COOL HANDS.

South Canterbury Times, Issue 3106, 15 March 1883, Page 2

COOL HANDS.

This seems to be the season for audacious swindles, says a London paper. The young gentleman who assumed the r6le of a subaltern at the Guards’ Club, and, on the strength of his acting, obtained two meals and cash for two cheques of £lO each, is outdone by one who lately made his dehut at the Bank of England, and succeeded in pocketing the proceeds of several hundred pounds’ worth of Consols, of which not one sixpence belonged to him. The modus operandi was ingenious. Calling upon a medical practitioner in the north of London, he introduced himself as Mr A.B. from India, and complained of nervous depression owing to financial worries—not from want of money, oh dear no 1 but from a morbid fear of making bad investments. The doctor naturally enough suggested that his patient should be advised by a respectable broker, and finally—the poor young man being a stranger in England— wrote the name of his own broker on the back of his card by way of introduction. Armed with this document, Mr A.B. appeared at the broker’s office in the City and expressed bis desire to sell out a certain sum in Consols then standing in his name. The facility with which people can draw their dividends or effect transfers of stock at the Bank of England is puzzling to outsiders. Beyond.name and amount of stock, no questions are asked. The fact is, however, that the claimant is always accompanied by a broker, who is held responsible for the identity of his client. In other words, the Bank, in transactions, deals only with the broker. In this case, A.B. being duly vouched for as the holder of the stock standing in his name, the Consols were sold, the broker’s commission was paid, and the swindler walked away plus several hundred pounds in crisp bank notes or shining sovereigns. The unfortunate broker is, of course, responsible for the loss to the real holder of the stock ; but might not some better system be devised to guard against the possibility of such frauds? Even brokers are not infallible, and collusion between broker and swindler might lead to disastrous consequences.