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On the Clearing of the London Bankers

Published online by Cambridge University Press:  18 August 2016

John W. Lubbock
John W. Lubbock*
Affiliation:
Royal Society University of London
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Extract

The operation of the clearing has the effect of enabling all the payments from one bank to another to be performed without the passing of bank-notes; and the result is, that if any bank has to receive from the clearing, say, £50,000, the account of that bank at the Bank of England is better by £50,000 at 9 o'clock the next morning; and if a bank has to pay into the clearing £50,000, the amount of that bank is worse by £50,000.

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 9 , Issue 3 , October 1860 , pp. 141 - 149
Copyright
Copyright © Institute and Faculty of Actuaries 1861

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References

page 141 note * The object of this paper is one in the attainment of which the readers of this journal are probably little interested; but the paper itself affords so remarkable an instance of the application of the doctrine of probabilities to the ordinary affairs of life, that we have not hesitated to insert it.—Ed. A. M.

page 143 note * This treatise was published by the Society for the Diffusion of Useful Knowledge. When this work was written, no work on “Probability” had appeared since the time of Simpson and De Moivre. If anyone shall pretend that this work was written by De Morgan, I can produce the letter of my lamented friend with which he furnished our manuscript to Mr. Coates.