The record-union., 1897-12-01
POSTAL BANKS IN FRANCE.
Are Very Popular In All Parts
of the Repuhlic-Stafistic

of the Republic-Statistics
The system of postal savings banks
in operation in France is known as the
Caisse Nationale dEpargne Litter
| ally Case, or box, national of saw
/ ings.) 1t is constituted mainly under
! the laws passed in 1881, with a few inn
! portant changes in 1895. The system
/ is made to extend over all of France.
] Corsica. Algeria. Tunis and Beyrout
and in the principality of Monaco. Its
| branches are as numerous as there are
| offices in the postal and telegraph sys-
/ TENS of France. The system of postal
savings banks has been found TO be a
great success. The Government stands
as absolute guarantor TO the deposition
/ against loss, and the result of the
workings of the Caisse Nationals
! d'Epargne is that there are no savings
/ bank failures. Every Postofiice under
/ the management of the French Govern
ment is a savings bank. At each POST
! office may be found a receiver-either
/ TO handle that part of the business es-
pecially or in connection with the reg
ular postal work, according TO the i'm
! portance of the office-and this receiver
/ is directed and authorized by the de-
partment TO accept the moneys of de-
/ positors and conduct the operations as
/ do the corresponding officials in or
/ binary savings institutions.
/ There are in all about S00o offices at
which savings may be deposited under
+ the protection Of the French Govern
ment In the provincial districts all
/ the savings business is transacted inn
mediately in connection with the postal
/ business. but in Paris and in other
/ large cities of France the savings de-
/ partment is so important that separate
headquarters are a necessity.
! The method is simple. Any person
may become a depositor. This admits
i children of any age whatsoever. thus
/ assisting the all-desired development
/ of the savings idea at the earliest age
/ In the matter Of reimbursements the
/ only restriction comes in the require
ment that minors must be 16 years old
! or over in order To be permitted to
withdraw without the authority of their
/ legal representatives. Interest is paid
! on deposits at the rate of 2l2 per cent
/ This interest starts from the list OF
( the 10th of the month after the day OF
I deposit. 1t ceases to operate from the
/ 1st or the 10th which precedes the day
! of withdrawal. On December 3lst OF
/ each year the interest which has ac-
cumulated is added to the principal ana
/ becomes itself productive of interest.
/ The amount to which the deposit of
any one person may attain during any
one year is l 800 francs tabout $30D.
Under the old law the maximum was
1000 francs. but in 1898 this was re-
/ duced to /. 800 The reason for the
reduction was that the Government
/ thought best to reduce its response
/ bility. the total amount of deposits haV-
ing become so large that in case OF
great disturbance or panic the demand
( for reimbursements might suddenly be-
come very great. In case of rush or
run on the bank" the Government re
serves the right by law to limit the
+ individual Withdrawals to 30 francs
each fifteen days. This is expected to
| act as a sufficient safeguard against
| depletion of the fund in too short
time.
Then comes the question of the fur
! ther investment of the funds after the
depositor has reached the maximum
| When this maximum is reached the de-
positor receives notice from headquar-
ters to that effect, and his instructions
are awaited in respect to whether he
wishes simply to withdraw the money
or prefers to reinvest in Government
securities If the latter is his choice
/ the business is transacted for him and
he is provided with an equivalent
amount in French rentes. the securi-
! ties which correspond to Government
| bonds in the United States. These Sc
curities pay per cent. interest. Their
purchase by the Caisse d'Epargne for
the customer date depository is gratui-
| tous no fee whatever being attached
to the transaction. These French rentes
| are in 20-franc (S4) issues, and at the
present time range in value on the
/ Bourse from 104 to 100.
/ A late statement of operations by the
French system of postal savings banks
| from January 1, 1882, to December 81,
| 1896. is as fallows Number of depos-
| itors. 26,049, ,53S; amount of deposits,
3464. .672.171 francs: number of with
drawals, 10,5S7, ,503; amount of with
drawals. 2,757 ,2706S7 francs; amount
of purchases of Government securities,
7O9S1 81 francs; excess of deposits
over Withdrawals and purchases of
Government securities, 636, ,420, las
francs amount of interest accrued to
depositors. 14S. 592, 500 francs. The situ-
alton up to December 81, 1896, was:
Number of depositors, 26S6,130; prop
erty Of depositors, 7S4 ,950,207 francs.
The number of depositors on July 81,
| 1897, was 1925, ,226.-Chicago Record.
A Strong Likeness.