The Van Buren press., 1897-09-11
MISSIONARY BANKING.
Methods by Which S5,0O0.O0O n Year
Is Distributed All Over the Earth.


lis Distributed All Over the Earth.
1t is estimated that about $5.000,000
year is sent abroad by the treasurers
of the different foreign missionary
boards of this country and with such
an amount the matter of exchange and
other items of expense becomes of con-
siderable importance This money il
sent to all corners of the earth, and
the handling of it keeps busy a great
many clerks.
Each foreign board treasurer seems
to have his own way of transmitting
money to foreign fields. Nearly 80
years ago the Methodists adopted plan
which their secretaries declare cannot
be improved upon. The plan is this:
A secretary draws a three-day draft on
the treasurer of his own board. This
draft he mails to a missionary in some
part of the globe. The missionary
cashes the draft at any local bank. No
missionary is permitted to draw on the
treasurer of his home board. Only
board secretary is authorized to sign u
draft.
AlOlnN ddNunldRNS VI ililH pan hlts
/. The saving of the cost of bank
draft, because the secretary uses his
own draft. 2. The saving of interest
while the money is in transit. 3. A
gaining of time To illustrate the lat
ter advantage it is needful only to point
out that, were a draft purchased at a
bank, the money or its collateral would,
of course, have to be forthcoming to pay
for it. Under the plan in use the sec
retary sends the draft TO the missionary
whether he has the ready money or the
collateral in hand at the moment or not.
One to three months are required for
the mails to bring the draft back. BY
that time the money is in hand.
The American Church Missionary So
oiety, which is auxiliary to the Prot
estant Episcopal board of missions, two
years ago adopted a plan somewhat
similar to the foregoing. Previous to
that time it had been buying London
exchange and paying many dollars an
nually for the same. Now the secre-
tary issues a letter of credit to the treas
urer of the mission, in Brazil, for eX-
ample. On this letter the treasurer re-
ceiying it draws drafts up to its amount,
which drafts he gets cashed at his local
bank at the current rate of exchange.
The same advantages in saving of cost
of exchange, in interest, and in time
accrue as under the plan employed by
the Methodist board.
The Presbyterian board still uses
drafts on London. The treasurer of the
foreign board draws draft on the
English bank. In this bank he keeps a
balance by buying bills of exchange
here. AS interest is allowed on bal
ances by the London bank, little is lost
except the cost of the bill OF exchange.
Under all of these plans the amount
the missionary gets varies of course
with the fuctuation in the exchange
rate. For instance: In October 1895.
the Presbyterian foreign board sent
C 200 to Brazil, and it netted $3.50 mill
reis. Last October it sent the same
sum and it netted 5000 milreis, differ
ence of almost 5000.
In Africa the drafts of the Methodist
board are similar, in both appearance
and availability, TO United States
money. Some are issued for as small
o sum as 25 cents. They pass as readily
as currency all along the coast and in
many parts of the interior. Often they
nre many months. in some cases years,
in being returned to the home Office for
redemption.-Chu Economist.