are paid not more than $500 per annum are not altogether unknown. This is less than many a grocer's assistant receives, whose responsibility is light when compared with that assumed by a bank teller. This is a matter which merits the attention of every bank, as it is becoming recognized that if a bank would keep its service up to a satisfactory and efficient standard, it must pay in proportion. While the assumption is that every bank officerirrespective of the salary paid him-will use his best efforts in the promotion of his employer's interests, we cannot conceal from ourselves the fact that these efforts will be strengthened and stimulated by his employer's generous recognition of them. Finally, let every bank officer lay to heart the knowledge that he must stand or fall by his own personal conduct and action. That if he is careful and conscientious in the performance of his duty, he must be successful in his profession. Some men are created with carefulness and exactness embodied in their natures; others, less fortunate, must cultivate these excellent and necessary qualities. None may hesitate about taking the right course as against the wrong, although they may imagine that they see a right end to be attained through following a wrong method. Probity must always rule their actions, honesty govern their dealings, and honour control their conduct. By keeping these qualities ever with them, they will find their positions strengthened in a possible time of temptation or doubt. BRANDON, Man. H. G. P. Deans THE CORRESPONDENCE NEGOTIATING CHEQUES ON OTHER BANKS BANK COLLECTION ACCOUNT HE following letter is addressed to the President of the Canadian Bankers' Association by Mr. D. Cameron, Manager of the Merchants Bank of Halifax, Shubenacadie, N.S.: "Dear Sir,-As you are aware, when a bank cashes a cheque on another bank which has to be mailed direct for returns, the amount has to stand for several days at the debit of 'Bank Collections.' "It occurs to me that there is a possible method whereby entries, time and postage could be economized. "Let the cashing bank mail the cheque to the drawee for credit of drawee's head office (or other principal city office). "At the same time let the cashing bank forward to its own head office (or other principal city office) a clearing house voucher. This voucher will be self-explanatory. It will be numbered and show on its face its import. It will serve as a demand upon the drawer's head office to pay on presentation through the clearing house the amount, or proceeds of the cheque on the drawee. On receipt of the cheque the drawee will advise its own head office, but it should not be necessary to acknowledge receipt of the remitting bank's letter. "In case of dishonour the cheque would be returned through the clearing house with costs, if any, added. "If you think this suggestion worth discussing I shall be glad. "I trust the annual meeting will be very interesting and successful. I am, yours truly, A SUGGESTED FORM: D. CAMERON " CANADIAN BANKERS' ASSOCIATION CLEARING HOUSE VOUCHER No...... Remitted by Atlantic Bank, Dundee Branch, C. No...... One thousand dollars ($1,000), for settlement hereby through Montreal Clearing House. .Manager THE TRAINING OF BANK CLERKS. To the Editing Committee: GENTLEMEN,-As the education of bank clerks, in practical banking, is to my mind of vital importance, perhaps you would give attention and space in your columns to some suggestions from one who experiences the lack of opportunities. It is a fact that the majority of bank clerks receive no education in banking beyond their own experiences, which oftentimes amount to very little. Would it not, therefore, be a good idea for the bank clerks in the large towns and cities, where they are in sufficient number, to form themselves into associations for mutual improvement? I am sure the banks would lend their financial assistance if required. The members might all be associates of the C. B. A. and have the benefit of the JOURNAL of the Association. All the best authorities on banking should be in the library. Reading, studying and discussing these books together could not help but improve the mind of the average bank clerk, and would tend to keep him away from places and pleasures that would do him less good. Then, say once a month, it might, perhaps, be arranged to have some eminent banker deliver an address or lecture on some interesting banking subject. The only objection I see to the above is that our bank clerks in the country (where I am) would be unable to reap any benefit until they have the good fortune to be moved to a town where such an organization exists. Yours truly, M. B. C. Nov. 25th, 1899. A FORMULA FOR THE CONVERSION OF STERLING INTO CURRENCY To the Editing Committee: DEAR SIRS,—I do not know if the subjoined simple formula for the converting of sterling into dollars is very generally known to the majority of bankers in Canada, and I am of the opinion that it will be new to some, at least, of the younger members of the banking world, so I take the liberty of sending it to you, and if you think it worth publishing, I will hope to see it appear at some time in the JOURNAL. There are occasions when an exchange table is not at hand, and this formula may be of use to someone at some time. I would also suggest that someone posted in the matter of Sterling Exchange and kindred subjects, should write an article on the reason for the enclosed formula, and generally explain the subject, so that bank clerks, generally, may get a better understanding of this subject, which is not too well known to a great many of them, especially the younger officers. Yours truly, W. F. COOPER PETROLIA, Nov. 29th, 1899 TO CONVERT STERLING INTO DOLLARS Multiply the amount by four times the rate of exchange, and divide that sum by 90. It should be said that the rate is to be taken as say 1091 for example, and that multiplied by four. £100 @ 91d. EXAMPLE Four times the rate of exchange would be— 109 multiplied by 4, equals........ £100 multipled by 438, equals Divide 43800 by 90, equals ....... 438. 43800. .486.66. It will be found that this will apply to any other rate, this one being given as an illustration. THE QUESTIONS ON POINTS OF PRACTICAL HE Editing Committee are prepared to reply through this column to enquiries of Associates or subscribers from time to time on matters of law or banking practice, under the advice of Counsel where the law is not clearly established. In order to make this service of additional value, the Committee will reply direct by letter where an opinion is desired promptly, in which case stamp should be enclosed. The questions received since the last issue of the JOURNAL are appended, together with the answers of the Committee: Bill at three months sent by the holder for collection-Neglect of collecting agents to present for acceptance until near the date of maturity QUESTION 273.-A bill dated 30th August, at three months, drawn by A in favour of B on the Mfg. Co. in the State of New York, was endorsed by B and discounted with a branch of the Y- Bank. It was forwarded at once by the Y- bank to their branch at Niagara Falls for collection and promptly sent on to the latter's Buffalo correspondents, who held it unaccepted until a few days before maturity. Acceptance was then refused and the bill was protested and returned to the Y- Bank. The drawer and endorser claim to be released from liability because of want of diligence in the presentation of the bill. Could the amount be recovered from the Buffalo Bank, and if not, what is the position of the Y- Bank as regards the drawer and endorser? ANSWER.-The above question was submitted to counsel by the Y- Bank, and by their courtesy we are permitted to publish the opinion given in the matter, as follows: "On this state of facts, we cannot advise that the Buffalo Bank is liable to the Y- Bank for anything more than nominal damages. If the Buffalo Bank had been a holder of the |