Agricultural Finance 



524 



[June, 1910. 



be made out and mailed, giving the 

 same information for the month as the 

 Weekly Report gives for the week, 



Loans, Payment op Interest 

 and Principal, 



3. When it is more convenient for a 

 borrower from the bank to pay the 

 interest on his loan to an agency, in- 

 stead of to the main office, he will be 

 directed to do so, and the agency is 

 authorized to receive and receipt for 

 the same. 



4. Interest paid into an agency 

 should be remitted to the main office 

 of the bank at Manila, at the close of 

 business on the day collected. Forms 

 of receipts and remittance blanks will 

 be furnished all agencies by the bank. 



5. Payments on the principal of loans 

 may be paid, collected, and remitted 

 the same as interest. 



6. All loans will be made from the 

 main office, but applications therefor 

 may be left at any agency for forward- 

 ing to the Manila office. 



Checks and Check Books. 



7. A record of all check books issued 

 shall be kept, showing the dates sold, 

 the name of the depositor to whom 

 sold, and the inclusive numbers of the 

 checks contained therein. 



8. All blank checks will be furnished 

 to depositors by the bank and checks 

 or orders drawn on any other form 

 than that supplied by the bank will 

 not be honored. 



9. No blank checks shall be furnished 

 by one depositor to another, and the 

 agency will refuse to honor a check 

 signed by any one other than the de- 

 positor to whom the blank check of 

 that number was originally issued. 



10. Only such quantity of blank 

 checks as the activity of the depositor's 

 account warrants, shall be issued at 

 one time and the quantity so issued 

 should be such as to supply the depos- 

 itor for approximately thirty days : 

 Provided, that not less than one book, 

 or the unused portion of a book re- 

 turned by some other depositoi (after 

 the stubs of used checks are removed,), 

 shall be issued. 



11. Checks on the bank may be made 

 payable " to bearer " instead of " to 

 order," if the drawer so desires, but 

 in all cases, the bank shall require the 

 indorsement of the original payee and 

 that of the party cashing such checks : 

 (See Regulations 16, 17 and 18.) It is 

 suggested that the use of checks payable 

 •5 to bearer " be discouraged in every 

 possible way. 



12. A depositor's account should 

 always be consulted before a check drawn 

 against it is paid or certified. 



Certified Checks, 



13. Checks may be certified by agents 

 when such checks are desired for purely 

 provincial purposes, or for use in pay- 

 ment of custom duties, taxes, etc., and 

 when so certified may be used through- 

 out the province in which the agency is 

 located. However, where the practice 

 of certifying checks interferes with the 

 sale of demand drafts or telegraphic 

 transfers, certification will not be per- 

 mitted. When a check is certified, the 

 amount thereof shall be immediately 

 charged to the drawer's account. (See 

 Regulation No, 22). 



Signature Cards. 



14. The signature of each depositor 

 shall be obtained at the time he makes 

 his initial deposit with the bank, upon 

 the signature cards furnished, which 

 cards shall be permanently retained in 

 the files of the Bank. 



Paid Checks. 



15. Paid checks shall not be returned 

 to the drawers but shall be permanently 

 retained by the Bank. 



Indorsement. 



16. All indorsements on checks must 

 be dated the day the indorsement is 

 written, and when check books are issued 

 to depositors this requirement should 

 be impressed upon them. (See Regula- 

 tion No. 11.) 



17. Two witnesses shall be required 

 to an indorsement by mark, the address 

 of each witness to be stated on the check. 

 This is the practice followed by the 

 Insular Treasury and all commercial 

 banks. In cases where an indorsement 

 consists of Chinese or Moro characters, 

 one witness may be accepted to such 

 indorsement, provided all parties are 

 known personally by the bank officials ; 

 otherwise two witnesses shall be required 

 with the address of each stated. 



18. When checks are made payable to 

 the order of a firm, corporation, company, 

 or co-partnership, the indorser for any 

 one of them should be required to 

 submit, and permanently file with the 

 agency, evidence of authority to indorse 

 for and on behalf of the firm, corporation, 

 company or co-partnership concerned. 

 The same rule shall be followed in cases 

 where one individual indorses for and on 

 behalf of another. 



Banking Hours. 

 19. Agents should establish and main- 

 tain regular banking hours for transact- 

 ing business with the public, 



