By far the most important of these are the 'Bankers' deposits'; and, for the most part, these deposits as a whole are likely to vary very little.

Each banker, we will suppose, keeps as little as he can, but in all domestic transactions payment from one is really payment to the other.

All the most important transactions in the country are settled by cheques; these cheques are paid in to the 'clearing-house,' and the balances resulting from them are settled by transfers from the account of one banker to another at the Bank of England.

Payments out of the bankers' balances, therefore, correspond with payments in.

As a whole, the deposit of the bankers' balances at the Bank of England would at first sight seem to be a deposit singularly stable.
Indeed, they would seem, so to say, to be better than stable.