A large trader or merchant, as a rule, does not allow his banker to have the use of a considerable amount of money free of interest; and those accounts that are from, say, £1,000 to £10,000 in credit, usually belong to women, who are not accustomed to the management of money. The manager, anxious to stand well with his directors, some of whom increase his salary if he add to the profits of his branch, does not, of course, suggest to these ladies the advisability of receiving interest upon at least a portion of their balances, but, on the contrary, being wise in his generation, endeavours, by resorting to those social amenities that raise him higher and higher in their estimation, to hide the awkward word from their view, while laughing in his sleeve at their excessive credulity. The customer who keeps his account in credit should ask his banker: “What average balance must I maintain in order that your people will work my account free?” That sum ascertained, he can act upon the advice contained in this chapter. CHAPTER V DEPOSIT-RECEIPT CUSTOMERS A deposit-receipt, which is not a negotiable instrument, cannot be transferred by one person to another. Where the receipt is issued in more than one name, instructions should be given to the banker as to whether, in the event of withdrawal, the note is to be signed by all or by any two or any one of the depositors. Should no instructions be given, then all must sign when a withdrawal is made, or when the interest is taken. These receipts, as a rule, are issued subject to either seven or fourteen days’ notice of withdrawal; but the notice, in practice, is not enforced, bankers merely writing it upon the note in order to protect themselves in the event of a run. Most banks, however, decline to pay interest unless the sum has remained in their possession for at least one month. The large London banks, though they compete eagerly the one against the other for well-secured advances and loans, have closed up their ranks against the depositor, their practice being, both in London and the suburbs, to allow 1½ per cent. below Bank rate upon money left with them on deposit, every alteration in the rate being advertised in the leading papers. All one has to do, therefore, in order to ascertain the London rate for money on deposit-receipt is to deduct 1½ from the Bank of England rate which may be seen in the city-article of every newspaper. Whether or not certain banks offer special rates to favoured individuals is a matter of opinion; or, again, they may bid higher for large sums for fixed terms; but the small depositor may take it for granted that, with their rates on loans and advances reduced by competition among themselves, the banks are determined to keep down the deposit rate. In fact, the large London bankers have united for this very purpose, though it must be remembered that the agreement is not binding at the country branches of the London and provincial institutions.