Is not that generally the case with the London joint stock banks ?--I believe it is the case.
1171.

[Mr.Weguelin.] But you sometimes lend money upon bills deposited with you by bill-brokers ?--Yes.
1172.

And you occasionally call in that money and re-deliver those securities ?--Yes; but that we do to a very small extent.
1173.

Is not that equivalent to a re-discount of bills ?--No; the discount of a bill and the lending money on bills are very different things.

When we discount a bill, that bill becomes our property; it is in our control, and we keep it and lock it up until it falls due; but when brokers come to us and want to borrow, say 50,000 L.on a deposit of bills, and we let them have the money and afterwards return those bills to them and we get back our money, surely that is not a re-discount.
1174.