CRIME IN BUSINESS

Otago Daily Times, Issue 19259, 25 August 1924, Page 7

CRIME IN BUSINESS

APPALLING AMERICAN FIGURES. A REMARKABLE REPORT. Prow Association —By Telegraph—Copyright. NEW YORK, August. 22. The American Institute of Accountants, composed of the foremost experts in the profession, has issued a, report' entitled “Crime Tendency in Business.’’ The report estimates the total annual loss from financial crimes at 3,000,000,000 dollars, of which embezzlements avid forgeries comprise 2,000,000.000, credit frauds 400,000,000, and stock frauds 1,000,000,000. The report notes the increase of business crimes, citing tho payments by insurance companies as a result of fidelity losses. Such fidelity premiums in 1921 totalled 10,098,000 "dollars, upon which tho losses amounted to 2,485,000, or 25 per cent.; whereas 1923 shows premiums amounting to 29,071,000 dollars, with losses of 9,875,000, or 34 per cent. Tho report asserts that the number o! cheques used annually in thft United States exceeds 6,000,000,000, and estimates that 95 per cent, of the nation's business is transacted by means of negotiable paper, thus giving practically unlimited opportunity for forgery and allied crimes. The report suggests a variety of office book-keeping expedients to prevent crime, and recommends a minute subdivision ot clerical work in order to niftiimise the opportunities for collusion.—A, and N.Z. Cable