Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1897-10-22
Postal Savings Banks in England.

The London correspondent of the Chi
cago Record, William f. Curtis, has been
making thorough study of the postal
savings system in England, and the report
of his investigations is of particular inter-
est at a time when the establishment of
the system in this country is being strongly
advocated. Mr.. Curtis finds that 6, 49,
j97 people, or about one-h fifth of all the
men, women and children in Great Britain
and Ireland, are depostors, and their saw
ngs thus invested and drawing interest
amounted on the last day of last year TO
e97 1868, 9S5.
Last year there was deposited in the
postal savings banks f32, 07S, ego, or nearly
100000, 900, representing IL ,3S4,977 trans
actions, mostly by people who do not have
access TO ordinary banks. The sum drawn
out during the year was e25, SOS, 296, or
about $l3O,0O0,OO0, in 4,102, 059 transac-
iions. The difference in the number of
the depositors and the number of the
Withdrawals explains and illustrates the
usefulness of the system. 1t shows that
7,2S2,9lS more people went TO the postal
savings banks TO leave money than TO take
it away, and 2,351 ,53S of those who enjoy
the advantages afforded did not disturb
their deposits. 1t also shows that the de-
posits were of small amounts, while the
Withdrawals were much larger-nearly
three times as large. Many of the with
drawals were due TO the fact that the
depositors had reached the maximum al
lowed to any one person, which is 200,
or $1,000. and the depositors transferred
the money to permanent Investments,
either in real estate or government bonds
or shares in corporations.
- L. a l. Atna tn fl1n
accomplishment of special purposes of the
| depositors. Some OF them owed money
coming due from a certain date-may be
the interest upon mortgage, or a note OF
hand; others desired to make purchases;
a boy wanted a gun or watch, or girl
wanted a pony, and all these various classes
and conditions solicited the assistance of
the Queens postal agents in saving the
money. They opened accounts at the
nearest post-office and deposited their
pennies and siXpences there from time 10
time, which would otherwise have been
sQuandered, and when the amount they
required was reached, perhaps by 100 or
200 deposits, they checked it all out at once
and made the payment for which the saw
| ings were intended. The system accomp-
| lished its purpose in both cases. 1t en-
couraged economy and afforded convent
ence. penny saved was penny earned.
To encourage the saving of pennies, par
ticularly of children, the government has
adopted system of savings-bank cards.
| A person who desires TO save a penny, or
any sum under one shilling, is permitted
to purchase ordinary stamps and stick
them upon the blanks that are ruled upon
the card. When the card is full, or con-
tains stamps valued at a shilling, it can be
presented at any post-office, where the
stamps are Cancelled, and deposit book is
issued in exchange, with credit for that
amount. These cards are furnished by
the bureau of education to school teachers
throughout the kingdom, who are in
structed to give their pupils lesson il
practical economy at least once a week.
The deposits are invested in 8 per cen
consols of the government, which leaves a
margin of one-half of l per cent to pay
the expense of maintenance, after giving
the deposition p per cent interest.