And then we have to ask ourselves the question, can those large private banks be permanent?
I am sure I should be very sorry to say that they certainly cannot, but at the same time I cannot be blind to the grave difficulties which they must surmount.
In the first place, an hereditary business of great magnitude is dangerous.

The management of such a business needs more than common industry and more than common ability.

But there is no security at all that these will be regularly continued in each generation.

The case of Overend, Gurney and Co., the model instance of all evil in business, is a most alarming example of this evil.

No cleverer men of business probably (cleverer I mean for the purposes of their particular calling) could well be found than the founders and first managers of that house.