El Paso herald. (El Paso, Tex.) 1901-1931, 1910-04-04
The United States Monetary
Commission Issues Report
on Interviews With British
Financiers.

| Washington, d. c.. April 4.-Changes
| in the fashions and the extension Of the
weekend holiday have their effect. as
! tions. upon the changes of the bank
] note circulation Of England This APP
| pears with other interesting informa-
| ton in the latest of the publications
! of the National Monetary commission,
which will be issued this week. This
publication differs from any Of the
| others thus far put forth by the com
mission in that instead of being
! monograph on single subject 1T con-
sists, as its title shows. of Interviews
on the banking and currency systems of
I England, France, Germany, Scotland and
Italy
In the form of question and answer
the salient facts about the banking sys-
tenn of each country are developed It
was stated by the officers of the Bank
of England, in the interview conducted
under the direction of Senator Aldrich
chairman of the commission. that there
has been a steady decrease of late years
in the volume of business conducted in
London on Saturdays, and the amount
of notes withdrawn from the bank on
that day is now, as a general rule very
much less than on the other days of
the week The balance outstanding at
the close of the day generally shows,
therefore. a material shrinkage.
On Mondays notes are withdrawn in
larger quantities than usual in order
to repienish tills after the reduction in
the amounts held on the previous Satur-
day. whilst on Fridays, also, the with
drawals are above the average to meet
the demands occasioned by weekly pay
ments, such as wages, etc.
The Increased total at the close of
each quarter is occasioned by with
drawalS to meet payments due on the
four quarter days, Lady Day, Midsum-
mer, Michaelmas and Christmas
The conferences brought out the fact !
that the Bank of England, contrary to |
most banking institutions. is organized |
upon the principle of zone man, one |
vote" instead of giving votes to share |
holders in proportion to their stock |
holdings It is necessary however. for /
a proprietor as shareholders are called,
to have $500 of stock in order to have
a vote.
DfscountinE Bills.
The Bank OF England does not make
such a speciality of discounting bills
for small amounts as in the case of the
Bank or France and the Imperial Bank |
Oh germany The average period of ma
turlty or bills discounted is from 40 to !
% days, but upon the average their
size was estimated by the officers a,
about $1,000 Two British names are
required upor a bill discounted. one of
whlch must be the acceptor. and four
months is fixed as the maximum ma
turlty except in few cases. where six
months are allowed.
All the large London banks. most of
the scotch, and some of the Irish banks
nave accounts with the Bank of Eng
.diiu' Frovincial> English banks and
branches of London banks in towns
where the Bank of England has
branches nave local accounts with the .
oank- The relation of the ioint-stock /
pahAs 10 the Bank Of England was dis !
cussed very candidly With members of
the commission by Sir elk Schuster.
Bart, governor Of the Union on London .
Shu smiths Bank. Discussing the actual :
posillon- or the Bank of England at tba .
center OF the system. Sir Felix made :
these observations.
me Bank Of England is the central I
eseIVoIr OF the whole banking system {
u the United Kingdom. Through their l
ioiuIae the balances of the joint-stock c
aims Oh the clearing house banks and G
ne government balances, of course they
,eFe optalned very great power, and &
hey can control the market by with .
loIolng advances, by fixing their rates r
~ borrowing from the market when r
hey reel inclined to do so. Practically +
hey nave the whole control of the I