It is not a mysterious place like the Stock Exchange, but its power of working is so wonderful as to be quite beyond the power of woman to take in.
It transfers more money in one week than the whole quantity of gold coin in the kingdom amounts to; and not the least wonderful thing about it is that the entire work is performed by about thirty well trained clerks, in the most exact, regular, and simple manner.
The place I am speaking of is the Bankers’ Clearing House—not to be confounded with that in the Stock Exchange. It was established in 1775 by bankers who desired a central place where they might conduct their clearing, or balancing, and their needs led them to the invention of a simple and ingenious method of economising the use of money. Almost all their payments are in the form of cheques upon bankers.
The system of clearing is quite as important in money matters as division of labour is in manufactures, and deserves a much more thorough explanation than I can give here; and my only excuse for mentioning it at all is to show you how wonderfully different my position is now, strengthened as it is by the development of science, knowledge, and experience, from what it was in my early days.
While my transactions have increased a thousandfold, money, labour, and time have in an equal degree been economised.
I thought myself very rich formerly with a fortune of £1,200,000, and I considered that I and my household had a great deal to do in the management of it, and the work which fell to my lot. Dear me! I can call back the picture of even a hundred and twenty years ago. My own house was so small that passers-by could scarcely recognise it; the population of London was only half a million, and there was but one bridge over the Thames connecting my side of the City with Southwark; and as to that mysterious building, the Stock Exchange, it did not exist. You know, also, for I have told you, that my directors only employed fifty-four secretaries and clerks, and that their united salaries did not exceed £4,350. The contrast between then and now is marvellous even to me.
Only look at it. The proprietors’ capital is now fourteen millions and a half instead of £1,200,000; I am the Banker of the Government; I receive the Public Revenue; I pay the National Debt; I receive and register transfers of stock from one public creditor to another, and I make the quarterly payment of the dividends. I have undertaken also the management of the Indian Debt, as well as the Funded Debt of the Metropolitan Board of Works. What do you think of that for a woman old as I am in years? You must own that, notwithstanding my age, I am young and vigorous in thought, in action, and in organisation, otherwise how could I get through my work as I do?
“GHOSTLY, SILENT MESSAGES.”
My profits, too, are, when compared with those in my young days, enormous. You wanted to know, if I remember rightly, how I lived, and how I obtained the money to pay you your dividends; and whether, in this respect, I was worthy of your trust.