Company News and Views

years
The world has had its bankers and money-changers for thousands of
years. Babylonian tablets have been found which record banking
transactions which took place in the reign of Nebuchadnezzar. Modern
banking institutions, however, had their origin in the twelfth
century. The first institution of this character in Europe was the
Bank of Venice, founded A. D. 1171. It was based upon a forced loan of
the republic. Funds deposited in it could not be withdrawn, but were
transferable on the books at the pleasure of the owners. The Bank of
Genoa was founded in 1407, and for many years was one of the
principal banks of Europe. It was the first to issue circulating
notes; these were negotiable only by indorsement–that is to say, they
were not made payable to bearer. This was a long step in advance of
the earlier system of deposit transfers which was also employed by
this bank. The Bank of Amsterdam, established in 1607, was the
earliest considerable institution of the kind which looked to the
promotion of commerce. The Bank of Hamburg, established in 1619, was a
bank of deposit and circulation based upon fine silver bars. The
deposits were confined to silver. The Bank of England is more than 200
years old and is to-day acknowledged to be the greatest financial
institution in the world. Nearly all the paper money of England is
issued by this bank. This currency is based partly upon securities
and partly upon deposits of coin. There are three or four banks in the
United States more than one hundred years old. In 1781 Robert Morris,
then superintendent of finance, submitted to Congress a plan for the
establishment of the Bank of North America at Philadelphia. In 1784
the State of Massachusetts incorporated the Massachusetts Bank. The
Bank of New York was chartered in 1791.

purpose of securing the payment at destination of a draft for
the value of the property
When freight is consigned to ‘Order’ it is, as a rule, for the
purpose of securing the payment at destination of a draft for
the value of the property. The draft is usually attached to the
bill of lading and sent through a bank for collection from the
party at destination, who is to be notified of the arrival of
the freight. The payment of the draft secures to the payer the
possession of the bill of lading, which must be indorsed by the
party to whose order the property is consigned.

contract, and every other is called an UNSEALED, ORAL, or VERBAL
contract
Any contract that has a seal after the name of the signer is a sealed
contract, and every other is called an UNSEALED, ORAL, or VERBAL
contract. If a contract was written and a seal was added after the
signer”s name, and there was another exactly like it in form, but
without a seal, this would be called an unsealed or verbal contract,
and in law would differ in some important respects from the other.
This is true in every State except California, where the difference
between sealed and unsealed contracts is no longer known.

anything
Yet there is another ground on which they often escape paying
anything. An employe is supposed when making his contract with his
employer to take on himself all the ordinary risks arising from his
employment. These in many cases are very numerous. He does not assume
extraordinary risks, but he does assume all ordinary risks that are
likely to happen to him. Employes are injured every day and yet can
recover nothing, because their injury is simply a common one, the risk
of which they have assumed.

while others have a custom of sending them direct to some bank in or
near the place where the debtor resides
Some houses deposit their drafts for collection in their home banks,
while others have a custom of sending them direct to some bank in or
near the place where the debtor resides. If the place is a very small
one the collection is sometimes made through one of the express
companies.

4. Write your name as you are accustomed to write it, no matter how it
is written on the face. If you are depositing the cheque write or
stamp ‘For Deposit’ or ‘Pay to ______BANK______,’ as may be the
custom, over your signature. This is hardly necessary if you are
taking the cheque yourself to the bank. A cheque with a simple or
blank indorsement on the back is payable to bearer, and if lost the
finder might succeed in collecting it; but if the words ‘For Deposit’
appear over the name the bank officials understand that the cheque is
intended to be deposited, and they will not cash it.

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doubt intended for consumption in China and Japan
[6] A portion of the exportation of breadstuffs made to Hongkong is no
doubt intended for consumption in China and Japan.

machinery manufacture
BERLIN (1,700,000), the capital of the empire, is a chief seat of
machinery manufacture. For many years FRANKFORT-ON-THE-MAIN enjoyed
the pre-eminence of being next to London the greatest money market in
the world; but since the establishment of the German Empire
Frankfort”s financial business has been absorbed by Berlin. LEIPZIG
(400,000) has the distinction of being the seat of a book-publishing
trade that turns out over 60,000,000 volumes in a year, amounting in
value to $30,000,000. Leipzig has also the honour of being the
greatest fur market in the world. DANTZIG (120,000) is Germany”s chief
port on the Baltic, and the chief seat of its great export trade in
timber, grain, flax, hemp, and potatoes. Its harbour, however, is
closed in winter because of ice. DRESDEN (330,000) is noted for its
porcelain manufacture, but the porcelain is not manufactured chiefly
in Dresden, but in MEISSEN, fifteen miles from Dresden. MUNICH
(407,000) manufactures largely the national beverage, beer. Finally,
NUREMBERG (162,000), in southern Germany, is remarkable for its
continuance into modern days of manufactures for centuries carried on
domestically. Of these the most noted are watches, clocks, pencils,
and toys.