Present-Day Banking: Its Methods, Tendencies and Characteristics (Classic Reprint) - Softcover

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Excerpt from Present-Day Banking: Its Methods, Tendencies and Characteristics

From the failure are such as successive generations of bank managers and bank directors need to keep steadily before them, and it is because the chapter in question deals principally with these lessons that, in the process of selection, it has been retained. The chapter on the Goudie frauds in Liverpool is a further case in point. On the ground that no one now cares much about these frauds, I had withdrawn from the list of articles to be published that which appeared in the Economist dealing with this matter, and only reinstated it on seeing, towards the end of last year, newspaper reports of a case in which a London bank had lost a considerable sum through frauds conducted on very similar lines; frauds which, so far as one could judge from the published reports, were effected by methods very similar to those employed in the Liverpool case, and which, it would appear, might have been detected at an earlier stage if the practical precautions advocated in the Economist article had been in force at the branch where they were perpetrated. For the inclusion of the chapter which deals with the weak points of the Bank Charter Act no apology is offered under this head, since the need for the amendment of the Act appears to me to be as great to-day as when the article which forms the chapter was penned.

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