A. He goes to his own bank for that. There are co-operative societies for this purpose, which are a great factor in Germany.
Q. Will the manager of a branch of the Reichsbank renew a farmer's three months' bill if desired?
A. Yes; an exception is made for the farmer. Other bills are not renewed.
Q. The bank rate is 4 per cent. Does that mean 4 per cent. is charged on three months' bills?
A. The Reichsbank has only one rate of discount. There was a time when the Reichsbank did a similar business to that which the Bank of England does now, i. e., that they would purchase in the market prime bills at a more favourable rate, but in 1896 it was decided to have but one rate for everybody.
Q. Please state the reason for the change of policy.
A. The most important reason was that it was thought that a great central institution like the Reichsbank, with its tasks and duties to the whole of the community, ought not to make a distinction of any class, or make an exception in favour of any one. It is the policy of the bank to serve all alike.
Q. Is the Reichsbank disposed to favour every application for discount or loans if the character of the offering be satisfactory?
A. It is their duty to listen to every one who comes for accommodation, whether he has an account or not. The principle of the Reichsbank is not to serve a part of the community, but the whole. The Reichsbank is for everybody.
Q. Are your deposits subject to check?