All of us write cheques. The act! such a common affair with all that we seldom stop to consider the total of cheques that circulate yearly, and their relative importance as compared to cash payments, A. writer in a trade paper carefully' estimates the aggregate value of all cheques drawn in this country to exceed $700,000,000,000 per annum The figure is staggering, and it represents, according to our friend, some 2,000,000,000 items. "The total amount of money in circulation now," he writes, "hovers $5,000,000, c00. Of this around $1,000,000,000 is kept constantly in the banks of the coun. try as cash on hand. That leaves '$4,000,000,000 as circulating med tam, For this '$4,000,000,000 to be used as effectively in the payment of the people's bills as the much greater: total of cheques, it would be necessary for the entire $4,000,000, c00 be completely turned over every two days.'
He adds that, notwithstanding the! 's tremendous use of cheques in. this country, the loss resulting.therefrom is inconsiderable. He says the annual losses suffered by barks through forged endorsements of cheques is estimated at less than $50,000. When one considers that!
Text read from the printed page and cleaned; old type leaves the occasional error.