| Description | Thanking him for offer of procuring the Royal Bank credit in London upon the same terms as that offered to the Bank of Scotland by Messrs Drummond...The Royal Bank have at present a credit with the Bank of England for £20000 for which they have deposited an adequate sum in government securities. The interest they pay for the sums in advance is four percent and are not charged with any commission. It therefore occurred to the Directors that if a loan of government funds could be procured, these funds might be deposited in like manner with the Bank of England for further credit, upon which the Royal Bank might operate at less expense than with a private banker. And as the Royal Bank have called and are still calling their own funds, these they propose to apply in replacing the loan that shall be so depositedwith the Bank of England |