The only remaining subject for discussion is the relation that exists between the bank-manager and his directors, who confine his power to very narrow limits. The city-manager, for instance, at the head-office of a London joint-stock bank, might be empowered to grant loans to the extent of from £2,000 to £3,000 without first obtaining the consent of the board. Any application in excess of his “discretionary power,” as it is called, would have to be submitted to the directors, two or three of whom, during certain hours, are always in attendance each day, in order to deal with those requests for large loans where an immediate decision is essential, while a full board would probably sit twice a week. The board, of course, would be asked to confirm the decisions of the “daily” committee, and from time to time the loans granted by the city-manager would be subjected to criticism by that body. At the metropolitan, suburban and country branches the “discretionary power” of the agent or manager would be based upon the amount of business transacted at the branch. In a small town of from 20,000 to 30,000 inhabitants a manager might have power to grant, when necessary, loans to the extent of £350 and under, without first obtaining the sanction of the board. All applications for advances in excess of his power would have to be immediately submitted to the head-office, accompanied by a letter, describing the nature of the security offered, and stating the desirability of obtaining or keeping, as the case may be, the account. This report, in every probability, would be addressed to the “advance department,” where it would be criticized by the officials before going into the board-room. Many questions would be asked with reference to the working of the applicant’s account, his annual turn-over, and so on. If he came to them from a rival bank then they would want to see his pass-book, and, were he already a customer, the manager would send a list of his daily balances and comment upon his means, habits, etc. Having satisfied themselves upon these points, the chief of the advance department reports to the general manager, who submits the application to the board. The process, it will be seen, is cumbersome and necessarily slow, for it often takes the machine as many days to give a decision as it does a private banker minutes.