The set-back in the returns that occurred in 1908 has been followed by a very substantial increase; the clearings of 1909 having improved by more than fourteen hundred millions over those of the previous year. The increase is well divided over all the different classes of days for which special returns are made, and results in record figures for each column, excepting that of the fourths of the month, whilst here, even, the total is but a little below the highest previous record. The increase has also been well spread over the whole year, each month having shown some improvement; and the later months, both individually and in a group, have been the best, thus giving some promise of continued progress.

Included in the figures for the year are also the returns of the Metropolitan Clearing, and the Country Cheque Clearing. These have only been available separately for a few years past, the former having only been instituted in 1907, and the latter having only been recorded since 1901. The figures given are as follows :

For better comparison of the movements in each of the classes of days, we give, in the following table, a record of the daily

averages in each year:

DAILY AVERAGES. - In Millions of £.

DAILY AVERAGES-continued. - In Millions of £.

From the circular issued by Mr. R. Martin Holland, Honorary Secretary to the Committee of the London Clearing Bankers, we quote the following interesting details:

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"When we come to consider the special influences which have "affected the Clearing House figures during 1909, we note the numerous flotations of New Loans in the early months of the year, the large amounts cleared on all the Stock Exchange Settling Days, and the greater use made of the short loan "market. It is satisfactory to record an increase in the totals "of Stock Exchange Settling Days as each of the three previous

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years had shown a decrease, two of them in spite of the fact "that the total Clearings for those years had increased. When money is cheap there is greater activity in the short loan market; and during the greater part of the past year these "conditions prevailed. The Bank-rate was raised from 24 per "cent. to 3 per cent. on January 14th, and again reduced to

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24 per cent. on April 1st, at which figure it remained until "October 7th, when it was raised to 3 per cent. and again on "the 14th and 21st of October respectively to 4 per cent. and "5 per cent.; it was reduced to 44 per cent. on December the 9th. "The effect of an increased rate does not at once become apparent

on the Clearing House figures, but we may congratulate our"selves on the fact that despite the high rates no sign of a reduc"tion of the turnover in the Clearings has yet become visible. "All Clearings have contributed to the increase over 1908. The "Town Clearing £1,335,866,000, the Metropolitan Clearing "£39,291,000, and the Country Cheque Clearing £29,927,000.

"The largest amount paid on one day in 1909 was on Thursday, October 28th, £108,298,000. This is the second largest "total ever paid on one day in the London Clearing, the record "amount standing at £109,143,000 paid on May 15th, 1901. "The smallest total for one day was on Saturday, August 28th, "£27,544,000, an improvement on the lowest total of 1908, of "£2,641,000, when the amount was £24,903,000, on Thursday, August 20th.

"The highest weekly total for 1909 was for the week ended "November 3rd, £341,470,000; the record weekly total is still "held by the week ended April 5th, 1905, £345,370,000. There were nine weeks in 1909 with a total of over three hundred "millions sterling, against one only in 1908. The only weekly "total under two hundred millions sterling was the week ended April 14th (Easter week four working days only) £171,334,000. The smallest total for a full week in 1909 was for the week "ended March 24th, £202,693,000.

"Each month has contributed to the increase of the year's "turnover, but not in all the Clearings; reference is made to this "lower down. June with an increase of £229,182,000 over 1908 "shows the largest monthly increase for the year, whereas the "smallest contribution was in January, viz.: £20,913,000. The highest monthly total in 1909 was in July, £1,217,915,000, "constituting a record month's total, and the lowest, August, £1,015,765,000. The number of working days in 1909 was one less than 1908, January, February, May and October each "had one less, and March, June and November one more.

"The total payments on Consols Settling Days again constitute a record, viz: £677,847,000. The highest amount paid was on July 1st, £71,599,000; this is less by £4,686,000 than "the record total of a Consols Settling Day on July 1st, 1908, "when the total was £76,285,000. The smallest amount was on

August 5th, viz.: £43,331,000; an improvement on the lowest "amount in 1908 of £3,661,000, when it was £39,670,000 on "September 1st.

"The fourths of the month show an increase as compared with "1908 of £53,506,000; this, however, does not restore the figures "of the fourths of the month to those of the years 1906 or 1907. "The highest amount paid was on November 4th (also a Consols "Settling Day), £54,206,000, and the lowest was on September 4th, £31,945,000.

"The Stock Exchange Settling Days show a substantial increase for the year and once again establish a record. Unlike "the three preceding years, when a decrease had to be recorded, "and in two of those years the decrease was at a time when the

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grand total of the Clearing House was rising, this result must "be regarded as satisfactory. Each Settling Day has contributed to the increase as compared with the corresponding Settling Day in 1908, the largest being on June 11th with £34,031,000 over June 12th, 1908. The highest total on a Stock Exchange Settling Day in 1909 was, as recorded above, October 28th, “£108,298,000, and the lowest August 12th, £73,056,000.

"The Country Cheque Clearing shows an increase of "£29,927,000 as compared to 1908. At the end of the first

quarter of the year there was a decrease of £5,224,000; at the "end of the half-year this decrease was reduced to £1,377,000; "at the end of the third quarter the decrease was converted into

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an increase of £9,037,000, and the remainder of the increase was made up during the last quarter. An internal alteration " in the system of collecting cheques drawn on their own branches "of two large institutions is greatly responsible for this increase; one of them inaugurated the alteration in July, and the other in August. January, February and May each show "decreases and the remaining months increases. The highest monthly total was in October, £100,779,000, and the lowest "in February, £83,092,000. The highest weekly total was for "the week ended October 6th, £25,556,000, and the lowest for "the week ended December 29th (Christmas week), £13,496,000; "the lowest total for a complete week of six working days was "for the week ended March 24th, £17,345,000. The highest "amount paid on one day in the Country Cheque Clearing in "1909 was on May 5th, £5,843,000, while the smallest was on "March 22nd, £2,549,000.

"This is the first occasion that we are able to compare two full "years' working of the Metropolitan Clearing, and dealing with "it in the same way as the Country Cheque Clearing we find the " result somewhat different. At the end of the first quarter there

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was an increase of £15,246,000, at the end of the half-year "the increase was £21,871,000, at the end of the third quarter "the increase was £28,506,000, and at the end of the year the "increase was £39,291,000. It should be noted in this connec"tion that the first six weeks of 1908 did not include the more

recent additions to the Metropolitan Clearing, viz.: the West "End and Smithfield bankers. All months with the exception of "March show increases. The highest monthly total was July,

“£68,178,000, and the lowest September, £48,943,000. The "highest weekly total was for the week ended July 7th, £16,944,000, and the lowest the week ended April 14th (Easter week), £9,202,000; the lowest total for a complete week was "the week ended September 22nd, £10,561,000. The largest "amount paid on one day was on January 2nd, £3,533,000, and "the smallest on September 17th, £1,530,000.

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"The combined totals of the Birmingham, Bristol, Liverpool, "Manchester and Newcastle Clearings indicate improvement during the second half of the year, the first quarter showing an approximate decrease of £13,500,000. At the end of the "half-year this was reduced to about £12,000,000, whereas at "the end of the third quarter it was further reduced to about £3,250,000, and at the end of the year this was created into an increase of nearly £21,750,000. Birmingham, Liverpool "and Newcastle show increases as compared with 1908, while "Bristol and Manchester show decreases.

We conclude as usual with tables giving the totals of the Clearings month by month for the last ten years; and also showing, for the same period, the variation of each monthly amount from the monthly average for the whole year.

TABLE SHOWING THE TOTALS PAID EACH MONTH. -1900 το 1909.
(Millions of £).

1900. 1901. 1902. 1903. 1904. 1905. 1906. 1907. 1908. 1909.

...

March

January...... 808 869 February 692 774 790 790

781 837

April

May

June

905 928 888 1,028 1,181 1,205 1,121 1,142 832 813 843 964 1,007 1,026 983 1,033 871 1.112 1,078 1,103 1,006 1,114 707 797 881 820 846 1,000 1,048 1,093 1,017 1,100 735 866 843 885 888 1,025 1,102 1,069 977 1,111 731 773 815 853 876 953 989 1,003 975 1,205

July

4,463 4,869 5,057 5,136 5,212 6,082 6,405 6,499 6,079 6,705

August
September... 659 693
October
778 814

788 876 920 926 907 1,069 1,070 1,163 1,101 1,218 712 735 762 791 823 984 1,048 1,014 907 1,016 777 772 774 970, 969 935 919 1.028 872 877 950 1,068 1,120 1,129 1,039 1,214 November ... 782 788 791 772 934 1,042 1,040 1,025 991 1,165 December 778 786 850 846 964 1,073 1,059 965 1,084 1,180

Total for 2nd 6 months)

4,497 4,692 4,972 4,984 5,352 6,206 6,306 6,231 6,041 6,821

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Total for Year 8,960 9,561, 10,029 10,120 10,564 12,288 12,711 12,730 12,120 13,526