The southern press., 1851-11-03
Ess~ tAs N<s York Epssiss Posi-
.f. Pemsv eavfnes Rank.

Some tune since my attention Was called, by
notice in an Eagish paper, TO the successful
operations OF y penny savings bank established
in London Being desirous of knowing how
they were established and conducted Il wrote 10
gentleman in London, proposing series of
Questions to elicit information on the subject,
which would enable me to judge whether such
institutions would be useful in this and ether
populous cities. AS the subject is new to
many AS we'll as to myself, herewith send the
answer which received in reply to my inqui-
ries. 1t is possible that il may lead some of our
benevolent citizens TO consider whether penny
savings bank may not be productive of good to
the rising generation of our city.
DEAR DIR la answer to yours of the 18th
inst, will endeavor to answer your questions
seriatina.
Question Answer: the lowest sum is one
penny.
Question 2.--Answer: interest should be al.
lowed at the rate Of "a per cent; say Cd. for
every pound lodged for more than months
4d, for every pound lodged for more than 6,
p and less than months, and ID, for every pourd
lodged for more than g. and less than months.
The mode Of giving interest as stated in the
rules is not workable
Question 3.--Answer: the bank is open from
6to 8; Monday, Wednesday and Saturday even.
ings--was open every evening at first
Question 4.--Answer: see query 2.
Question 5.--Answer: the money is repaya-
BILE on demand The voucher or pass book is
retained by the bank
Question 6--Answer this bank is not in
corpora'ed. The salaries paid to clerks during
the past year have been as follows: boys at
60 each per annum one clerk at El0 ditto
manager unpaid, but the duties Of manager be-
ing very great, taking four evenings week, be-
sides much thought, could not with Justice TO
myself continue manager for less than ESQ per
annum.
Question 7--Answer this bank has received
great encouragement. During the past year
1900 persons have paid f3,5OO in III 600 pay.
ments (in round fgures.) On Monday evenings
the average number to pay in deposits was 100
these depostors are of every class, from the
children of the substantial shopkeeper to the
stall keeper in the street from the children OF
clerks, &c, but the depositors are of all ages
and great number Jews. We have also among
the depostors many prostitutes, thieves rogues,
costermongers, the lowest Of the low, the most
degraded of the degraded. And | can unhesitat-
ingly say, that no institution that has ever been
founded in London has received such popular
support
Question 8.-Answer: almost every parish
in London has a clothing club or clubs which
are, to certain extent, banks for savings but
this bank is the only one in London on really
popular principles. ! have received numbers OF
communications from the country where, doubt
less, banks are by this time started
Question 9.-Answer: Mr.. Scott calls him.
self the originator of the penny banks, but not
justly, for he only improved upon some already
ut work. am the originator of the mode OF
keeping accounts as practised by all banks that
have received information from us.
Question lO.--Answer: With the exception
of Greenock and Hull, cannot for certain say
where else penny banks are at work. "The
right way of working penny baks would be in
connection with savings banks"
Inconclusion, may sav, that letter addressed
to me at l6 st. Helens Place, Bshopsgate
street, London, will always receive attention
and remain,
Your obedient servant,
J. ID. BOURNE, Manager
"Franklin or somebody else says, take care
of the cents, and the dollars will take care OF
themselves" If by any means we can induce
our youth instead of spending their cents in
what 10 worse than useless, to deposit them in
penny savings bank, it would tend to cultivate
habits of frugality and economy, and ultimately
teach them the value of money, as well its
RETs