The Financial Review Volume 1878

The Financial Review Volume 1878

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1878 edition. Excerpt: ...the general balance. The accounts are of a purely practical kind, require no bookkeeping but what a company must have for its own sake, and were formed by taking the best parts from the very variou" forms used by numtrous companies, and adding others. Some (par" ticularly Scotch) companies work into these forms a good deal o extra information, not compulsory, and more might still be use fully introduced. These accounts must be lodged with government and given to every bondholder who asks them, and they are sent by post, wiih the half yearly report, to every shareholder about a week before the half yearly meeting. Their uniformity is of the highest value, not only for comparing the doings of different railways, but for watching the doings of one company from half-year to half-year. Till this form was compulsory the companies constantly changed them, just as many American companies still do, with the eilect of making comparison impossible. 4. The halt-yearly accounts must be reported on, before the half-yearly meeting, by auditors (two in number) appointed, not by the directors, but by the shareholders. One of them retires annually, but may be re-elected. These have no likeness to an American auditor, who here whould be styled the accountant of the company. They are paid, but must have no other office or interest in the company's affair, unless as holders of bonds or shares. Generally, at least one, sometimes both, ere public accountants of the very first class; if one is not professional, he is g-nerally an experienced large shareholder. Tiie auditors have at all limes access to the company's books, and their report must be laid before the meeting of shareholders before a dividend is ceclared. They are also entitled to make to more

Product details

  • Paperback | 74 pages
  • 189 x 246 x 4mm | 150g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236589858
  • 9781236589859