The purpose of the clearing-house is largely to facilitate the transfer of credits.
This in simple language is the primary idea of the clearing-house.
The clearing-house of the telephone power plant is the power board.
It is club and more than club—it is a clearing-house for all of the best clubs.
Why, in London alone, five millions of money are daily exchanged at the clearing-house, in the course of a few hours.
The clearing-house system was established in this country in 1853.
But the clearing-house is not by any means the only place where credits or debts (they are the same thing) are bought and sold.
I refer to the "clearing-house" arrangements of the stock and produce exchanges.
It is quite in order that we should follow lessons on the clearing-house and commercial drafts with a lesson on foreign exchange.
Pretty soon we will have a clearing-house of titles, based on incomes.