Retrieved from “www.archive.org do the members in the other clearing-houses at the present time. The clearing-agent is responsible only for the money actually received by it from the debtor banks and for the payment of such money to the creditor banks. Each clearing-house makes its exchanges in a rented room. The manager’s duties are not essentially dif- ferent from those performed by clearing-house mana- gers in the United States, except that in Canada they are in no way concerned with the receipt and the dis- bursement of balances by the clearing-bank. In the beginning it was necessary, in order to form a clearing-house in a given centre in Canada, for all the banks in the place to unite and become members, with- out regard to their integrity and financial responsibility.

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