SOLICITORS' TRUST ACCOUNTS.

Sun (Christchurch), Volume I, Issue 243, 17 November 1914, Page 6

SOLICITORS' TRUST ACCOUNTS.

To the Editor of THE SUIT.

Sir, —Eeferring to my letter to you of the sth inst., I was very gratified to read Mr Newburgh 's reply in your issue of the 9th inst., and learn that the Society of Accountants was taking steps to remedy the defects to which! alluded. lam sure the thanks of the investing public are due to the Society of Accountants for the energetic steps they are taking in the matter. After the recent revelations, Mr Newburgh's assurance will do much to restore a confidence that seemed likely to be rudely shaken. Thanking: you for the publicity you have given the matter,—l am, etc., VICTIM. To the Editor of THE SUN. Sir,—l have read with much interest the correspondence appearing in j'our paper in reference to the audit of solicitors •' trust accounts: The members of the legal fraternity as a whole are, I am sure, honourable and: trustworthy* v and only too anxious to .iprotect the interests of their Bkiortnn&tely/ however, there are (as in every other, profession) one or two bad ones, and,, the whole ,of the members of this pro- -- " fession suffer for the sins-of the few. Then, again, the profession is so prominently before the public, and the confidence reposed in them is.so great that when one of their number does go •wrong the public ar* apt to conclude that a .very large percentages of them are bad. As a matter «of fact, the percentage of "wrong 'uns" in the pr - fession is very sinall. indeed, and prob-, ably these men would have gone wrong, in. any other profession where they had the handling of large .sums 0 f money. Thel solicitors, I am sureV Will welcome any"move"that wi# weed the s ''wrong :. 'uns'* out,-and areonly too'willing to . adopt' any- measure .that will, prevent a recurrence of the frauds, that.have eome to. light, recently. . f\ '■ In providing for the audit of solicitors ' trust- aecOunts w onlyy> the Government did not, in my opMony go :; far enough. ..They should have provided : that, every person who .; trust moneys shall .keep a:; trusty account - : : at bank.arid pay all trust money into • that, account, and that the'trust account : | shall be audited annually. Why specialty, single out the solicitors? Why not land agents, auctioneers, sharebrokers, etc.? They handle quite as much; and often more, "trust money", than a solicitor. , , . - The members of 43ie_Accountants > Society can render a service by formulating a scheme for the keeping of 'licitors' accounts in such a manner as Ito clearly show their, transactions,'and I would suggest to the Law Society- that they confer with the Accountants' SoI ciety on this matter. —I am, etc:, * - ! INVESTOR.