The evening times., 1899-07-10
THE WORLDS GREATEST BANK.
Growth of the POstOffice Savings Sys-
tenn In EngIand.

p. London, July 10.-The greatest savings
bank in the world is the Postoffice Savings
Bank Of England. 1t is thirty Eight years
old, has 100000 depOsitors. and $500, ,Oo,-
900 of deposits.
The Prince of Wales laid the corner
stone of great new home for this bank
few days ago in the west end of London,
and the ceremonious event called public at
tention to the surprising growth of this
institution founded on pennies of the poor.
Mr.. Gladstone always considered his in
auguration of the postal savings system,
back in 1861. one of the best things his
government ever accomplished for the pso-
pie of England. and the development of the
plan has proved his idea correct.
1t was designed for the benefit OF people
whose small savings were beneath the no
tice of regular bankers. There were many
prophecies of disaster and united protests
from bankers, but Mr.. Gladstone had the
necessary laws passed by Parliament, and
the institution started in a most humble
way.
Within a year the bank had 1906 de-
positors and S. 80, 600 in funds. Since
then the growth has been so great that
the postoffice department is in a constant
struggle 10 keep up with the business.
The bank had been housed in various
parts of London, until finally the need OF
an enormous building became imperative
There was no requirement for q central
location, as all the business with deposi-
tors is done through the thousands OF
postofiices and branch postoffices scattered
throughout the United Kingdom. So a site
was purchased near Olympia, in the far
west end of London, and an enormous
building begun.
The Prince of Wales. accompanied by a
score OF royalties and a great throng OF
notables, assembled there to lay the cor
nerstone of this humble institution that in
many respects is more powerful than the
Bank OF England
1T gives me great pleasure" said the
Prince, as he tapped the stone with a
mallet presented by the banks clerks, Ito
| be present as the representative OF the
| Queen. my dear mother. to receive your
| loyal address and to lay the first stone of
| the new savings bank building. Her Maj
| esty desires me to express the great in
terest she has always taken in the Post
| office Savings Bank, and the qualification
with which she has watched the busines
| ii transacts attain to its present proper
| tionS.
'She rejoices at the stimulus to thrift,
|
| TEN which has throughout worked so ad-
mirably, and has reflected the highest cred
| it on those connected with it's administra-
| tion, and which. while it brings facilities
| to every mans door, is based on the frmest
security.
she trusts that the inauguration oi
these buildings will yet further increase
| the popularity Of the PostOffice Saving;
Bank, and will lead to corresponding bene-
fits to those who invest in this bank, ant
especially to the working classes.
The methods of the bank are made 81
simple that there is not the slightes
trouble in opening an account or withdraw
ing money. Every postoffice is a branch o
the bank. Deposits as low as shilling car
be made.
One of the greatest helps was scheme
devised. by the late Henry Fawcett. wher
Postmaster General. He issued slip o.
paper, on which postage stamps could b'
affixed by the most humble saver, and wher
stamps to the amount of shilling had beer
pasted on the slip 1t could be handed IN Il
the postoffice as q deposit.
And thus this bank. self-supporting. in
terest-paying, backed by the government
receives the small saving OF millions o
people Like the American savings bank
it does not take large sums, SO that it
hundreds OF millions of dollars OF deposit
average only $75 to each deposition.