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 Deposits include the balances of the chief English banks, all of which keep an account at the Bank of England, through which they settle the balances of the huge transactions between one another that are carried through every day by the clearing house, and this balance at the Bank of England is included by the other banks, with their holding of legal tender currency, as "cash" in their balance sheets and statements. It must be noted, however, that the Other Deposits include many accounts besides those of the banks included in the clearing house system, commonly called the clearing banks. They include the balance of the Indian Government, Colonial and Foreign Governments, home and foreign Municipalities, and the many private customers of the Bank of England; and since, as we have seen on looking at the balance sheet of one of the clearing banks, these institutions do not separate their cash at the Bank of England from their holding of legal tender cash, one of the chief clues to the real position of the Money Market, namely the amount of cash at the Bank of England held by other banks, is always veiled from the gaze of the curious.

On the other side of the account we are faced by similar obscurities. Government securities