The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-07-02
BRITISH POSTAL SAYINGS.
Bru4RKABLE RECORD or WORK
UONE Nv an or THRIIT

change of NiSes-Art Norkers Mhtque'
1oxpos. June 24-To.day marks o new
oroch in the history OF an institution which
has been the greatest promoter OF thrift among
rho masses in the whole world. The Post Or
Nr. savings Bank. with its 1OOOOO derosttors
and It's funds OF more than S0OO.OOO.OOO. has
baen compelled to take possession OF a tract OF
land Ave acres in area in the outskirts o. Lon
don. where enormous buildings for its accom-
r,,,o,inn are about to be erected. To-day's
junction has been tho laying OF the corner
s,ora Of tho new structure by the Prince OF
Waics.
no financial institution In all history has en-
loved 90 marvellous growth as the British
Post O(ficc Savings Bank. It was founded only
thirty.eight years ago. SO quickly did 1t win
the confidence OF the public that a separate
building for the accommo rotation OF its head
quarters staff soon became necessary. Extern
sona and additions which have since been
made have been fully occupied az fast as COM
pleted. until no further accommodations near
the General Post ONCE were possible without
expenditure out Of all proportion to the ends
required. The growth has been 30 rapid that
more than 100 clerks have been added to tho
staff each year for more than ten years past
II il obvious, after a moments thought. that
there is no good reason for maintaining the
headduarters Of the bank in the heart OF
London
The Post ONCE Savings Bank is not a bank
where current accounts are kept: there Is no
payment OF checks over the counter: no GUS
toner can enter into any confidential relations
with the bank-in fact. there is no bank man
agement in the ordinary sense OF the term. For
the recent OF money the bank has an office in
every town and village in the kingdom; there
are now over 10000. The withdrawal OF money
correspondence consequently the direct rela-
tons Of the head office with the pu bile are OF the
sIghtes' character The business OF that office
lie to keep accounts-for it has been dis
tnguishing feature OF the bank from the first
that all accounts should be kept In London.
and every payment made from there to issue
warrants for the repayment OF deposits. and to
conduct q voluminous correspondence.
The Duke OF Norfolk the present Postmas-
ter.Cfpneral. secured the broad tract OF land.
covered for the most part with church build
ings adjoining the Olympia show. Barnum &
Baileys headquarters at West kensington.
The location Is rather less than four miles
from Charing Cross and is. OF course. the
most distant OF that OF any departmental
Government buildings.
1t worth while to outline briefly from the
reviews OF the work of this remarkable insti-
OF its growth. The point which will most forci-
bly impress the American mind 10 the fact that
first 3 Der cent. and during recent years "a
per cent. interest has been sufficient induce
ment to draw the pennies and shillings OF all
classes in o fabulous aggregate to the Golfers
OF the Government.
The bank opened It's doors in September
1861. and at the end OF 1852 it had 10000
accounts. amounting to SS.T5O.OO0. In the
five years from 1859 to 1888 the total sum de-
posted stood on the average at $1,000 900. in
the succeeding flve years ut $4,000. 900. and
from 1875 TO 1880 at E29.0OO.00O. Then came
Mr.. Fawcetts regime at the Post ONCE.
The savings bank appealed to him as
an institution which helped tho laboring
classes to help themselves. and he be-
came It's apostle. He brought the bank
within the reach OF children by providing the
penny stamp slip. and thus enabling the
schooboy to make up the minimum deposit OF
ashillinR by pennies put by from time TO time.
At the other end OF the scale he enabled the de-
positor who was approaching the maximum to
buy consols through the bank and thus to re-
commence his deposits OF cash. And by his
power Of popular exposition he made all who
were interested in practicing or encouraging
thrift liar with the advantages OF the bank.
The result soon became apparent In the ac-
counts. The depOsits rose to an average OF
tortytwo mions between 1881 and 1885:
and in 1890 they had risen to sixtyseyen
millions.
But duringi the last decade the business OF
the bank has made perhaps the most gigantic
strides, for at the end OF 1897 the deposits
reached the astonishing sum OF nearly one
hundred and sixteen millions. and by this time
they have doubtless exceeded fl2O OOO. 900. In
an old report OF the Postmaster Gen rail-
there is forecast that for some time the an
hnal Increase in the savings bank business
would tie from 10000 to 100000 In the num-
Der OF depositors. and about FL 100000 in the
amount Of the deposits. Between 1896 and
1877 the number Of depositors increased by
6U,ODO. and the amount deposited by nearly
eight millions. The vast sum held by the
bank is made up OF great multitude OF small
savings: there are more than seven millions OF
depoStors. and the average sum standing to
their account only slightly eNceads fl6. One
In every five persons in England and Wales has
an account in the bank. In Scotland the bank
has never been 40 popular. not because the
population is less thrifty. but because the or
binary banks invite the deposit OF small sums
both there and in Ireland ono in every four
teen persona is a depostor
It's not only by taking care Of the savings OF
the individual that the Pos. Once assists thrift
1t is the banker OF friendly societies. penny
banks, and small charitable funds OF all sorts
II is used by the War Office for the savings OF
Soldiers abroad and for the deposit OF deferred
ray; while the Technical Education Board OF
tn" London County Councils pays its scholar
ships through the books OF the bank
When schoo!-rence were abolished tho Post
One" and the Education Department Cos
operated In an attempt to capture ior
the benefit OF the children the small
blms previously paid for their education and
1t is estimated that 100000 was deposited
through elementary schools in the mrs: year
inter- the change. Nor has the bank destroyed
the older agencies for the announcement o.
thri''. The trustee savings banks. Very many
o' the smaller banks have been closed. and
'hIs Il not to be regretted. the dnlcultie:
n' voluntary management not infrrIuen tlJ
cad 70 disasters, But the larger and soundel
TANKS are ia better condition to-
day than they over have been. and tn,
t'tai sum deposited IN trustee banks exceeds
bT several millions tho amount which thel
neil when the Post once entered tho field II
han all ha J.