A. Yes.
Q. What is the law governing your note issues, and how are note issues limited and how secured?
A. The bank is authorised to issue, without holding coin against them, notes to the value of £396,852, but for any excess beyond that amount we must hold, at the head office, an equivalent value in gold coin, one-fourth of which may, however, be in silver coin.
Q. Will you state (a) the class of bills usually discounted by you, giving the number of names required; (b) the minimum size; and (c) the maximum length of time to run?
A. Mercantile bills, also a few accommodation bills, usually two names; minimum, say, £10. The maximum length of time to run is six months.
Q. What classes of collateral are accepted by you for loans?
A. Personal security, marketable securities, life policies, mortgages over ships, shipping documents, etc. In the important banking centers of Scotland lending against collateral security has become largely prevalent.
Q. Do you rediscount bills from other banks?
A. No.