|Clearing, town and general|
A term used in banking with reference to clearing cheques. There are two town clearings, a morning and an afternoon one. The first deals with cheques of less than £5(X) reccived the previous day. The other deals with cheques of more than £500 received the same day. The morning clearing is carried forward to the afternoon clearing.
'Town clearing' refers to London. 'General clearing" refers to the rest of the country, where there is one clearing a day dealing with cheques received the previous day.
|Reference: The Penguin Business Dictionary, 3rd edt.|