UNCLAIMED MONEY.

Manawatu Herald, Volume XXXI, Issue 458, 13 May 1909, Page 3

UNCLAIMED MONEY.

A gold mine exists in the shape of unclaimed balances in the English banks. The aggregate is unknown, but banking experts estimate that, including cash, securities, jewellery, gold and s ilver plate, the unclaimed treasure amou.i'is 10 at least sixty millions sterling. The vast wealth has accumulated owing to the death, disappearance or forgetfulness of depositors. Several old banks like Coutts have been accumulating derelicts for two hundred years, one alone having a dormant fund of ,£2,000,000. Many palatial bank buildings have been erected out ot these unclaimed deposits. The bankers keep the amounts thus lying idle a protund secret, and intend to fight any interference therewith.

There is also a huge dormant fund lying in the Court of Chancery, which has accumulated from forgotten lawsuits involving big fortunes. The Royal Courthouse in London, which cost ,£1,600,000 was built from this fund.

To make the banks disgorge, Horatio Bottomley, M.P., introduced a Bill in the last session of Parliament. The proposed law would require the bankers to make an annual return, giving particulars of all cash balances and deposits of securities, plate, jewellery, etc., which has been untouched by the depositors for the previous six years. Bankers failing to maka such return would be liable to a fine of ,£IOO a day for the period of delay. Bottomley’s Bill was well supported, and passed the first reading by a big majority, but since then it has not been heard of.