Present And Past Banking in Mexico
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This results in an anomalous bookkeeping situation. In other words, entries are made on both sides of the ledger, which, so far as the individual is concerned, ought legitimately to wash or liquidate one another.
139 PRESENT AND PAST BANKING IN MEXICO This clouded situation became so serious that in 1908 Limantour undertook its clari- fication, explaining that the totals carried in these two accounts in the consolidated state- ment for that year which properly should nearly have balanced each o...ther amounted to P220, 000, 000. This method of bookkeeping is, to say the least, confusing and ought to have been abandoned by the banks. But the system, allied with the earlier methods of pro- cedure inherited from the Spanish regime, would be difficult to eradicate. The serious point involved was the inability to uncover true demand deposits.
A more or less analogous situation has had to be dealt with in the United States. The re- ciprocal accounts carried by banks with one another, covering their current transactions a situation complicated by virtue of the reserve law requirements in its most aggravated state developed into the so-called "pyramiding" of accounts.
What to read after Present And Past Banking in Mexico?
You can find similar books in the "Read Also" column, or choose other free books by Walter Flavius Mccaleb to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
This results in an anomalous bookkeeping situation. In other words, entries are made on both sides of the ledger, which, so far as the individual is concerned, ought legitimately to wash or liquidate one another.
139 PRESENT AND PAST BANKING IN MEXICO This clouded situation became so serious that in 1908 Limantour undertook its clari- fication, explaining that the totals carried in these two accounts in the consolidated state- ment for that year which properly should nearly have balanced each o...ther amounted to P220, 000, 000. This method of bookkeeping is, to say the least, confusing and ought to have been abandoned by the banks. But the system, allied with the earlier methods of pro- cedure inherited from the Spanish regime, would be difficult to eradicate. The serious point involved was the inability to uncover true demand deposits.
A more or less analogous situation has had to be dealt with in the United States. The re- ciprocal accounts carried by banks with one another, covering their current transactions a situation complicated by virtue of the reserve law requirements in its most aggravated state developed into the so-called "pyramiding" of accounts.
What to read after Present And Past Banking in Mexico?
You can find similar books in the "Read Also" column, or choose other free books by Walter Flavius Mccaleb to read onlineMoreLess
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