BUSINESS CRIMES.
INCREASE IN AMERICA. REPORT BY EXPERTS. BY CABLE—PBEBB ASSOCIATION—COPYRIGHT NEW YORK, Aug. 22. The American Institute of Accountants, composed of the foremost experts in the profession, has issued a report entitled “The Crime Tendency in business.” The report that the total annual loss from financial crimes is three thousand million dollars, of which, embezzlements and forgeries comprise two thousand millions, credit frauds four hundred millions, and stock frauds one thousand millions.
The report notes the increase in business crimes, citing payments by insurance companies as a result of fidelity losses. Such fidelity premiums in 1921 totalled 10.098.000 dollars, upon which the losses amounted to 2,485,000, or 25 per cent., whereas in 1923 the premiums were 29,071,000 dollars with losses totalling 9,873,000, or 34 per cent. The report asserts that the number of cheques used annually in the United States exceeds six thousand 'million, and estimates 95 per cent, of the nation’s business is transacted by means of negotiable paper, thus giving practically an unlimited opportunity lor forgery* and its allied crimes. The report suggests a variety of office bookkeeping expedients to prevent crimes, and recommends the minute subdivision of clerical work in order to minimise the opportunities for collusion.
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Hawera Star, Volume XLVIII, 25 August 1924, Page 5
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201BUSINESS CRIMES. Hawera Star, Volume XLVIII, 25 August 1924, Page 5
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