What is the banker’s “ clearing house

In the early days of banking each banker had to send a representative to every other hanker in London to
collect the amounts payable by them to him.  This involved much waste of time as business increased, and
a clearing house was established where all differences between banks are adjusted. Many of the large provincial towns have clearing houses of their own. Country banks are represented at the Clearing House in London,
by their banking agent in that city.

 

 

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