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              Bulletin HASKINS & SELLS 5
Foreign Exchange
RELATIONS with foreign countries
growing out of war activities have
caused the accountant to brush up on his
knowledge of foreign currency. The de­velopment
of foreign trade from now on
will carry with it a need to know consider­ably
more about the accounting for foreign
exchange than we now do. Our compara­tive
lack of foreign relations such as the
geography of Europe imposes on the coun­tries
thereof has caused us heretofore to
have little need for the knowledge. This
country will occupy a new place in the com­merce
of the world when the mercantile
marine born of the necessity for maintain­ing
our troops abroad shall have settled
down into the humdrum of peaceful pur­suits.
As accountants we shall be forced to
study foreign exchange if we hope to take
our place in the new era.
Changing Your Address
T H E firm maintains an address card con-taining
the names, addresses, and tele­phone
numbers of the members of the firm,
office managers, and heads of departments.
The purpose of such card is to afford quick
communication in case of necessity.
A general finds difficulty in directing the
operation of his forces if he doesn't know
where they are located.
No member of the firm or manager
leaves the office without letting the Secretary
know where he is going. It is not a coinci­dence.
It is premeditated.
The Haskins & Sells organization is a
national one. The administrative office is
closed only a few hours during the twenty-four
of each day. Accountancy practice so
organized as to serve the whole country de­mands
such an arrangement of us.
When you change your address it would
help if you would let the Secretary know.
It would also be well, if for purposes of con­firmation
you would show your address on
time reports.
A Problem
IF you had a problem like the following
what would you do with it?
John Brockton offers to the Canfield
Company in consideration of all the capital
stock of the latter ($300,000) his option on
the physical property and goodwill of a
going concern, with a fairly well known
trade-name. It is further provided that the
property shall be taken subject to a mort­gage
of $100,000.00.
The offer is accepted. The stock is issued
to Brockton. The property is taken subject
to the mortgage. Brockton donates the
stock to the company to be sold for working
capital. The stock is sold at $25.00 a share.
The directors of the Canfield Company fix
the value of the physical property at
$100,000.00.
You are asked to open the books for the
Canfield Company.
More Space
In order to provide for the needs of our
organization we have taken three additional
rooms on the thirteenth floor of the John­ston
Building for the tax department and
the stationery department. The bookkeep­ing
department will also be transferred to
the eighth floor, where two additional rooms
have been obtained. These changes inci­dentally
will make the present stationery
room available for increased library space.