A bank which is caught short of cash during a crisis must apply for assistance to the Bank of England, and the Bank, which at so critical a time is the only market for securities in existence, would, before making it an advance, demand to see its securities. This bank, we know, possesses a list of “Consols and other securities” which it values at £172,170; but if the Bank advanced £100,000 against them, which is highly improbable, how could it pay off even £500,000 of its deposits? It seems to me that it must go under. The usual fate of these weak provincial banks is amalgamation with the better managed and more powerful companies, but the danger is that a storm may sweep them out of existence before they drift into one or another of these havens of rest. Fortunately, the state of the bank in question is exceptional rather than representative, but it is unwise to jump to the conclusion that the shares of every English bank are a desirable investment. Our second illustration deals with the balance-sheet of one of the large joint-stock banks whose liabilities on current, deposit and other accounts amounts to £26,652,300. The liquid assets held in reserve against this sum are:-- Ratio per cent. of liquid assets to public liabilities of £26,652,300. £ £ Cash in hand and at Bank of England 4,009,622 15·0 Money at call and short notice 6,876,195 25·8 £4,000,000 2½ Consols at 90; £500,000 Local Loans Stock at £100 4,100,000 15·4 ----------- ----- £14,985,817 £56·2 =========== =====