Newark evening star and Newark advertiser., 1915-12-18
B. & |. MEN ASK
FOR S|MPLIFIED
BOOKKEEPING
Essex County League Names
Committee to Adopt New
System.

With the object of adopting a sys-
tenn of simplifed accounting for use
by building and loan secretaries
County Building and Loan League,
at meeting last night, appointed q
committee of five secretaries to pre-
pare such a system. This committee
will meet with James H, McNish,
building and loan examiner for the
State banking and insurance depart
ment, who will give the members tho
benefit of his experience in building
and loan accounting.
The league also went on record as
being opposed to any legislation that
would tend to wipe out the Mosquito
determination Commission Of this
State. Chief Inspector John H. Dob
bins, of the Essex County Exterml-
nation Commission, addressed the
league on the work that had been ac-
complished by the commission since
/ 1t has been in existence.
| The meeting was a special gathering
of presidents and secretaries of the
/ building and loan associations affili-
ated with the league, to listen to a
talk by Examiner r1cNish on building
and loan accounting.
Legislature wouldn't Approve.
| In opening his talk Mr.. McNish pre-
faced his remarks by stating that the
state department of insurance and
! banking had introduced a bill in the
| legislature last year through Assem-
blyInan John B. Hates, of Camden, to
| establish a new system Of accounting
to compel building and loan associa-
tons, whose systems were bad from
every point of view, to adopt new
] system. He stated that the bill was
defeated and that this year no at
tempt would be made to have a bill
| introduced by the state department,
but that progressive associations
could take the matter up IL they so
desired,
This is not an attempt to compel
building and loan associations which
have good systems to change their
methods" said Mr.. McNish, although
recommendations could be made to
these associations that might improve
the systems which they have already
In force.
ut was too bad that the Legislature
could not see it's way clear to pass
the law which would have put the
state banking and insurance depart
ment in control of the systems of ac-
counting now being used" Mr.. Nc
Nish declared.
| The Interstate Commerce Commits
sion now controls the system of ac-
counting which is used by the various
railroads throughout the country, for
II would have been utterly impos-
sible for them to do any effective work
unless a generally adopted system
was not followed out by all the roads
II might say that the department
has no uniform system to suggest
| Uniform is not the word that should
be used. Simplified, l think, would
be better word. A uniform system
would not be feasible on account OF
the many different methods of pay
ment followed by the different asso-
Citations Some of the associations
have a weekly payment system, 9TH
ers semi-monthly and others monthly
"In advocating the adoption of a
simplified system l have three objects
in mind. First, the relief of the de-
partment; second, the stopping of
the endless correspondence between
secretaries and the department which
is now necessary to secure the annual
reports of some of the associations,
and thirdly, the relief of the examin-
ers.
There has been no increase in the
number of examiners in the depart
ment in the past ten years. despite
the fact that the number of building
and loan associations have doubled In
that period.
THE department sent out number
of forms. which could be used for sim
plifying the systems in use. Any pro-
gressive secretary who used these
forms could not fail to see the advan-
tage which he would gain by theiI
use"
Mr.. McNish told Of his examination
of the books of several secretaries and
of the difference in their methods. He
said that the associations which had
the up-to-date secretaries who used
the new methods of accounting were
the more progressive. He said that
the added value in having the new
system would allow the examiners tc
complete their work quicker and
would result in their making inspec-
tions more regular.
One Secretary Opposed.
William J. Knowles. secretary OF
the Atlantic Building and Loan Asso-
citation, stated that he did not approve
of any change in the system, and said
that the poor systems in use were due
to the fact that in a good many in
stances incompetent men were named
as secretaries.
ANY man who can keep a set of
| double entry books" said Mr..
Knowles. should have no trouble in
| keeping the books of building and
loan association and keeping them in
such shape that the examiners work
would be easy. The trouble with most
secretaries seems to be that they do
not understand bookkeeping"
Mr. McNish stated that good de-
pendable men were needed as secre-