The herald., 1897-10-27
OFFICE OF THE HERALD,
Los ANGELES. October

he management OF tne savings DdnhS
in Belgium being under government super
vision affords an Illustration which may be
used to advantage in favor of the estab-
lishment of postal savings banks in this
country.
In Belgium the savings institutions main
tained by the government are not strictly
postal savings banks, as they managed
and controlled by a board of trustees Gre
ated for that purpose instead of being given
over to the supervision of the stoffice de-
partment. The exact designation used in
the law is general bank of savings and
superannuation.' As early as 1850 the Bel
gian government made provision for annui-
ties, or old age pensions. According to the
law, persons could intrust certain sums to
the government under condition that they
receive annuities in their old age. When
Great Britain established postal savings
banks the Belgians initiated the example
10 the extent of establishing a savings
bank under government control 10 which
the bank of superannuation or old-age PEN
sions was then annexed.
In management the Belgian savings
banks are quite similar to the mutual saw
ings banks of New England except that the
former are under government and the lat
ter under private control. Both are man
aged by trustees who derive no profit
from the operation of the banks. The gen.
eral council board of trustees is COM
posed of president and twenty-four mem
bers, appointed by the king for six-year
terms, four members being appointed each
year. From this number is selected coun-
Gil of administration, consisting of the
nreSi1pnt and eiy m hpr W m HAY v10
Immediate supervision of the affairs of the
bank. The director-general or manager is
appointed and may be removed by the
king. He receives a salary and gives bonds
for the faithful performance of his duty
The administration of the bank has been
successful and popular For the year 1894
the number of depositors was /, ,o53, ,Gsa out
of a population of 100000
The latitude for investment of funds de-
posted with the Belgian savings banks is
wide, and not confined 10 government se-
curities as in Great Britain. At the discre-
tion of the general council or board of trus-
tees the funds may be invested in provin-
cial and communal bonds. in mortgages
on houses and landed property and in bonds
of Belgian companies. Under certain con-
ditions, too, the bank may make loans
on stocks. In other words the range of in
vestment open to the government savings
banks in Belgium is about as wide as that
permitted by statute to the savings banks
in the New England and few other east
ern states.
The example of Belgium, with its pop
ulation of six millions and its area OF II 1878
square miles may, on the mouse and the
lion principle, prove helpful to a nation of
seventy odd millions, with territory of
S,50l, ,404 square miles (not including Ha-
waiD But in dealing with this problem
1t must not be forgotten that a system
must be devised which can be handled as
effectively on gigantic scale as it is to-
day in the diminutive kingdom of the Bel
eians.
The annual meeting of the Western Union
Telegraph company was held in New York
on the 18th. Jacob H. Schiff was elected
director, vice John Van Horn, retired on
account of ill health. The financial state
ment for the fiscal year ending June 80
1897 is as follows:
Revenues SO. .6SS, $50
Expenses 16, ,906, 656
Net earnings ....................,. S 5,lS2 203
Surplus July l, 1896. 7,643, 693
Available .$13, 3I5, S96
How disposed Of
Dividends .................A,79 792, $50
Interest on bonds ........ S95,509
Sinking fund .............. S9,991 5,72S, 555
The assets are $12S, ,41O, 49S. The capital
stock is s93,S1O000. and the funded debt is
$15. .352, 900.
The price fixed for the second INSTALL
ment of 900 of the San Francisco and
San Joaquin Valley railroad per cent
bonds is 1011a and already there are pro-
posals in for 100000.
AT the San Francisco Stock and Bond ex-
change Spring Valley sold a 1895 to 997s for
the stock and 11SA to lis for the per
cent bonds; San Francisco Gas and Elec-
trio at 957s to 95s4; North Pacific Coast
railway 5s at 991a. and Contra Costa 5s al
SO.
The Pacific Lighting company has de-
clared a dividend of 40 cents per share.
payable on the 5th of November. The pre-
vious monthly dividends of this company
since August. 1896 have been 50 cents per
share Prior to that month they were 80
cents per share.
The San Francisco Gas and Electric COM
pany Will pay dividend of 30 cents per
share on November 1st. Recently the stock
has been weaker and lower, for some rea-
son.
1t appears. that there were a number of
what may be termed straw bids received
for the recent issue of Brooklyn bonds
Before making the award the comptroller
took the trouble to have the standing of
the. bidders investiga ted and upon the
report of the detectives a number of the
bids were rejected and the bonds awarded
to two houses of high standing. OF course
it is very desirable for city to secure the
best possible market for its bonds, but in
this case the course of the Brooklyn comp
troller is to be commended.
From an article on beet sugar in the
New York Financial Record of the 18th
inst the following excerpts are taken.
showing the feeling in the east about this
growing industry. The Financial Record
says: Rome. n. Y, announces the first
output of beet white granulated sugar ever
made in the state. The management say
they feel proud Four tons were in this
run. which in the form of beets, went into
the factory the day before. Eastern capi-
talsts are today investing in million
dollar plant at Denver. Col. in the same
business. One hundred farmers have
pledged 1000 acres of beets as starter.
Experts say this country can produce all
the beet sugar our country needs. How
I'LL IL. -