Lessons in Commerce; A Text-Book for Students

Lessons in Commerce; A Text-Book for Students

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1904 edition. Excerpt: ...House enters them directly in the clearing-in book, under the name of the firm demanding payment, and then sends the charges to his bank, to see whether there is any objection as to their payment. Every in-clearer having brought down the totals of his in and out clearings for the day, draws up a balancesheet on a printed form, by entering, opposite to the name of each clearing bank, the amount of its credit or debit balance, previously agreed on by the other clearers, with whom he has dealt. The difference between the totals of the two columns will, of course, point out the credit or debit balance of the house he represents. To settle such a difference the clearer fills up for the amount of his credit or debit balance a ticket addressed to the Bank of England, with which the Committee of clearing bankers and every clearing bank must have an account, and hands such a ticket with his balance-sheet to the inspector. "When, on liquidation of the day's transactions, the clearing bank turns out a creditor, its clearer fills up a green ticket, whereby the Bank of England is requested to credit for the sum the account of the clearing banker, out of the account of the Committee. When, on the contrary, the clearing bank is a debtor, a white ticket is filled, directing the Bank of England to transfer the amount due from the debtor's account to the account of the Committee. In either case the ticket is to be verified, on revision, by the inspector of the House, and the Bank of England returns a certificate, stating that the transfer has been duly executed. Thus, by the simple means of a few entries in the books of the Bank of England, numberless operations are settled, which would otherwise require an immense amount of work and exchanging of...
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Product details

  • Paperback | 108 pages
  • 189 x 246 x 6mm | 209g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236572378
  • 9781236572370