We now have to discuss the position of those persons who can only offer their banker the deeds of house property, land, and those other securities for which the market is a purely local, and, therefore, uncertain one. A banker, whose deposits are mostly payable at call and short notice, naturally prefers to advance against those securities that are quoted on a Stock Exchange, and does not care to lock up a large proportion of his resources in house property, etc., of which he cannot readily dispose in an emergency. But tangible securities are not always to be had for the asking; and, as he must employ his capital in order to pay a dividend, he is compelled to advance to a certain extent against, from his point of view, the less desirable securities such as houses and shares in some local company, though he always prefers to deal with the man who can deposit the more easily negotiable variety. Further, a prudent banker will only devote a certain amount (and that a relatively small amount) of his resources to advancing against the deeds of houses, land, and so on; and as the demand for overdrafts against this class of cover is always greatly in excess of the supply, it follows that those persons who borrow upon it have to pay high rates. We have seen that the client who possesses tangible securities can, broadly speaking, make his own terms but it is otherwise with the man who wants an overdraft for business purposes against the deeds of a house he owns; and he it is who is compelled to pay 5 or 5½ per cent. per annum interest, be the Bank rate what it may, and ⅛ per cent. on the turn-over of his current account; for he will not find the competing banks anxious to secure his business by lowering their rates. Should his credit be good, and his business be considerable, he might succeed in reducing his commission rate to ¹/₁₆ or even ¹/₃₂ per cent., and, of course, he will make the attempt, but it would be unwise to more than wish him success in his endeavour. A really large tradesman, however, whose securities consist of this variety, will sometimes find a bank-manager anxious to secure his account, because he thinks he may influence others in his favour, and such a man will not pay high rates before he has at least sounded two or three managers of well-known banks and discovered that their terms are not more liberal. He may even find that he can get his account worked free of commission, or have the one he is paying appreciably reduced.