RECEIPTS IN LIEU OF CHEQUES.
Quite a stir has been created in banking circles during the past week by the announcement by the Midland Bank of a plan foi escaping the irksome twopenny stamp in the case of small cheques. Customers of the Midland Bank can now obtain, free of charge, a book of " Receipts " containing a number of forms which, being available only for the payment of sums under £2, do not require to be stamped. The forms are a little smaller than an ordinary cheque, though similar in
appearance, and they bear upon their face the wording, " Received of Midland Bank Limited Branch,
the sun of and provide space for the date,
the amount in words and in figures, and the customer's sig- nature. This " Receipt ' can then be presented for payment in cash at the branch on which it is drawn, or it can be given in payment of a debt. The idea strikes me as one which contains within . it _both advantages and disadvantages, though, admittedly, the advantages are mainly on the side of the public, for, if the system catches on, it is clear that the general public must gain at the expense of the Exchequer. Moreover, although each " Receipt " is limited to an amount under £2, a tradesman's debt of £3 10s. could presumably be met quite easily by forwarding two signed " Receipts ' for £1 15s.
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