So great a difference in the management must cause, and does cause, a great difference in the profits.

Inevitably the shareholders of the Bank of England will dislike this great difference; more or less, they will always urge their directors to diminish (as far as possible) the unproductive reserve, and to augment as far as possible their own dividend.
In most banks there would be a wholesome dread restraining the desire of the shareholders to reduce the reserve; they would fear to impair the credit of the bank.

But fortunately or unfortunately, no one has any fear about the Bank of England.

The English world at least believes that it will not, almost that it cannot, fail.

Three times since 1844 the Banking Department has received assistance, and would have failed without it.