PROS AND CONS.
The Midland Bank expressly state that the plan has been submitted to the Board of Inland Revenue and that no objection whatever to it has been raised. I think, therefore, that the question of whether these " Receipts " become extensively used must, in the main, depend upon two things. The first is whether full " clearing " facilities will be afforded- a matter upon which bankers themselves will have to decide -and- the other is whether the " Receipts " can pass through third parties without finally having to be stamped under section 34 of the Stamp Act. That, of course, is a matter which concerns the Inland Revenue Authorities, while as regards the decision reached by the Clearing House, there will probably be a disposition to consider the much greater amount of detail work likely to be involved by the extensive use of the very small " Receipts " in lieu of the cheque. Two points which may be urged in favour of the scheme are that it might con- ceivably popularize the opening of banking accounts by people of humble means, thereby encouraging thrift, while extensive use of the " Receipts " should also tend to a reduction in the number of currency notes in circulation,
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