In London and the great cities a large proportion of the deposits at interest, especially during periods of depression, would represent capital temporarily withdrawn from trade, and awaiting either more profitable investment or an increased demand and rising prices. It is this accumulation of idle capital that tempts the company-promoter from his lair, and sometimes results in a Stock Exchange boom, whilst it always produces an increased demand for the so-called gilt-edged variety of securities and a consequent rise in their price. The country depositor, however, even when he leaves fairly large sums at interest, is generally waiting to invest his money in house property, which will return him from 5 to 6 per cent., or to place it out on a first mortgage at from 3½ to 4 per cent. In the first instance, he is careful not to purchase old property that will swallow up much of his rent in repairs. Cautious by nature, he shakes his head dubiously at the glowing prospectus of the promoter, and refuses to believe in the high-toned and cunningly tuned leaflets with which the bucket-shops favour him, for he likes to see his investment, to feel it, to walk upon it. Paper does not satisfy his soul; he is not even without his suspicions of banker’s paper; but when he possesses house property, then all he has to fear is the Almighty and a bad earthquake, and he can sleep comfortably on those risks. Country depositors consist largely of working men, clerks, artisans, small shopkeepers, dressmakers, women of slender means, and so on, together with the banks’ current-account customers. The huge aggregate of deposits is made up principally of small sums, so it is easy to keep down the rate, because the great majority are ignorant of the condition of the money-market, and hardly seem to be aware that the Post Office gives 2½ per cent. upon small sums left with it. The companies trade upon the ignorance of their depositors; and though a few of the better-informed customers withdraw their savings when the rate is extremely low, experience has taught the banks that the great bulk of them simply grumble and take what is offered.