NOBODY’S GOLD.

Star (Christchurch), Issue 12757, 29 September 1919, Page 6

NOBODY’S GOLD.

UNCLAIMED FORTUNES IN BANK VAULTS. The existence of unclaimed balances of accounts in banks—to the amount of £100,000,000 sterling—arises from many reasons, but chiefly through death or forgetfulness on the part of the depositor (says “ Pearson’s "Weekly ”). Often a man has two or more accounts at a bank. Besides his office or trading account he has a private drawing, or. as it is sometimes called, a “bread-and-butter” account. That is, he draws so much a month from the business as salary, or profits, and pays that into his private account for housekeeping, personal expenses, and so on. 1\ hen he dies his executors deal with the main account, but often, neglect to do so with the smaller “ private ” account. They may not even know of its existence, SECRET BANK ACCOUNTS. Again, a man may, for various reasons, have accounts in two banks, and his executors may know only of one. Large business too, generally have distinct accounts for different branches; very largo ones have even a separate drawing account merely for ‘‘petty cash.” Again, a depositor changes his nlace of abode, starts an account in a different bank, and omits to close that in his old bankIn addition to actual cash there are many valuable securities—deposited for safe holding, or as security for loans—-left in banks and forgotten or unclaimed. A man may not ho able to repay the loan advanced on them, and not knowing that there would bo ample margin, if sold, to repay the loan and leave him something over, he lets it slide. Possibly the security has increased in value, and the margin between the bank’s advance and the present market value of the security is very considerable. This difference, however, is retained by the bank unless directly claimed.

PUT INTO BANKS DURING RIOTS. Then again, in times of social or political unrest—risings, riots and so on, people deposit silver, jewellery, paintings and heirlooms with their bankers for safe keeping, and, after tho trouble is over, sometimes forget about, or fail to retake possession of their property. The vaults of some of the oldfashioned “ family ” banks still hold many precious relics of olden days—unclaimed by the original owners, unknown by their heirs, and undisclosed b 7 the hanks. Tho Scottish Rebellion of l/ 40, the French Revolution of 1789 both were causes of such deposits. In both cases some of the depositors lost their heads as well as their fortunes, and many Scottish nobles and French aristocrats who placed their valuables m London banks died without revealing the whereabouts of their property. -Many balances, also, have been left m bank's by officers who have been killed in battle, by land, sea or air. BUILT LAW COURTS WITH BOOTY. The resultant booty from these and other causes is enormous. The State has occasionally made demand upon some of these funds, and the Law Courts of London were mainly built by funds derived from unclaimed dividends and balances. In north London a church was built and endowed from similar balances left unclaimed in the hands of a certain large water company. Four times at least within recent years efforts have been made in Parliament to force banks to disgorge these gains, and a Bill is now before the House of Commons, under which it will be the duty of all bankers in the L mted Kingdom te make yearly returns of accounts which have' been lying dormant or unclaimed for six years or upwards. Bankers will also have to return particulars of unclaimed stocks, shares, mortgages, deeds, securities, plate, jewellery, works of art and of all boxes and packets in their custody. All these moneys and securities are to he handed over to the Public Trustee, who will hold them in trust for the person moved te be entitled to them. The Bill provides for a heavy penalty for not complying with the Act—a fine of £IOO a day for every day of disobedience to the law.