Note A — LETTER I.

Thus the London merchants dispense with the care, trouble, and expense of a money-chest on their own premises, and all money operations are transacted by a small number of bankers at the Clearing House. The amount of these transactions often rises to fifteen millions sterling [a day], independently of those which are not strictly commercial, and of those of the retailers, which do not pass through the hands of bankers. See Babbage's Economy of Machinery.