Mr.Hankey should have shown 'some other store of unused cash' except the reserve in the Banking Department of the Bank of England out of which advances in time of panic could be made.

These advances are necessary, and must be made by someone.

The 'reserves' of London bankers are not such store; they are used cash, not unused; they are part of the Bank deposits, and lent as such.
Thirdly.

Mr.Hankey should have observed that we know by the published figures that the joint stock banks of London do not keep one-third, or anything like one-third, of their liabilities in 'cash' even meaning by 'cash' a deposit at the Bank of England.
One-third of the deposits in joint stock banks, not to speak of the private banks, would be 30,000,000 L.; and the private deposits of the Bank of England are 18,000,000 L.According to his own statement, there is a conspicuous contrast.

The joint stock banks, and the private banks, no doubt, too, keep one sort of reserve, and the Bank of England a different kind of reserve altogether.