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 Practical Surveillance of Corporations Sixth. At the annual or shareholders' meet ing of the corporation the shareholders are to select the Federal Accountants for the ensuing fiscal year, such selection to be approved by the proper governmental department, thus minimizing the influence of the officers and directors of the corporation on the Federal Accountant. In the event of the shareholders failing to choose the Federal Accountants for the ensuing year, they are to be appointed by the proper governmental department. Seventh. A certified copy of the General Balance Sheet and a certified copy of the Statement of Income and Profit and Loss (but without the supporting schedules showing detail) to be mailed by the Federal Account ant direct to the shareholders of record at the end of the corporation's fiscal year. Practically every corporation in the United States does an interstate busi ness, whether it be financial, railroading, manufacturing or mercantile, as any corporation manufacturing or selling, shipping or carrying a pound of mer chandise, or carrying on any business whatsoever between the different states, is doing an interstate business. It may be said that laws such as the above would be class legislation, as the Certified Public Accountant would be benefited. While it is true that the business of these experts would be in creased, still the public as a whole would be benefited. It would decrease taxation, as the expense of the investi gations would be borne by the corpora tion instead of the government, as has been the case during the last administra tion; it would benefit the security holders of corporations, especially the minority shareholders; it would inspire confidence and effectually stop agitation from which the country has suffered, and would help restore confidence and prosperity. The Bureau of Corporations in recent reports has taken rather distinct grounds in favor of publicity of accounts and transactions pertaining to corporations, and the plan outlined above gives pub

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licity in its true sense, and where it is most desired, without divulging confidential business information that might be used by rival concerns. The services of the Federal Account ant could also be utilized in the exami nation of national banks, which would be a great improvement over the present incompetent national bank examiners who are subject to political influences. The Federal Accountant would report direct and fully to the Comptroller of the Currency on the condition of the national bank examined by him, also to the bank officials, and at the same time he would send by mail direct to the shareholders a certified copy of the General Balance Sheet, and a certified copy of the Statement of Income and Profit and Loss. The Federal Accountant for the en suing year to be chosen by the share holders of the national bank at their annual meeting. Great Britain is far in advance of the United States in the regulation of its corporations, or, as they are called, Limited Companies. Following are ex cerpts from its Companies Acts:— 1862, Section 83. "Once, at the least, in every year the accounts of the company shall be examined, and the correctness of the bal ance sheet ascertained, by one or more auditor or auditors." Sections 84 to 94 contain detail as to the manner in which the audit is to be conducted. 1879, Section 7. "Once, at the least, in every year, the accounts of every banking company registered after the passing of this act as a limited company shall be examined by an auditor or auditors, who shall be elected annually by the company in general meeting." 1900, Section 21 (2). "If an appointment of auditors is not made at an annual general meeting the Board of Trade may, on the appli cation of any member of the company, appoint an auditor of the company for the current year, and fix the remuneration to be paid to him by the company for his services." 1907, Section 19 (1). "Every auditor of