The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-12
THE WORK1NGMAN'S MITE.
ENGLISH Government Saw
ings Banks.
An Admirable System That Should Be
Adopted in America.
OVER 100000 ACCOUNTS OPENED.

N'O" A.OOoiOVO AOOOONAS " oN0 1919
LONDON, Dec. Is, 1878.
More than Il years ago the English government,
having had its attention attracted to proposition
which had been brought forward rather prOmi-
nenty In the press having Tor its object the secu-
rity OF money deposited In savings banks and the
encouragement OF the working classes IN provident
habits, determined upon establishing system Of
government savings banks in connection with the
administration oil the Post Once This plan has
been SO singuiarly successful and such great and
widespread good has arisen from it that we arc
induced to lay before the readers OF the HERALD a
description OF the plan on wrch these govern
ment savings banks are conducted, together with
some of the details OF their working.
THE SYSTEM.
Throughout the United Kingdom every post ONCE
which Is large and important enough to be
money order Office is also q government savings
bank. These banks are open for the receipt
ana repayment of deposits on every work.
ing day, in most cases from nine in the
morning till six in the evening, and on
Saturdays from nine till eight. In these banks de-
posts OF one shilling, or any number or shillngs
are received; but no one may deposit more than
f30 ($150) in one year. or more than f15o t$75o in
the whole, exclusive OF interest. Interest at the
rate Of f2 los. per cent per annum (Which Ia at the
rate Of Cd. In the pound for each year, or at the
rate OF I'd. on each complete pound for each
month, reckoning from the first day OF the calen-
dar month next following the day on which q COM
piete pound has been deposited up to the last day
of the calendar month preceding the day on which
the money is withdrawn is allowed until the sum
due to a depositor amounts to f2Oo ts1.o0o). when
interest ceases to be allowed The interest due to
each depositor is added to the principal due to
him on the 3Ist OF December in each year.
When the depostor makes his first deposit he
receives q numbered book, In which his name, ad-
dress and occupation are written, and in which
the date and amount OF his deposit are entered.
On the day on which the deposit Is made the Post
master reports to the Postmaster General that no
has received the money, and in two or three days
afterwards the depostor receives a printed letter
from the General Post ONCE in London informing
him that his deposit has been duly reported. II he
does not receive such q letter within ten days
from the date on which the deposit is made he
must write to the Postmaster General for 1t.
When depositor wishes to withdraw the whole
or any part of the sum due to him he makes appli-
cation for the same to the Postmaster General
ON printed form, called "n0tice OF
withdrawal" which he can obtain at any
post office savings bank. When he has
properly flied up this form he must fold and
secure it and forward it by post as If 1t were an
ordinary letter. In return for 1t he VIII receive,
probably by return Of post, warrant for the
amount required by him, payable at the post once
bank named by him in the notice OF withdrawal.
This is one OF the most admirable advantages
offered by the scheme-yiz., that a depositor in
any post office bank may add to his deposits at that
or any other post office savings bank, and may
withdraw the whole or any part Of them from that
or any other post office savings bank without
change OF deposit hook. For instance, II he makes
his first deposit in the Post Office Bank at Liver
pool, he may make further deposits at. or with
draw his money FROM the post office bank at Liver
pool or Leeds, Manchester. Birmingham,
Edinburgh, Dublin, or any other place which
may be convenient to him. No charge
for postage is made TO the depositor for
any letter passing between him and the
savings bank department., with regard to his de-
posts or their withdrawal or for the transmits
mission Of his deposit book. All ofacers Of the
Postmaster General are strictly forbidden to dis
close the name of any depositor or the amount OF
his deposits.
That this system has been extraordinarily sue
cesslul will be readily believed when it is learned
that the number OF accounts now open is 563.3o6.
The average amount to the credit OF each account
is s13 5s. sgd. or about sos.
The balance sheet for the year 1s72is annexed. 1t
Will be observed that the 'surplus of funds to
meet liabllitl g." Whlcn really means 10 prOnts OF
the undertaking in IL years. amounts to between
$500, 900 and 100000
rosr SAVINGS BANK-eALAycE SHEET.
Return the balance sheets of the post Office savings
banks 1872 showing the balance due 70 de-
pOsors amount of expenses remaining unpaid the
value securities at the cost price less deprecation q
those which erminabc BY lapse O. time amount Of
hand and dividends accrued but not received at
the end year. and the surplus or deficiency Of funds
to meet liabilitles:- -
Liabilities
d
Balance due to depostors the 3lst OF
December, 1872 dnciudng ineresp....: ls3iS3SS 10
Amount OF expenses remaining unpaid 49,.
(partly estimated. .......... OW y o
ynrniis OF funds To meet liabilities .... 531,6N Is
Total ............................I aS79T7 2 10
d. d
Va Of securities a the cost