Banking In Melbourne

The banks and banking business here are a marvel to Americana. There are 17 banks in this city. The three largest have deposita cf nearly L18,000,000 ($90,000,000). They carry large cash reservea and make advancea to customers on quite a different system from our banks - on open accounts or overdrafts, as vre cali it. They all issue notes, one colony cashing tbe notes of another at a discount of so much. .They charge you a little something for everything they do, but tben you know that's after the English system of trading. They use the check system, and everybody has an account and nearly everybody overdraws. A fellow told me theother day that themanwho couldn't everdraw his account didn't amount to louch. There is not more loss to the banks here than in America from overfiraft. The banking business seems thrifty.