an examination to obtain the membership of the "Dutch Institute of Accountants."

Before speaking about the requirements thereof, we wish to say something about this body, which has attained in a comparatively short time to a high position in the Dutch book-keeping world. Whilst in England "The Institute of Chartered Accountants" has exercised for thirty years its mighty influence, the class known as Accountants was not organised in Holland until 1895. On the first of January 1895, the above-mentioned body was established by a number of accountants who had already been practically engaged in this branch for a long while. The founders followed mainly the example of the English Institute, though the statutes contain several clauses which diverge from those of the sister institution. Those who are in possession of a diploma of one of the above-mentioned Unions, or of the Government certificate, may be admitted as assistants of the Institute. They are not obliged (as in England) to take service with a member of the Institute. Each man remains quite free, but in order to be appointed a second-class member he must have passed the examination in full.

The programme of the examination is as follows:

A. General Knowledge

1. Knowledge of the most important markets of import and export, and also of the principal channels of communication.

2. Acquaintance with the history of the commerce and industry of Holland and its colonies during the last 100 years.

3. Knowledge of three modern languages (besides Dutch).

(a) Reading and translation into Dutch of letters, reports, Acts, statutes, extracts from books, balance sheets, etc.

(b) Drawing up of a simple report on a given scheme concerning the branches of accountancy.

B. Accountancy

4. Acquaintance with the most important books on the subject.

5. Fundamental knowledge of the practice and the different methods of book-keeping; regulation of books, examination of balance sheets, organising the book-keeping of commercial or industrial enterprises.

6. Knowledge of calculations used in trade, including arbitrage of bills, stocks, and goods, and how to make up parity-tables.

7. Acquaintance with the nature and the purpose of statistics, as applied to the administration of trades or industries.

8. Acquaintance with the credit-, money-, and banking-system of Holland, and with the systems of the more important countries.

9. Knowledge of commercial law, and, further, of all enactments contained in civil law, and in the law of criminal jurisdiction so far as they are of interest to trade and commerce.

10. Acquaintance with all legal enactments regarding bankruptcy and liquidations.

11. Acquaintance with the drawing up of simple deeds and reports, and the framing of statutes.

From this it will be seen in how many aspects these requirements differ from those to which an English accountant desirous of joining the English Institute has to submit.

Candidates who have passed the examination with success are allowed to commence business as independent accountants, and after having been occupied in this way during five years, they become first-class members.

Since the foundation of the Institute, the profession of accountant has advanced further and further, but a great change has still to take place before it is as far advanced in Holland as it is in England. The greatest difficulty with which the Dutch accountant has to contend is the entire want of State rules and regulations, not only for his profession, but also for the control of companies, and enactments relating thereto concerning the issue of prospectus, annual reports, etc. Whilst in England every incorporated company is obliged to have its books examined by an auditor, the Dutch companies are, in this respect, completely free. It is true that under pressure of circumstances (particularly in consequence of great failures that have taken place of late) the professional assistance of an accountant is more taken advantage of than before, but it is not necessary to state, that so long as law does not prescribe such control, the position of the accountant in Holland must necessarily be inferior to that of the accountant in England. Consequently, Holland only possesses a few accountants' offices, organised on the same principle as those in England. Further, the majority of the members of the Institute are not solely accountants, but at the same time book-keepers, bankers, etc., and this certainly cannot be considered a healthy state of affairs.

But the Dutch may rejoice in knowing that, with the exception of Italy, their country is the only one on the Continent of Europe that has followed the good example of England, and it is to be expected that when the legal regulations, awaited with so much impatience by all parties interested, have been introduced, accountancy will take as high a position in Holland as in England. TH. LIMPERG, Jr.

Accountant in Bankruptcy.-Owing to the increased amount of funds belonging to bankrupts' estates and the large number of accounts to be kept in connection therewith, the charge and management of these was in 1835, by 5 & 6 Will. IV. c. 29, sec. 3, transferred from the Accountant-General of the Court of Chancery to an accountant in bankruptcy to be appointed by the Lord Chancellor. Thereafter, all such funds. were paid into the Bank of England in name of the Accountant in Bankruptcy to the credit of the different estates. The duties of the office were further defined by the Bankruptcy Act 1849, 12 & 13 Vict. c. 106, sec. 31. At the time of the passing of the Bankruptcy Act 1869, 32 & 33 Vict. c. 71, there were four accounts in his name, viz. "The Bankruptcy Fund Account," "The Chief Registrar's Account," "The Unclaimed Dividends Account," and "The Purposes of the 26th section of the Bankruptcy Act 1861 Account." The Bankruptcy Act 1861, 24 & 25 Vict. c. 134, sec. 12, enacted that the office should be abolished on the first vacancy, and that the duties should be transferred to the chief registrar; and by section 129 of the 1869 Act the accountant and other officials of the old London Bankruptcy Court were attached to the new London Bankruptcy Court constituted under the Act. By the Bankruptcy Act 1883, 46 & 47 Vict. c. 52, he and his staff were again transferred and made officers of the Board of Trade (sec. 153 (2) and (3)), and the account at the Bank of England kept for his purposes was directed to be transferred to the Bankruptcy Estates Account kept by the Board of Trade (sec. 74).

In Scotland the Accountant in Bankruptcy was an officer of court

appointed under the Bankruptcy (Scotland) Act 1856, 19 & 20 Vict. c. 79, secs. 156-163, whose duties were subsequently, by the Judicial Factors (Scotland) Act 1889, 52 & 53 Vict. c. 39, conjoined with those of the Accountant of the Court of Session.

JOHN R. M'ILRAITH.

Accountants' Charges. To a considerable extent the remuneration paid to an accountant for his services is fixed before he enters upon his duties. Thus the fee for most audits is fixed before the audit is entered upon. With limited companies the remuneration of auditors appointed prior to the first general meeting is usually fixed by the directors, but by the Companies Act 1900 the remuneration must be fixed at the general meeting at which the auditors are appointed.

Where the accountant acts as general agent and adviser, and where there are no cash transactions upon which a commission may be charged, the accountant has to prepare a bill of charges, giving details of all his attendances, correspondence, and other work done. The charge for this varies. according to the personal standing of the accountant and to the position of his client, together with the difficulty and responsibility of the work. In this accountants follow, as far as they can, the charges of solicitors for similar services.

For investigations into accounts and for opening books of account apart from any special agreement, the charges made per day of seven hours are as follows:-principal, three to twenty guineas; managing clerks, two to five guineas; other clerks, one to two guineas.

If the work has been out of town, an addition of two guineas per day for personal expenses, together with first-class railway fare, is usually charged.

In the case of bankruptcy work, the remuneration of the trustee is by a commission on the assets realised, or upon the dividend paid, in England; but in Scotland a commission on the amount realised only.

Accountant of Court.-An officer of the Scotch Law Courts who has charge of certain auditing and accounting work under various statutes. By the Pupils' Protection Act 1849 (12 & 13 Vict. c. 51), sec. 9, it is provided "That it shall be lawful for Her Majesty and her heirs and successors to appoint a person versant in law and accounts, to be called the Accountant of the Court of Session." By section 10 of the same Act the general nature of the Accountant's duty is stated as follows:-"The Accountant shall superintend generally the conduct of all judicial factors and tutors and curators coming under the provisions of this Act already appointed or to be hereafter appointed, and shall see that they duly observe all rules and regulations affecting them for the time." By section 156 of the Bankruptcy (Scotland) Act 1856 (19 & 20 Vict. c. 79), power was given “to appoint a person versant in law and accounts, to be called the Accountant in Bankruptcy," and other sections of this Act give the Accountant's duties in relation to trustees in bankruptcy and other matters. By the Judicial Factors Act 1889 (52 & 53 Vict. c. 39), the offices of "Accountant of the Court of Session" and "Accountant in Bankruptcy" were united, and the person so appointed is designated the "Accountant of Court." It was also provided by section 5 of this last-mentioned Act that The provisions of the Pupils' Protection Act and of the Bankruptcy and Cessio Acts, relating to the Accountant of the Court of Session and

Accountant in Bankruptcy respectively, shall, so far as not altered by this Act, apply to the Accountant to be appointed in terms of this Act and his successors in office."

The duties of the Accountant of Court may for convenience be classed under the following heads:

I. Bankruptcies:

1. Sequestrations.

2. Cessios.

II. Judicial Factories.

III. Trust Investments.
IV. Consignations.

I. BANKRUPTCIES

1. Sequestrations. It is the duty of the Accountant of Court to supervise the doings of trustees and commissioners appointed under the Bankruptcy Acts. The Accountant has no right to interfere with the actual administration and management of estates in bankruptcy; his power is one of control of trustees and commissioners, to the effect of providing for the performance of their duties. This power is official, and not in any sense judicial. It is exercised subject to the directions of the Court. Certified copies of the inventories of estates and of the accounts are lodged by trustees, and the Accountant is thus informed of the progress being made in each sequestration. The Accountant is also empowered to require production of the sederunt book.

When there is a dispute regarding the commission to be allowed to a trustee, the Accountant gives his opinion of what should be allowed, but this of course is not binding, and may be objected to when the whole matter will come before the Court.

Previous to the discharge of a trustee, the sederunt book must be transmitted to the Accountant for examination.

The Accountant superintends the annual returns required by the Bankruptcy Act from trustees, and frames an annual report showing the state of each sequestration.

The Accountant's concurrence is necessary where heritable property in a sequestration is proposed to be sold privately, but he does not become a party to the disposition.

The Accountant must keep a register of sequestrations, and also a register of unclaimed dividends.

The Accountant reports to the Lord Ordinary or Court any disobedience by a trustee or commissioners of any order by him.

Special reports are made by the Accountant when an additional allowance is proposed to be given to a bankrupt, and also where it is desired to pay a preferable claim out of the price of heritable property.

2. Cessios.-The Accountant of Court has also supervision over trustees in cessios, which is the method adopted to wind up small estates in bankruptcy. Copies of the trustee's accounts must be lodged with the Accountant by the trustee, after being adjusted by the sheriff, and also a copy of circular sent out by trustee in pursuance of section 5 of Act of Sederunt 1882 anent cessios. The Accountant makes up annually a report of all depending cessios. The Accountant, after a final division of funds has taken place under a cessio, and after the sederunt book, law account, and vouchers for dividends paid have been lodged with him, and any unclaimed dividends lodged in bank, grants a certificate discharging the trustee.

II. JUDICIAL FACTORIES

The following may be taken as the class of factors who are responsible to the Accountant of Court as regards lodging accounts, inventories, etc. :Factors loco tutoris.

Factors loco absentis.
Curators bonis.

Tutors at law.

Tutors nominate.

Guardians under the Guardianship Act 1886.

Factors appointed in pursuance of section 164 of Bankruptcy
(Scotland) Act 1856.

The duties incumbent on the Accountant may be summarised as follows:

1. Factor's Accounts, etc.-(a) He receives the bond of caution of factor together with the inventory of the estate and documents instructing same. (b) He names a day on which the factor's accounts close.

(c) He receives the factor's account of intromissions, with the vouchers and securities instructing same. After auditing such account, he issues a draft report calling for explanations within twenty days, and on the expiry of that time the report becomes final if objections are not lodged. The Accountant, in his audit, examines as to the validity of investments.

(d) The Accountant in Iris report fixes the factor's commission.

2. Opinions and Reports by the Accountant.-The factor, when he requires special powers, lodges with the Accountant a report detailing the circumstances of the case and his own views. The Accountant, on receipt of this report, appends his opinion, and the report and opinion are brought by note before the Court.

The Accountant, after satisfactory evidence has been produced to him in connection with petition for factor's discharge, issues a draft report for revisal. This report, when signed, is transmitted by the Accountant to the agent in the case.

The Accountant of Court lodges with the Court a report of all factories under his charge.

III. TRUST INVESTMENTS

By section 18 of the Judicial Factors (Scotland) Act 1889 (52 & 53 Vict. c. 39), it is provided “ . . . that where a person deceased has left a settlement appointing trustees or other persons with power to manage his estate, it shall be competent for such trustees or other persons to apply to the Court of Session for an order on the Accountant to superintend their administration of the estate, in so far as it relates to the investment of the estate and the distribution thereof among the creditors of the deceased and the beneficiaries under the settlement, and the Court may grant such order accordingly; and if such order be granted, the Accountant shall annually examine and audit the accounts of such trustees or other persons, and at any time, if he thinks fit, he may report to the Court upon any question that may arise in the administration of the estate with regard to any of the foresaid matters, and obtain the directions of the Court thereupon.

In pursuance of this provision, the Accountant supervises the investments and audits the accounts of those trustees who have taken advantage of this section. The Accountant also reports annually to the trustees on the position of the trust and the investments, and observes whether or not the provisions in the trust settlement are being carried out.