A. None.
Q. Have the managers of the branches full control of the business in granting discounts, etc.; if not, what discretion is usually given them?
A. Agents have power to grant advances, but subject to the approval of head office. In advances of considerable amount, an agent's duty is to get authority from the head office before granting it. The discretion allowed is dependent on the size of the branch and the nature of the business and the class of customer, and on the record of the agent. By our system of reports on advances (weekly, monthly, and quarterly) we keep in close touch with the advances and means of borrowers. The London branch is, of course, on different lines, and our manager there has greater powers than an agent at a branch in Scotland.
Q. Is the business conducted at your branches of the same class as at your main office in Edinburgh?
A. Yes; very much the same. The head office has administrative work and supervision of branches, investment, etc., which does not, of course, arise elsewhere.
Q. Do you discount to any considerable amount for individuals and merchants?
A. Yes; it would perhaps be well to point out that in Scotland a large portion of advances made to traders are granted in the form of overdrafts on current accounts. The number and amount of bills in Scotland are less now than in former years. Cash payments for the purpose of obtaining discount are more frequent, and the number of bills discounted by wholesale houses is reduced in consequence.
Q. Is it your custom to employ surplus funds in purchase of bills from discount houses?
A. Only occasionally, when rates suit.
Q. Do you rediscount bills for other banks?