MISSING MAILBAG.

New Zealand Herald, Volume LXIV, Issue 19736, 8 September 1927, Page 10

MISSING MAILBAG.

MANY CHEQUES INCLUDED. ALL NOT NEGOTIABLE. POSITION OF DEPOSITORS. A considerable number of cheques drawn on banks in Waikato centres was included in the mail-bag which was lost at Frankton Junction on Saturday evening They were being forwarded to the respective centres for collection by banks in Auckland and neighbouring centres into which they had been paid by depositors. They would all have been stamped by the banks receiving them, thus rendering them not negotiable, so that they would be of no value to anyone into whose hands they might fall. The banks are now calling upon the depositors to mrke good the amounts of the cheques. The banks in this instance act merely as collecting agents for the depositors and do not hold themselves responsible for the loss of cheques while out of their control. For the convenience of business, cheques on outside banks are immediately credited to the depositors' accounts, but, as stated on the deposit slips, they are not available for drawing against until the proceeds are received from* the branches on which they are drawn. When the loss of cheques in transit is reported by the banks the depositors will, of course, immediately communicate with the drawers asking them to stop payment of the missing cheques and issue new ones. A great deal of inconvenience will thus be caused.