THE Bankruptcy Act, 1869.—In the County Court of Devonshire, holden at Exeter. A third Dividend of 2s. in the pound (making with Dividends, 10s. in the Pound, has been declared in the matter of proceedings for liquidation by arrangement or composition with creditors, instituted by JOHN BARRETT COLLYNS, of Dulverton, in the county of Somerset. Surgeon and Apothecary, and will be paid by me, at the offices of Messrs. Haydon and Sloley, Chartered Accountant, 21 and 21A, New City-chambers, 121, Bishopsgate- street Within in the city of London, on and after Monday, the 25th day of February, 1881, between the hours of eleven and three. — Dated this 7th day of February, 1884.
FLAXMAN HAYDON, Trustee.
THE BANKRUPTCY ACT, 1883. SECURITY on Behalf of Special Managers and Trustees, as required by the General Rules under the Bankruptcy Act, 1883, is given by the LONDON GUARANTEE and ACCIDENT COMPANY (LIMITED), in approved cases, at the following rates of premium:— For Guarantees in separate matters 10s per cent. For General Bonds, as contemplated in clause 2 of section No. 253 of General Orders, from 25s per cent. Forms of proposal and all the information may be obtained at the Chief Office, 10 Moorgate-street, E.C.
E.G. LAUGHTON ANDERSON, Secretary.
Will be Published Early in March. THE CHARTERED ACCOUNTANTS EXAMINATION GUIDE. A student’s help to Self-Preparation for the Intermediate and Final Examinations,
By GEORGE PEPLER NORTON, C.A. (Armitage, Clough & Co., Huddersfield and London.) Prize Winner, Final Examination, June 1883 This work will contain:—(1) about 500 questions on the subjects set for the above examinations, with references, showing where to find the answers, and dealing with all those points requiring a Students’ special attention.
(2) A large number of suggestions and hints on important subjects, pointing out to Students what to study and what to avoid.
(3) Translations of legal words and phrases. The whole approved by the various authors, whose works have been quoted.
Price to subscribers, 7s. 6d. After publication, 10s. 6d. Printed by GEE & Co., at 7, Worship Street, E.C., and published by them, at St. Stephen’s Chambers, Telegraph Street, E.C.
ESTABLISHED 1851. BIRKBECK BANK.— Southampton Buildings, Chancery Lane.
Current Accounts opened according to the usual practice of other bankers, and Interest allowed on the minimum monthly balances when not drawn below £25. No commission charged for keeping Accounts.
The Bank undertakes for its Customers, free of charge, the custody of Deeds, Writings, and other Securities and valuables; the collection of Bills of Exchange, Dividends and coupons; and the purchase and sale of Stocks and Shares.
Letters of Credit and Circular Notes issued.
A pamphlet, with full particulars, on application.
FRANCIS RAVENSCROFT, Manager. 1st March, 1880. The Birkbeck Building Society’s Annual Receipts exceed Four Millions.
February 23, 1884. DEEDS OF ASSIGNMENT.
We drew attention last week to Deeds of Assignment, and in doing so, we had regard to the interest of creditors as well as accountants. The deed of assignment, advertised in another column, will, on first impression, appear more lengthy than is needed, but as it compasses all the advantages to creditors which would accrue if their debtor became bankrupt, excepting the discharge, which they, instead of the court, can give, we do not think it will be open to much objection. In fact where an assignment is made, it is better in the interest of creditors to have the most comprehensive powers, and these, as will be seen, are taken under the deed.
It is not expected until the new Act has had a fair trial, that deeds will, as a rule, be resorted to, but the trial, we have reason to think, will be of short duration. The formality, personal requirements from creditors, inordinate expense, with many absurd requirements of the new Act will soon disgust the general public.
We profess no politics, but wish to uphold the rights of the profession we represent. The deed we suggest is an assignment which, of course, is an act of bankruptcy if signed by the debtor; and therefore until the creditors as a body assent, he must withhold his signature, but it will be no insuperable difficulty in an honest case to pacify a dissentient creditor, and, assuming the debtor wishes to offer a composition, what is easier when the debtor signs the deed of assignment, than to sell the estate to him for a fair equivalent, such as the creditors approve. As already said, we have no objection to Mr. Chamberlain’s department dealing with all dishonest failures, but those of an opposite character we think, can be satisfactorily dealt with outside the Board of Trade.
Much has been lately said on this subject, and auditors have been blamed by many people where frauds have been perpetrated on banks as though these occurrences arose from neglect or inefficient fulfilment of their duties; but before condemning a useful, and in many cases thoroughly in efficient and painstaking, body of men, people should make themselves fully acquainted with the actual position and duties of auditors as at present defined by Act of Parliament.
At the present time the position of an auditor is most unsatisfactory and even anomalous, he is supposed to be elected by the shareholders to protect their interest even against the directors, but he is practically the nominee of the directors, and should he seem to the latter needlessly searching in his inquiries some other person is nominated at the next general meeting, and in ninety-nine cases out of a hundred elected, whilst the unfortunate man who tried to do his duty incurs a certain amount of odium which is prejudicial to him in his future career. The world at large not knowing the actual reason why he was superseded put it down to incapacity or neglect.
In the next place his duties, as defined by the Act of Parliament, merely require him to see that the books are correctly kept, and that balances as shown in the balance sheet agree with those in the books; consequently, although the books might show there was a large balance of cash in hand, he is under no sort of obligation to see that the figures tally with the amount in the bank coffers; if the books stated there were hundreds of thousands of pounds invested in securities that did not exist, that fact would not necessarily come within his province.
Again, the amount of remuneration paid to an auditor is in many cases so small that, even if willing to make his investigation more complete and searching, he could not, in justice to himself as a business man, devote the time needed to carry out his researches into the affairs of the bank.