I understand you to say that you did not withdraw your usual accommodation from your own customers, but that you ceased to have in deposit with the bill-brokers so large a sum of money as you had before ?--Not exactly that; the bills which we had discounted were allowed to mature, and we discounted less; we kept a large reserve of cash.
1148.

That is to say, you withdrew from the commercial world a part of that accommodation which you had previously given, and at the same time you increased your deposits with the Bank of England ?--Yes, our deposits with the Bank of England were increased.

We did not otherwise withdraw accommodation.
1149.

[Mr.Weguelin.] Had you any money at call with the bill-brokers ?--A small amount; perhaps about 500,000 L.or less, which we did not call in.
1150.

[Chairman.] What I understand you to say is, that the effect of the commercial pressure upon you was to induce you upon the whole to withdraw from commerce an amount of accommodation which in other times you had given, and at the same time to increase your deposits with the Bank of England ?--So far only as ceasing to discount with strangers, persons not having current accounts with us.
1151.