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I It still applies. 'Check' in this context means 'Stop' so you might have a rule that any sale over £1000 had to be approved by the Sales Manager. This would reduce the risk that an inexperienced salesman might sell to someone who is unlikely to pay the bill. 'Balances' could be something like saying that the price of a product had to be kept in step with the price of the labour or material costs . If this is not done then an increase in either could wipe out the profit. A good idea would be to have a spreadsheet to calculate the selling price based on all the factors so that if any factor changed you only have to change it on the spreadsheet to get the new selling price.

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Q: What was the purpose of the checks and balences?
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