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Deposit Account means money left in a Banker's hands, for which you require interest, and have to give a certain notice before withdrawing.
Address in Letters of Business.-It is always usual to write at the bottom or top of the letter the name of the person to whom it is addressed, as since envelopes have been used, it is seldom mentioned otherwise in the letter.
Signature.-Sign your name always in the same way in Cheques and business papers.
Receiving Cheques.-When a Cheque is sent you, cross it with the name of your Banker-say Coutts-if it be not already crossed, and send it in a letter to him, which you should register if the Cheque be of much value, and write-
Messrs. Coutts & Co.
to the credit of my account.
April 6th, 1863. (Address.)
Please put the enclosed Cheque for £15:12:6
Never destroy a Cheque.-If a Cheque is given you, and you do not wish to use it, tear off and destroy the signature, then enclose the Cheque (which, having no signature, is useless) to the person who drew it.
LETTERS OF CREDIT AND CIRCULAR NOTES.
When a person is going to travel on the Continent he usually takes with him a Letter of Credit, or Circular Letters, generally both. In order to obtain the former, he deposits with his Banker the sum he wishes to have entered in his Letter of Credit, and names the towns where he may probably wish to draw money.
Suppose Mr. A
is going to Rome, and thinks he may possibly want £500, and may wish to draw money in Paris, Basle, Florence, Rome, and Frankfort. He writes to his London Banker (or else asks his Country Banker to write to their London Banker) to send him a Letter of Credit for £500 upon those places. Should he mention
to him five towns, he must sign his name on five different slips of foreign or thin paper, and enclose them at the same time. If he mentions eight towns, then eight slips of paper must be sent, one for each place mentioned.
The London Banker writes to each of the towns specified, and encloses Mr. A's signature. Mr. A will see that those particular towns are mentioned in his Letter of Credit, and what Bankers he can go to; also the full sum he may draw for. If Mr. A- finds he wants £50 in Paris, he refers to his Letter of Credit and takes it to the Banker mentioned, and asks for that sum in the coin of the country. He is requested to sign his name, and if the signature is like that on the slip of paper sent from Mr. A's London Banker, the money is immediately paid to him, and the Banker inserts in the Letter of Credit how much Mr. A has received from him, which enables other Bankers to see how much remains of the £500 when he asks for more money.
On Mr. A's return to England, he sends the Letter of Credit to his Banker, that he may know how much has been drawn.
A Letter of Credit is worded much in this way :
and taking his drafts on us in your favour for
Circular Notes, for persons going to the Continent, from ten pounds and upwards, can be obtained from many London Bankers, and the intending traveller's own Banker will obtain them for him. They have this advantage over a Letter of Credit: the traveller can receive his money at many different places, instead of one or two fixed towns, and even innkeepers will frequently cash them.
"The traveller, having determined how much money he will require for his journey, pays in that sum to the Banker, and receives in exchange, without any charge except the Stamp duty, notes to the same amount, each of the value of £10 or upwards, together with a general letter or order, addressed by the House to its foreign agents, which serves to identify the bearer. The letter is addressed to nearly two hundred agents and correspondents in different parts of Europe, so that wherever the traveller may be, he cannot be very far removed from his supplies.
"The value of the Notes is reduced into Foreign money, at the current usance of exchange