Q. In London there is usually a difference between the rates charged on loans and bills in favor of bills, is there not?
A. Yes.
Q. Would you say that that difference is perhaps from one-half to 1 per cent. in favor of the bill?
A. It depends so very much on the circumstances of the moment that it is very difficult to generalise. At the present moment I would say a three months' bill is worth 1-7/8, and a three months' loan would be worth perhaps 3-1/2.
Q. Were most of your branches organised by you or were most of them other institutions purchased by you?
A. Some of them were other institutions; some of them were organised by us; most of them were those old banking firms which were carried on as private businesses and have since become branches of our bank.
Q. The tendency is for the consolidation of banking in Great Britain, is it not?
A. Yes.
Q. Very strongly in that direction?
A. Very strongly in that direction, yes.