance to the firm, or carry it to the credit of
his account. It is this discount that constitutes
the profit to the banker, and the rate varies
according to the value of money, whether it is
plentiful or scarce.

The rate of discount is supposed to be regu-
lated by the Bank of England, and the "bank
rate," which is arbitrarily fixed by the directors,