The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-10-14

United states and Switzerland, with about
TWENTY-FIVE dollars each; then Norway,
and afterward England, Germany, and the
Austrian empire, which respectively ex-
hibit n mean deposit of ten dollars for
every unit of the population. Notwith-
standing the stagnant condition of agli-
culture and manufactures in the Neapoli-
tan provinces and in Sicily, the Italian
savings banks have collected on an average
Ave dollars from each individual. In other
words, the success OF these institutions in
Italy has been twofold greater than in
France or Belgium, and more than four
times that attained in Holland.
So far as may be inferred from this re-
port, only one of the European establish
ments, including those under Government
control and enjoying the monopoly OF
gwen districts, rivals in magnitude some
of our larger private corporations for ex-
ample the Blocker street and the Bowery
Savings Banks. The exception is the Vien-
na institution, whose deposits four years
ago exceeded forty millions of dollars. On
the other hand, the Paris Caisse d Epargne,
which has numerous branches but no COM
petitor in the Department of the Seine,
hhh why tiEht nlilllDHS 10 VIC tTtulL VI luz
depositors in December, 1875, against four
teen millions in 1910. Indeed, the COM
bined deposits of the Paris, Lyons, and
Bordeaux savings banks do not exceed
those of the Hibernia, a private corpor-
| alton in san Francisco. Finally the Ber-
lin establishment, although a monopoly,
| had accumulated at the close of 1874 only
, four millions of dollars.
Ia the details of administration, as well
as the rate of interest payable TO deposit
ors, we find, of course, great diversity in the
several countries. Everywhere, however,
certain delay may be claimed between
| the demand and surrender of considerable
sums. The minimum amount accepted in
Italy is usually twenty cents; although IN
the case of certain banks this has been
lowered TO two cents with satisfactory re-
suits. The maximum receivable from one
depositor is much higher than elsewhere
in Europe, being iii some instances un-
limited. In England the maximum is
| $1,000, IN Russia $500, France goo. while in
Austria II varies from $3.50 TO 1880. We
may add that in England. France Belgium,
and Italy, the bank books or certificates of
deposit are payable only to the depositor
OF his written order: but in Austria,
although the same rule prevails III theory.
they are practically payable TO bearer.
The mean rate of interest varies from
three and two-thirds per cent. for France
to Ave and one-third for Austria. 1t Is
likewise worth noting that the expenses
of management now exact less than one
per cent in Italy, being Il reduction Of one
fourth within ten years.
We come now 10 the capital question
connected with these instituiions--the ill.,
vestment of deposits. In England the
| funds of all savings banks must be remit
ted 10 the so-called commission for the
extinction of the public debt, whereupon
the same guaranty attaches 10 them as to
consols. BY al analogous provision the
receipts of French establishments nre
mnde transferable 10 the Bureau of i" De-
posts and Consiguations,' which forth
with places them in Government bonds
In most of the other European countries,
as IN the United States. loans Oh bond and
mottaagc are REGARDED will. ulJiciO Own.
char acter absorb seventy per cent, in
Austria sixty, and in Prussia fifty pei
cent. of the aggregate deposits Therecord
of other states III this regard is far less
exemplary. With the Italian banks almost
n third part of their assets is represented
by demand notes ana bills Of exchange,
while in Norwny-what may well seem ill.,
credihle-ucarly three-folrths of the en-
tire fund is secured 10y nothing better than
commercial paper.
1t is by no means certain. therefore,
That establishments of the kind in Europe,
taken altogether, are more wisely man.
aged than our own. IL Is clear, however
that Switzerland France, ana England
con titute exceptions so honorable and SO
fruitful IN suggestion, that this report of
the Italian Bureau of Statistics may be
commended TO the careful study of our
savings Institutions.