THE HAMILTON ASSOCTATION, 57 
of this paper make 1,000 notes. The paper is simply cut in half, 
and, by an examination of the note, all the edges of it will be seen 
to be “‘deckelled’’ with the exception of one edge which has been 
eut through to form the note. The Chief Cashier regulates the 
issue from time to time as occasion requires and when he instructs 
the printing department to create a new issue he advises the Chief 
Accountant of the amount of the issue, who thereupon opens a 
general credit for the whole amount and also a ledger account for 
each individual note; in these ledgers are placed the date and 
number of each particular note. There are two ways in which 
the notes of the Bank go into circulation, viz., either by the pay- 
ment of gold into the Bank or through drawing accounts. Now, 
at the same time, of course, redemption of notes 1s going on, and 
as each note is returned to the Bank the individual ledger account 
of that particular note is debited with the same and the Chief 
Cashier’s signature is torn off and the note is further defaced by 
the amount of the note in the left hand corner being ecaneelled. 
These notes are put up in bundles of from 300 to 1,500 in each 
bundle and are deposited in the Accountant’s library. Each note 
has a memorandum placed upon it showing from whom the note 
was received and the date of its redemption. About 50,000 notes 
daily are redeemed by the Bank, and notes which have been re- 
deemed are kept for five years in the Accountant’s library before 
being destroyed, when they are burned upon the premises. So 
systematic is the way of keeping these notes that any one of them 
may be readily found within a few minutes, notwithstanding the 
fact that eighty millions of them are generally on hand in the 
Accountant’s library. 
As the Bank of England pays two hundred thousand pounds 
a year to the Government for this note issuing privilege, the profit 
on the same will probably not amount to more than one-half that 
amount. 
The most interesting feature of the Bank of England is con- 
tained in what is called the gold weighing room. There are six- 
teen gold weighing machines in this room, the invention of a Mr. 
Cotton, a former Governor of the Bank. Each machine weighs 
