Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-11-11
FUNDS Ions FORGOT
Proposed British Law to Make
Banks Disgorge.
SEEKS BURIED MILLIONS
Cash, Plate and Treasure Belonged
to Lost Owners.
TRUSTEES MUST ALSO ACCOUNT
State After Values Deposited With
out Receipt by Persons Long
Since Departed.
BY WILLIAM Z. CURTIS.

Herald.
One Of the most interesting PROPOSE
tons before the British parliament at
the present session is called the un-
claimed balance BILL which is intended
to bring under the control of the govern
ment a vast amount of wealth believed to
be lying dormant and unproductive in the
vaults of various banking institutions in
the United Kingdom The bill provides
that on the 10Th of January, 1909, or on
whatever date may be selected, every
bank, banking company or person in the
kingdom shall make a return of all funds,
securities. mortgages, plate. JeweIry,
sealed packages or articles of value
which do not belong to them and have
been placed in their custody in trust and
been in their possession for six years or
more without being called for by the
owners. 1t is also provided that all
banks and bankers shall render an &C
count to the state for all obligations due
by them to any client. customer or per-
son from whom they have not heard for
a period of six years or more, and that
all trustees, executors. administrators
and agents for the property of others
shall make returns of all property and
care for the benefit of clients and other
persons from whom they have not heard
for six years or more.
Forgotten Funds to Be Unearthed.
1t is believed there are enormous sums
of money and other valuable property In
the hands of trustees throughout the
kingdom which has not been claimed or
accounted for in many years. Many
firms of solicitors have been intrusted
with the management of estates, legacies
0ta6 l>1I@
who have died or disappeared. There are
many large estates for which there are
no heirs. and they have remained I'M
settled for generations. 1t Is proposed to
nave clearing up of all of these affairs
and to appoint a commission to take
charge of them, and if the lawful own
ers cannot be found to turn the funds
over to the government. There is al
ready a law making the king the owner OF
the property of all deceased persons who
leave no heirs and no wills.
still larger amount of money is SUD-
posed to be lying in the banks in the form
or cash balances. securities, jewels plate
and other valuables belonging to persons
VINO vl nave died or have forgotten them.
The safe-deposit vaults of some of the
old banks contain tin boxes that haven't
been opened for generations. and trunks,
chests, jewel cases and other receptacles
whose owners have not called for them
for many years. Many of the corpora
tions hold unclaimed dividends due to
shareholders amounting to millions of
dollars. The records Of the Bank of Eng
land indicate that millions of pounds in
bank notes have either been lost. destroyed
or hidden away by their owners during
the last century or two. 1t is believed
that such an examination as the bill pro-
poses will bring the actual facts to light,
and give the government the benefit of
much valuable property for which there is
no other lawful owner.
Amount Reaches Millions.
Persons who are familiar with the SUBJ
ject assert that the amount of unclaimed
balances due depositors will reach millions
of pounds. A London banker told me of
several incidents in his own experience
that throw light upon the obscure situa-
ton. He said the bank with which he is
connected had a client who kept ELS. 900
standing to her credit continually for
many years. Once year this eccentric
old lady drove up to the bank, drew a
check for the entire amount with interest
took it to the paying teller's window, ac
copied the currency, counted 1t carefully,
took out the interest and then carried 1t
to the receiving teller and deposited the
original sum to her credit as before. This
incident occurred annually for nearly
quarter of a century, but nobody in the
bank ever knew anything about her but
her name: not even her post office address.
About seven years ago the usual day for
her visit passed without her appea rance.
and nothing has been seen of her since.
nor has any claim been made for the
money by any other person, and the EOS.
900, with accumulated interest, Is still on
the books of the bank 1t is natural to
assume the old lady is dead. and that she
was so secretive about her affairs she
never told any one about this deposit,
which will continue to accumulate until
parliament or the courts take some meas
ures for its disposition.
Incidents Connected With Subject.
My friend told me of a manufacturer in
the midlands of England who collected
large sum of money-several thousand
pounds-from the customers of his firm in
London one day, and deposited it in some
bank or elsewhere to be drawn upon
when he returned to his home. but he
was killed by an accident before he left
London. and his family and partners have
never been able to ascertain where the
money was placed. There were no GER
tificates of deposit or handbook or receipt
or any other evidence upon his person
All they know is that he made the col
lections from several customers. who
have bills receipted by him on that, date.
and IL he did not deposit the money in
some bank or leave it In the custody of
some other person 1t was taken from his
pockets at the time he was killed.
Before going to the Boer war in South
Africa. an officer In the British army left
his wife memorandum. showing where
he had deposited his securities and a
considerable sum of money. That memo
randum was lost mslaid, and before
he could be communicated with his wife
received the news of his death in battle
The securities. as near as she can remen-
Der, amount to 10000 and the cash to
$500, but every bank in London has been
inquired of in vain.
A gentleman of Manchester deposited
5000 to the credit of himself or his
firm with some London bank-it Is not
known which He then went to his club
for luncheon. Shortly after luncheon he
had seizure and died of apoplexy. The
deposit ticket, with other papers upon his
person. was taken charge of by the police
and mailed to his executor, but the rail-
way train which carried 1t met with an
all it's contents and his executor has
nothing to show for that deposit. He
does not even know the bank in which
it was placed.
Banks Avoid Giving Receipts.
My friend says innumerable instances OF
this kind have occurred and every vet
eran in the banking business in London
has personal knowledge Of many of them.
but it is the rule of English banks not
to volunteer or furnish information to
any one concerning deposits or articles
of value placed in their vaults. And the
old-fashioned banks give no receipts for
valuables ntrusted to them. and SO avoid
all responsibility. They go on the same
principle as the railway companies which
give no checks for baggage.
The baggage-pOrter Will paste Ia
hal hpa RING tho