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Updated: June 29, 2025
The insurance pertained to global pools linked and overall default rates they protested. This excursion of the insurance industry into the financial market was long in the making. Though treated very differently by accountants financial folk see little distinction between an insurance policy and equity capital. Both are used to offset business risks.
Capitalists and financiers can take care of themselves, no matter what are the changes in the currency; but men and women of fixed incomes, professors of colleges, teachers in schools, clergymen and ministers, accountants and clerks in receipt of salaries, and farmers and laborers have had their comfort increased and their anxieties lessened by the adoption of the gold standard; and to Cleveland, as one of the pioneers in this movement for stability, their thanks are due.
"What do they see?" she thought, and looked at Burdon. But Burdon at the same moment had turned to the accountants, his manner as large, his air as dashing as ever. "Anything you want, gentlemen," he said, "you have only to ask for it."
John weathered two examinations by the accountants, the last being in October, 1906, when they certified that the company was absolutely "O.K." and everything intact. On that particular day John had over three hundred thousand dollars in Overland 4s and 5s scattered over the Street. In the first six months they lost one hundred thousand dollars in cotton.
He put it so convincingly and with so many historical illustrations that I saw whole perspectives of the old energetic Pharaohs, masters of life and death along the River, checked in mid-career by cold-blooded accountants chanting that not even the Gods themselves can make two plus two more than four.
The position of affairs, as outlined by Mr Herbert, was gloomy enough, but he made it clear to Dick that for the moment he was speaking with reserve, as it was impossible for him to say anything of an absolutely definite character until the investigation which was being conducted with the aid of a firm of chartered accountants of high standing should be complete.
Over and above the expenses which are common to every branch of trade, such as the expense of house-rent, the wages of servants, clerks, accountants, etc. the expenses peculiar to a bank consist chiefly in two articles: first, in the expense of keeping at all times in its coffers, for answering the occasional demands of the holders of its notes, a large sum of money, of which it loses the interest; and, secondly, in the expense of replenishing those coffers as fast as they are emptied by answering such occasional demands.
I may say that one of your American accountants had already looked over the books, and, whether through ignorance or carelessness, or from a worse motive, he reported them all right. They were not all right, and the fact that they were not, will mean the loss of a fortune to some people on your side of the water, and the saving of good money to others on my side.
Kennedy fumbled in the drawer of the desk, then drew forth a long strip of paper covered with figures. "All the Stacey companies," he said, "have been suffering from the depression that exists in the trade at present. They are insolvent. Glance over that, Stacey. It is a summary of the preliminary report of the accountants of the district attorney who have been going over your books to-day."
Gliding from his bracket in the outer office where he now sat, watching the strange faces of accountants and others, who quickly superseded nearly all the old clerks, Mr Perch had but to show himself in the court outside, or, at farthest, in the bar of the King's Arms, to be asked a multitude of questions, almost certain to include that interesting question, what would he take to drink?
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