which is changed for a new one when the in-
terest or any part of the principal is withdrawn.
The rate of interest allowed by the Blankshire
Bank, and by the country banks generally, is a
fixed one, but that of the London banks is
regulated by the value of money, and fluctuates
from time to time, notice being given by adver-
tisement in the London newspapers of any
change in the rate. Deposits are received by
the London bankers "at call," that is, payment
may be required on demand; or at an arranged
term of notice of repayment. The rate of in-
terest on money at call is less than where
notice is required, and the longer the period of
notice the higher the rate of interest.

In Scotland there are no private banks, and in
Ireland only two. The joint-stock banks are
numerous, and their mode of business is practi-
cally the same as in England, indeed the
English system is founded on that practised by
the Scotch many years before the joint-stock
bank was general in England.



CHAPTER IV.
INVESTMENTS.

GOING back to the parcel of securities which