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of the banks is augmented and greater ability is required, the constant difficulty of an hereditary government will begin to be felt. "The father had great brains and created the business: but the son had less brains and lost or lessened it." This is the history of all great monarchies, and it may be the history of great private banks. The peculiarity in the case of Overend, Gurney and Co.—at least, one peculiarity—is that the evil was soon discovered. The richest partners had least concern in the management; and when they found that incredible losses were ruining them, they stopped the concern and turned it into a company. But they had done nothing; if at least they had prevented further losses, the firm might have been in existence and in the highest credit now. It was the publicity of their losses which ruined them. But if they had continued to be a private partnership they need not have disclosed those losses: they might have written them off quietly out of the immense profits they could have accumulated. They had some ten millions of other people's money in their hands which no one thought of disturbing. The perturbation through the country which their failure caused in the end shows how diffused and how unimpaired their popular reputation was. No one in the rural districts (as I know by experience) would ever believe a word against them, say what you might. The catastrophe came because at the