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work is to give a short outline of the methods of keeping cost accounts applicable to different classes of manufactures, for the benefit of those engaged in accountancy who are not already conversant with the subject.” The book contains also forms and specimen entries, as well as explanatory notes.
64. Cost Accounts, by L. W. Hawkins. This book is especially desirable for students, on account of numerous forms it contains.
65. Errors in Balancing. This book is based on articles which have appeared in The Accountant. It deals, from a practical point of view, with the system of localizing errors, giving all the necessary rules.
66. Newspaper Accounts, by B. F. Norton and G. P. Feasey. This is a treatise on the books and accounts in use in large and small newspaper offices. The book contains also a specimen set of books, illustrating entries representing a half year's transactions.
67. Bookkeeping for Terminating Building Societies, by J. F. Lees. This treatise gives forms and account books, also a statement of accounts and a balance sheet, as well as a chapter on auditing, for this class of accounts.
68. Forms and Precedents for the Use of Accountants, by H. L. Febbs, (Two Volumes). These books are for the use of accountants intending to fill the offices of trustees in bankruptcy, trustees under deeds of arrangement, and assignment receivers, and managers in chancery. It is entirely local (English).
69. Mine Accounts and Mining Bookkeeping, by James Cunnison Lawn. This is a practical manual for the use of students, managers of metalliferous mines, collieries, and others interested in mining. It contains numerous examples from the practice of leading mining companies.
70. Mortgage or Loan Tables, by Thomas D. Challoner. This work has been compiled to meet the demand of those who have periodically to make calculations in order to ascertain the amount to advance on loans repayable by installments, or to find the amount required to pay off a loan,
71. Advanced Accounting, by Lawrence R. Dicksee. The most advanced book on the theory and practice of accounts, treating exhaustively, among other topics, “Tabular Bookkeeping,” * Partnership Accounts," “Realization Accounts," “ Companies' Accounts,” “Bankruptcy and Insolvency Accounts,” “Bookkeeping without Books,” etc., etc. It also contains a number of difficult accounting problems.
72. Brewers' Accounts, by William Harris. This book, although mostly local (English) in scope, yet on account of the numerous forms it contains (74), merits the attention of American accountants or students of this class of accounts.
73. Hotel Bookkeeping (Tabular System), by G. E. Stuart Whatley. The author presents in this volume the principles and rules of the tabular system of bookkeeping, adapted for hotels, as well as drapery accounts. The book also gives exercises in hotel bookkeeping, with complete forms (30), for both hotel and drapery accounts. 74. Handbook on Municipal Accounting, by R. Montgomery Bartlett.
Gives forms for municipal accounting, but the system followed is rather antiquated.
75. Publishers' Accounts, by C. E. Allen. This book deals fully with the nature and practice of the publishing business, the method of recording the transactions, and the points to be noticed in connection with the audit, and the treatment of copyright.
76. The Accountancy of Investment, by Charles Ezra Sprague. This volume contains the three parts of the author's work on the Accountancy of Investment, and includes a treatise on compound interest, annuities, amortization, and the valuation of securities. It is invaluable, not only to students of accountancy, but to brokers and bankers as well.
77. Business Education and Accountancy, by Charles Waldo Haskins, edited by Frederick A. Cleveland. In this volume are given the clear and practical views of the author on the nature and value of accountancy and business education generally. In the words of the author: “This book represents the most adanced thought of those not actively engaged in teaching profession on the subject of business training, and on the possibility of raising high professional standards in what may be called business specialties.” For students of the history of accountancy it will be a help, inasmuch as about half of the book is devoted to tracing its history from the early Babylonians to the present time.
78. Auditing, by Frederick S. Tipson. This book contains all questions set in the auditing papers at the N. Y. State examination for the C. P. A. certificate, from December, 1896, to June, 1902, inclusive, with answers and explanations.
79. Practical Auditing, by George B. Renn. This is a working manual, describing in detail the method of conducting a commcreial audit, and indicating in order the successive steps of procedure. In the words of the author: “This book aims to tell the student what to do and how to do it, and it is written with the intention that its contents shall be understood by the reader."
81. Auditing, by Lawrence R. Dicksee. The popularity of this book is known to every student of accountancy, and a description seems hardly necessary. The book in its last edition has been revised and briught up to date.
82. Dicksee's Auditing, (American Edition), edited by Robert H. Montgomery. The contents of this book may be stated in the editor's words in his preface: Much of the matter herein contained is taken verbatim from Mr. Dicksee's English edition, which for many years has been the standard work on auditing, both in Great Britain and America. The principal changes, therefore, are those which are caused by the numerous differences existing between accountancy nomenclature, laws, and customs of Great Britain and the United States."
83. Auditors: Their Duties and Responsibilities, by Francis W. Pixley. While the earlier editions of this treatise were more for the student than the practitioner, the later editions cover the field to the satisfaction of both. This book, in connection with “Dicksee's Auditing," affords excellent means for acquiring theoretical knowledge of auditing. The latter
has the advantage of being published in an American as well as an English edition.
84. A Municipal Internal Audit, by Arthur Collins. The book is stated by the author to be “a full description of an audit of the departmental receipts of a municipality, especially designed to assist students in their preparation for the examinations of the Institute of Municipal Treasurers and Accountants; based on systems in operation in the leading municipalities in the United Kingdom.” While not complete, nor by far adaptable to American municipalities, yet the book is suggestive, and gives some assistance in auditing municipal accounts.
85. The Railway Auditor, by H. C. Whitehead This is the first number of “Studies in Business ” of the New York University School of Commerce, Accounts and Finance publications, and comprises the lectures delivered by the author before that school.
Although bearing the title “ Auditor," the book gives a complete résumé of railway accounting. It begins with the details which are handled by the employees in the various departments, leading up to the general books, income account, and balance sheet. It also contains an appendix on definitions adopted by The Association of American Railway Accounting Officers.
The Directors of The New York State Society of Certified Public Accountants have determined to entertain the delegates visiting the accountants and members of The American Association of Public Accountants at a reception to be given on the evening of Tuesday, October 20th, 1908, at the Marlborough-Blenheim Hotel, Atlantic City, N. J., on the occasion of the twenty-first Annual Meeting.
It did not take Treasurer William F. Weiss more than a few minutes, the other evening, at a meeting of the New York State Society of Certified Public Accountants, to raise a guarantee fund of one thousand dollars to provide for the cost of a reception to the delegates, visiting accountants and members of The American Association at Atlantic City on October 20th, 1908.
Colonel Franklin Allen, C. P. A., President of the New York State Society of Certified Public Accountants, is a member of the Committee on Arrangements for holding the twenty-first Annual Meeting of The American Association of Public Accountants at Atlantic City on October 20th, 21st, and 22nd, 1908. The Colonel is an enthusiastic booster for anything for the good of the profession.
T. Cullen Roberts, C. P. A., President of the Society of Certified Public Accountants of the State of New Jersey, is a member of the General Committee on Arrangements for holding the twenty-first Annual Meeting of The American Association of Public Accountants at Atlantic City on October 20th, 21st, and 22nd, 1908.
Measures for Banking Reform.
BY CHARLES W. MIXTER, Professor of Political Economy in the University of Vermont.
Part I. If the situation were ripe for a genuine, once-for-all putting of our house in order, the watchword should indeed be “Thorough.” Our existing system, or rather lack of system, of banking and currency should be wholly recast. We ought, in that case, to get at once, in place of the present so-called system of niany independent, insufficiently coöperating, frequently weak and mismanaged banks, a real system of large banks with branches, managed exclusively by the best banking talent the country affords—a scheme of banking law and practice similar to that which so well meets the business requirements of Scotland and Canada. Such an organization of banking would on the one hand concentrate responsibility and give security, and on the other hand would extend banking facilities—banking competition in its beneficent form—into every corner of the land, to a degree that a system of independent banks never can. Several branches of the comparatively few strong banks competing under such a plan can be located in a small town and vie with each other to accommodate its business public, where there is room now for only one independent bank, and that a weak one. A new United States bank might be chartered to hold the position of leadership in such a system, but that would be largely a matter of minor importance. In any case a system of some thirty or forty or fifty banks, with branches—as in Scotland or Canadawould be far preferable to one overshadowing central bank, as in France, having more or less of a monopoly.
Along with a thoroughgoing scheme of financial reform should go the driving of all trust companies entirely out of the banking business. These institutions should either reorganize as banks, state or national, or confine themselves to their own proper functions. A dangerous anomaly has been allowed to grow up, entirely without original intent, and it should now be handled without gloves by the national power. Deposits used as checking accounts are currency—a leading branch of currency under modern conditions—and Congress has, under its enumerated powers, full control over currency. It is like waiting for a river to run by to wait for the states to act adequately and harmoniously with respect to such matters. Congress, therefore, should take hold of the situation boldly, as it did a generation ago, when the national banking system itself was first formed, largely from reorganized state banks. Also, as a part of general house cleaning, the national government itself should withdraw entirely from the banking business—the greenbacks should be retired. And not only that, but the United States revenue (the whole of it) should go at once as collected, without pledge of specific property as security, into the depository banks designated in advance by Congress. In other words, the existing survivals of the Jacksonian independent treasury scheme should be straightway and wholly abolished as a matter of course. The life blood of commerce should not be even temporarily withdrawn from circulation, and there should be no opportunity for the Secretary of the Treasury to practice favoritism or to be suspected of it. This last measure of reform would, moreover, take away the chief standing excuse for relief measures on the part of the government. That sort of dependence of the banks upon government is a source of weakness, and only of weakness.
But all these more ambitious projects for reform must wait until public opinion grows up to them; and the plans in detail must be worked out in another and a quieter time. What is needed for the present-imperatively needed at the hands of this present Congress—is provision for the essentials of reform for the existing national bank system. These essentials fall under three heads-first, “Additional General Safeguards"; second, "Effective Maintenance of a Proper Reserve"; third, “The Securing of a Flexible Credit Bank Note Circulation.” * GENERAL SAFEGUARDS—THE FUNCTIONS OF GOVERNMENT IN
GENERAL WITH RESPECT TO BANKING. The present writer does not care to go much into detail under the head of "additional general safeguards.” Such problems as those pertaining to “ loans,” “ collateral for loans," " investments in other securities," "overdrafts," "payment of interest on deposits," "amount of capital," "ownership of stock," " directorates," and the like, each resolves itself into particulars of great See what is said below concerning the introduction of Branch Banking.