NOBODY'S MONEY

Otago Daily Times, Issue 17688, 28 July 1919, Page 6

NOBODY'S MONEY

OLD LADIES AND THEIR BANK ACCOUNTS.

Romantic banking tales were told in the House of Commons recently during consideration of Mr Bottomiey's Bill to secure the handing over to the Publio Irustee of the dormant balances and unclaimed securities in the possession of the banks. There was an old lady with £28.000 to her credit in a well-known London bank," said Mr Bottomley. " Every year she would dnvo up in her carriage, ask to see the manager, examine her pass book, and draw a cheque for the full amount. . While the manager entertained her in the bank parlour a cashier would slip round to the head office and get notes for £28,000. The old lady would carefully count them, and then, being satisfied that her money was safe, put it back into tho account and go away After a time her visits ceased, £or 15 or 16 years now she has never been heard of, and her relatives are unknown " 1 can give the hon. member the name of the bank," said Mr Bottomley to some ono who appeared rather incredulous. A £20,000 STORY, The Chancellor of tho Exchequer who was understood to say this story was not new to him, also had a tale from bankin» circles. Stirred by the talk about dormant balances, a banking firm decided to i* 1 !? , fouil<l ° no account for ±.20,000 which had not teen touched for 30 years. This account stood also in tho name of a lady, presumably no loneer young, continued Mr.Chamberlain. "They communicated with her, and asked her whether she was aware this sum stood to her credit. She replied, rather tartly, that she was -perfectly well aware of what her property was and where it was, and since she could not leave it with this bank with out being worried by them—(laughter) she hao. taken steps to transfer it to another. _ lnen Major Lowther told a story "Early in the nineteenth century," ho said "the old banking company of Du Vane was wound up, and I understand there is reason to beheye much of the stock and the funds ot tho bank were transferred to the Bank of England, and also valuable securities standing in tho name of the senior partner Mr William Noble I think his name was' I have seen tho correspondence between the eobcitor and the beneficiaries of ono of tho trusts of the Bank of England' wherein the bank had declined to give any xnformation as to what there is lying in that trust, although there is good reason to behevo the olaimant was entitled to a certain sum of money now held by tho bank." Mr Bottomley, in support of his Bill prophesied that at least £100,000,000 would be recovered It was notorious that in tho days of the French Revolution tho refugee families deposited large sums of money jewels, and securities in tho old banks of London. If with the aid of D.O.R.A. a coimnitteo could gain admission to" the vaults of Coutt's Bank they would find boxes bulging with every kind of security, borne years ago the Postmaster-general admitted that evan in their small accounts the Post Office Savings Rank hel<Thalf a • million of money belonging to people who had disappeared. Tho mother a young fellow lost in a submarine said he had told her ho had a con<?tderable sum of money at a hawk, but sho did not know which bank, and every one of them refused her all information. INQUIRY AGREED TO. "Tho hunt for buried treasure has always fascinated tho minds of the youthful " said Mr Chamberlain. "It eocms that 'it also touches tho imagination of those of via who are no longer youthful. But the realisation of the hopes put forward is more often confined to romance than reality" If ho wow a. sporting man ho would bo prepared to -wager that nothing like £100.000.000 »at stake. Ho put it at £2.000,000 or £3,000,000, and that was multiplying tho largest estimate given to him by thoso in a position to know. The Government accepted the Bill, but on tho understanding that it should go to a Select Committee for consideration as to the practical working of it. It could not bo applied to accounts which had not been used for so short a period as six yeats. Tho escond reading- was agreed to.