The house of Industry : a new estate of the realm

48 THE HOUSE OF INDUSTRY

spread amongst us. So much so that ready money became almost an unknown thing. Everybodyexcept the wage-earners—paid everybody else on the first of the month. In the intervals everything was acknowledged by chits. Drinks at the Polo or Tennis Clubs, poker losses, dinners or drinks at the hotel, anything and everything was payable on the first of each month.

Then, on that day, we sent out cheques for what we had bought and our debtors sent their cheques tous. Thus, during the second week of the month, the two or three bank officials were busy transferring entries in cash-book and ledger. Drafts on banks in London, New York, Chicago, New Orleans, Galveston, Jamaica, Mexico, would arrive by weekly or fortnightly mail. Into the Bank they would go. Then, if wages had to be paid, some money would be withdrawn. Ina few days it would be back in the Bank through the shops. Thus, broadly stated, the Bank had in its safe practically every dollar in the Colony. Had it been burned to ashes, the Government would positively have been compelled to issue a new currency.

With all this money, plus its own small capital, the Bank would give notes of hand at ten-percent., or buy exchange or discount bills. In short, it did the things that banks usually do, honestly, efficiently. In due course, our American friend, having founded the Bank and yearning for the delights of a more temperate climate, sold out and left us with good-will all round.