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- relevant hard information about the new us Certified Accountants. updated last week.
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.
The profits of the bank are chiefly made by dis-
counting bills of exchange, which is done to an
enormous extent. A bill of exchange is an in-
strument by which a party who is owed money
by another party, and accords to him the benefit
of delay in payment, for a fixed period, draws
on him in a form of order to that effect.

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