400 THE WORK OF THE STOCK EXCHANGE 
in terms of money, the process of clearing them is closely 
similar to that effected by bank clearing houses everywhere in 
the world. 
There remains of course the final task of money settlement. 
This is accomplished with equal simplicity. Each clearing 
member ascertains whether his Stock Clearing Corporation 
account has a final credit or debit balance, and for how much 
money. He then fills out the final receipt (Figure 46). If a 
creditor he scratches out the word “check” and if a debtor the 
words “credit memorandum” upon it, and fills in the money 
amount of his final balance. If the clearing member has a 
final debit balance. he makes out his check to the order of the 
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Stock Clearing Corporation for its amount. If, on the other 
hand, the clearing member has a final credit balance, he draws 
a draft or credit memorandum for its amount against the Stock 
Clearing Corporation (Figure 47). The final receipt, together 
with the check or draft, is then dispatched to the Corporation. 
The receipt form is made out in duplicate; one part is retained 
by the Corporation, and the other is returned to the clearing 
member. The Corporation deposits the checks which come 
into it during the day, in the several banks with which it has 
accounts. ‘On receipt of the drafts or credit memoranda drawn 
against it, in the course of the day’s business, the Stock Clear- 
ing Corporation checks the amount of each against the mem-