The southern press., 1851-11-05


Some time since my attention was called, by
a notice In an English paper, TO the successful
operations Of penny savings bank established
in London. Being DESTROYS Of knowing how
thew were established aud conducted, | wrote to
a nentlemau in London, proposing series Of
Questions 70 elicit information on the subject,
which would enable me to Judge whether such
iustitutions would be- useful in this and other
populous cities. As the subject Is new to
many a. welt as to myself, herewith send the
answer which received In reply to my inqui-
ries. Il ispossible that it 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 10 answer to yours Of the 18th
inst, will endeav0r to answer your questions
seriatim.
Question l.-Answer: the lowest sum is one
penny.
Question 2.---Answer: interest should be al
lowed at the rate Of 81 per cent; say Sd. for
every pound lodged for more than 8 months;
4d, for every pound lodged for more than 6,
and less than 8 months, and I'd, for every pound
lodged for more than 3, 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
6toS; Monday, Wednesday and Saturday even
ings-was open every evening Mt first.
Question 4--Answer see query 2.
Question 5-Answer: the money is repaya-
BILE on demand The voucher or pass book is
ratainad by the bank
Question 6-Answer: this bank is not in
corporafed. The salaries paid to clerks during
the past year have been as follows: boys at
f2 each per annum; one clerk at fl0 ditto:
manager unpaid, but the duties of manager be-
al g.... L..
aides much thought could not with justice to
myself continue manager for less than ESQ per
annum. W. 3AE
Question 7-Answer this bank has received
great encouragement. During the past year
1880 persons have paid f3,5O0 in II 900 pay.
ments Gin round figures.) On Monday evenings
the average number TO pay in deposits was 100
these depositors 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
theSdepositors many prostitutes, thieves, rogues
costermongers, the lowest of the low, the most
degraded Of the degraded. And can unhesitat.
iugly 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 cl0thlng CLUB or CLUBS, which
are, to certain extent, banks for savings but
this bank is the only one ip London on really
popular principles. lhve 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 moi
Justly, for he only improved upon some already
at work. am the originator of the mode o.
keeping accounts as practised by all banks thai
have received information from us.
Question l0.-Answer: With the exception
of Greenock and Hull, cannot for certain say
where else penny banks are at work. "Ths
right way of working penny banks would be II
connection with savings banks"
Inconcluson, ] may say, that a letter addressed
to me at Is st. Helen's Place, Bishopsgat,
street, London, will always receive attention
and remain,
Your obedient servant,
J. ID. BOURNE, Manager.
aFranklin or somebody else says, take car,
of the cents, and the dollars will take care o
themselves" If by any means we can Undue,
our youth instead of spending their cents il
what is worse than useless, to deposit them il
penny saving, bank, it would tend to cultivat
habits of frugality and economy, and ultimatel,
teach them the value Of money, as well as IT
proper use. BETA.