'The reason is plain; out of the banks which pay more than 20 per cent, all but one were old-established banks, and all those paying between 15 and 20 per cent were old banks too. The "privileged opportunity" of which we spoke is singularly conspicuous in such figures; it enables banks to pay much, which without it would not have paid much. The amount of the profit is clearly proportional to the value of the "privileged opportunity." All the banks which pay above 20 per cent, save one, are banks more than 25 years old; all those which pay between 15 and 20 are so too. A new bank could not make these profits, or even by its competition much reduce these profits; in attempting to do so, it would simply ruin itself. Not possessing the accumulated credit of years, it would have to wind up before it attained that credit. 'The value of the opportunity too is proportioned to what has to be paid for it. Some old banks have to pay interest for all their money; some have much for which they pay nothing. Those who give much to their customers have of course less left for their shareholders. Thus Scotland, where there is always a daily interest, has no bank in the lists paying over 15 per cent. The profits of Scotch banks run thus: Capital Dividend L Bank of Scotland 1,500,000 12 British Linen Company 1,000,000 3 Caledonian 125,000 10 Clydesdale 900,000 10 Commercial Bank of Scotland 1,000,000 13 National Bank of Scotland 1,000,000 112 North of Scotland 280,000 10 Union Bank of Scotland 1,000,000 10 City of Glasgow 870,000 8 Royal Bank 2,000,000 8 --------- 9,675,000 Good profits enough, but not at all like the profits of the London and Westminster, or the other most lucrative banks of the South.