Table showing the variation from the average (=100) of the totals paid each month, from 1900 to 1909, inclusive.

1900.

1901.

1902.

1903.

1904.

1905.

1906.

1907.

1908.

1909.

Average
1900-1909

99.62 101-85 100-85 101.50

98-67 98-99 100-77 102-11 100-30 99-15

100-80

The total of cheques and drafts passed through the Clearing House during the year 1909 has fallen short of the total of the year 1908 by £3,615,255, a drop of 1.25 per cent. The first half of the year was indeed disappointing, but in the latter half there was a satisfactory recovery. When, however, it is considered that 1909 was two working days short of 1908, and that on June 5th the total was £14,945,745 below the total of the previous year, the final result is by no means unsatisfactory.

OBITUARY.

WILLIAM TALBOT AGAR.

ALL those of our members whose connection with the Institute goes back beyond the last few years will sincerely regret to hear of the death of their late Secretary, Mr. William Talbot Agar, which took place at Brockfield Hall, near York, on Wednesday, January 19th, in his sixty-sixth year.

Born in 1844, he was the eldest son of the late William Talbot Agar, of Milford House, Lymington, Hants, was educated at Brighton College and Trinity College, Cambridge, and shortly afterwards was called to the Bar. In November, 1881, he was appointed Secretary to the Institute of Bankers, which had then been founded about two years, and remained in this position for nearly twenty-five years, until, in May, 1905, he was compelled to resign through failing health. He was also Secretary of the Central Association of Bankers from 1895-1905.

After his resignation he went to live at Brockfield Hall, the family estate, which he had lately inherited, and where some of his leisure was devoted to the duties involved in his appointment as a Justice of the Peace for the North Riding of Yorkshire.

So intimate has Mr. Agar's connection with the Institute been throughout its earlier years that, without writing its history, it is not possible adequately to express the extent of the services he has rendered towards it. No better evidence of the valuable nature of these services can be found than in the steady progress and continuous prosperity of the Institute throughout the whole of this period. In particular, it may be mentioned that he played an active part in the preliminaries which resulted in the passing of the Bills of Exchange Act in 1882.

No one of those who came into personal contact with Mr. Agar can fail to have recognised the unfailing courtesy and ready tact which distinguished his relations with the Members and ensured the prompt obedience and respect of his subordinates.

The Council desire, on their own behalf as well as that of the whole body of Members, to express their deep sympathy with Mrs. Agar and the other members of his family in their bereave

RECENT PERIODICALS IN THE LIBRARY.

The Bankers' Magazine (London) for January contains the first part of its "Review of the Progress of Banking in Great "Britain and Ireland during 1909," together with a "Monetary "Review of the past year." Bankers' Profits during the second half of 1909 are also dealt with, and the following statistics are supplied:

The average Bank-rate for the whole year was £3 1s. 11d., as compared with £30s. 3d. for 1908; the average market rate of discount was £2 5s. 9d., the lowest for the last ten years; the average allowance on deposits was £1 11s. 11d., the lowest during the same period, with the exception of 1908, when the rate was £1 9s. 9d. The Magazine announces a Prize Essay Competition for the best essay on "Is Centralisation in Banking con"ducive to the Best Interests of the Community?" Essays must be sent in not later than April 30th, 1910.

The Bankers' Magazine (New York) for December, asks, in its editorial comments, the following pertinent questions of those who are advocating the establishment of a central bank in the United States. "Do not the bankers of the country realise that "the creation of a central bank is but the first step to the intro"duction of the branch banking system into the United States? "A central bank, to be efficient, must have branches, and here

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we will have the branch system already applied to note issues. Why should a country bank have to beg a central bank, managed in some distant city, for a few notes with which to move the crops? Which is the better judge of the local needs "for currency in Dakota or in Texas the central bank, managed by high financiers in the distant city, or the officers of the local "banks who are an actual part of their business communities?"

The publishers of the Banking Law Journal (New York) addressed a letter of enquiry to each National and State bank and Trust Company in the United States asking for its views on the Central Bank question. A direct reply to the following question was asked "Do you favour a Central Bank if not controlled by 'Wall Street' or any Monopolistic Interest?" Out of 5,613 replies, 59 per cent. were in the affirmative, 334 per cent. in the negative, and 7 per cent. were undecided.

The Times "Financial and Commercial Supplement" of January contained a Summary of Finance and Trade in 1909. Special articles are devoted to the money market, the Stock Exchange, banking, insurance, foreign trade, the coal trade, cotton, wool, shipbuilding, shipping, iron and steel. Reference is again made to the depression in gilt-edged securities: -" Among "the weak points of a favourable year the bedraggled state of "the Consols market stands out with unpleasant prominence. Foreign Government bonds have risen or been steady, while "Home Government stocks, India stocks, and most of those "which were once regarded as the most stable and solid investments for British money have dwindled and drooped and close the year substantially lower. The most obvious cause of this depression has been the state of home politics, the introduction "of a Budget which produced alarm among the investing and property-owning classes, the too impassioned rhetoric of its "chief spokesmen and supporters, which went far to spread and increase the effect wrought by its enactments, and the some"times exaggerated protests of its opponents, who, by crying "aloud that confidence and security were shattered, did much

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to shatter confidence and security." Reference is made in the article on banking to the centralisation of banking interests and to the doubts which are expressed from time to time thereon. The writer mentions that provincial customers previously in closer personal touch with their local private banker complain of "red tape" in connection with accommodation, and expresses the opinion that customers may rely on the keenness of competition to bring them every justifiable facility. "It is impossible to "withstand the law of evolution, and the boards of several of the "lesser London banks must, we imagine, be considering whether they will adopt a policy of expansion by absorbing some of the "smaller provincial institutions which remain or themselves face the position that increasing competition from powerful "rivals may in a few years force them to deplore lessened profits "at their shareholders' meetings, and eventually cause their "institution to become one of the absorbed."

The Commercial and Financial Chronicle (New York) for January 1st, contains a lengthy "Retrospect of 1909." Last year is described as one of brightening conditions and of noteworthy trade revival, with an entire restoration of confidence. The enactment of the new tariff measure is considered not to have interfered with the course of trade revival.

The Statist for January 1st contains a report of a paper read by Mr. George Paish in December last before the Finance Forum