The objection borrowers have in going to the Bank of England is, they have to pay more for the services rendered. In the phraseology of Lombard Street, they have to pay higher interest for their loans, and being ordinary mortals, not too full of the milk of self-sacrifice, they prefer to go where they can deal more cheaply. This is precisely the motive that sends the housewife to the cheap butcher. She might get her leg of mutton a farthing a pound cheaper than if she went to the dear, extortionate butcher. And there are some people in the City who have whispered that the Bank of England is extortionate. And those who have listened to them have made grimaces not altogether unlike expressions of sympathy and agreement. Still keeping our attention on the balance sheet, and turning it for a moment from the stern, unbending business men at the Bank of England, we find that the legal tender and the call loans total over eleven millions and a half, and the deposits are thirty-seven millions and a half. Next, investments exceed £6,000,000. The balance sheet says these investments consist of Consols and other securities of, or guaranteed by, the British Government, Indian, Colonial, and other securities. I do not think any critics, not even financial journalists--for do not the public ask their advice what to invest in?--will deny that here we have the cream of investments. We could not, not the brainiest critic of us all, imagine anything creamier. Why, these are the creamiest things that make a hungry City editor’s mouth water. I dare say the most humble of them would confess that if a kind-hearted employer would only give him a few thousand pounds’ worth, he would not waste his intellectual resources in writing another line of financial criticism. He would be so content with this wealth that he could till his death-moment repose in absolute idleness and enjoy contemplation of the continued labours of less fortunate City journalists. Here, then, is an aggregation of approximately £18,000,000 of first-class wealth, or nearly 50 per cent. of the total pure and loan deposits. Bills discounted approach £7,000,000. I need not spend much labour in analysing and describing what bills of discount are. Those who wish a detailed description must consult other works dealing more fully with elementals. It is sufficient to say here that these bills represent also the best class of wealth, distinct, of course, from gilt-edged securities, but wealth, nevertheless, of the highest character. They represent produce, raw materials, manufactures of a vast and varied character, and when the bank has in its possession these bills which it has discounted, it practically has the varied wealth they represent.