Note 3 — Chapter XI · THE CLEARING HOUSE

Since the first edition of this book was published a new clearing has been established, called the “Metropolitan Clearing.” By means of this new system, cheques on various branch and private banks situated within a certain radius of Lombard Street are collected through the medium of the Clearing House and the head offices of the various banks, and the total of such collections is brought into the daily general settlement of the “House,” thus swelling the already enormous figures. This system has certainly increased the efficiency and unification of the Clearing House, and it has almost entirely eliminated the well-known “walk clerk.”