LONCLEAR #210 THE LONDON CLEARING HOUSE

Retrieved from "http://www.archive.org/stream/clearinghousesth00cannuoft/clearinghousesth00cannuoft_djvu.txt" Sub-treasury located at New York. The latter makes its exchanges only at the clear- ing-house, its balances being settled at its own counter. It has no voice in the government of the association, and pays a nominal sum for actual expenses. The privilege which the sub-treasury enjoys of making its exchanges through the clearing-house is a matter of great accom- modation both to the Sub-treasury and to the banks. The New York Post-office clears through one of the members, but renders no compensation to the associa- tion for the privilege. The membership of the association since its organiza- tion has been constantly changing, owing to the admis- sion and expulsion of members and voluntary with- drawals, as provided by the constitution. The association began with fifty-one members,