Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-01-09

loNn'sSo.Oo. al; increase of $6,4O1, spa. 90
Mnlcn together with an increase OF
- .asS.O0 on timber, and grass Oh pub
nc lots. makes a total increase in
variation of SIS. ,24S.OO.
Inc assessors have labored earnestly
ana zealously to ascertain the true
vaiae OF property in the State The
Hsures which they present have been
carefully made. and show clearly and
'orclb'y the prosperity of our people.
Savings Banks.
The depositors in our savings banks
and trust companies and the share
holders in the loan and building
associations now number 237, TAO
egualing about a third of the entire
population of the State. This is a gain
OF 2o,i6 during the past two years.
On the 18th day of October, 1902, the
total assets of all our State banking
institutions We're as follows: Savings
banks, S17,S53, S15.64: trust companies,
81 .035,94l.70; loan and building as
sociations. s2,S54, $3.50; a total of &c.,
44,SS3.94. as against $S7,233, 1912 two
years ago, being an average annual
gain Of over $4,000, 10000.
As a rule deposits are made in such
small amounts that they could not be
invested independently and often they
are made by individuals who could not
invest for themselves When these ac-
foundations are withdrawn, it is either
to meet existing needs or for use and
investment in the business of the in
dividual depositors. Through the in
fluence of these institutions vast sums
have been saved which have constant
ly contributed to the business enter
Drises of our State
In the past two years these banks
have paid to depositors $4,467, 143.14 in
dividends. This is the net income
which they have returned to their
patrons. after paying taxes, amount
ing to over s., 600, 00o.00, all the neces-
sary expense of their management, and
setting aside reasonable reserve.
While the annual rate paid is small, it
represents a material addition to the
income of our people, and contributes
largely to their present comfort and
future welfare.
The f1fty-one savings banks of
Maine contribute nearly one-fourth of
the total revenues of the State, having
paid a tax of s537, 720.51 during the
past year.
In 1872. when the tax ION savings
banks was first established. the rate
was one-half of one per cent. on the
average deposits, and the banks then
paid an average dividend to depositors
of 1-3 per cent. The tax now APP
IproXimates three-fourths of one per
cent. and the average dividend paid
Il I
t3k per cent In other words. the State
pow receives about one-fifth of the net
earnings of the banks. When it is re-
merbered that more than three
| feurths of all depositors have but $500
or less to their credit, and that a con.
| siderable portion of these deposits
represent the small savings of the poor
l-pittances which have been slowly ac-
cumulated. oftentimes by the most
rigid economy and self-denial, it is APP
parent that the State is exacting from
the banks too large a proportion of
| their earnings.
| The tax should be reduced to an
leverage rate of not more than one-half
OF one per cent and in order that this
may be done without materially at
fecting the revenues Of the State. l
recommend a horizontal reduction OF
one eighth of one per cent. to take ef-
feet the coming year, and further re-
iduction of one-eighth of one per cent.
to take effect in 1904.
| According to the estimates of the
bank examiner. we may reasonably ex-
pect year increase of about $4,000.
600 in savings bank deposits. Thus in
a few years the loss sustained by the
treasury on account of the reduction in
| tie rate would be made good.
| 1t should be remembered that these
institutions are wholly mutual and nc
part of the profit goes to the manage
ment. The banks have made special
record for conservatism and to the
highest degree enjoy the confidence OF
the public They have encouraged the
saving of millions of dollars which
lotherwise would have been wholly
wasted or frittered away in needless
Expenditures. l.
Education.
The State superintendent Of public
schools reports that there were 213, 52'
persons of school age in the State or
4 ApriI 1st. 1902; 1884 teachers were en-
lployed, of whom 1881 were graduates o.
Normal schools. There We're pa free
High schools, with 13,2S5 pupils en-
lrolled.
1t is gratifying to know that the par
Tents of children who are in the schools
and citizens generally, are taking {
lgreater interest in school work, an(
THAT much is constantly being done II
the Improvement of school grounds
land buildings, and to make the schools
in every possible way more attractive
and efficient.
The State school fund and mill tai
the past year amounted to 1852, 461. Tn
school fund raised by the towns wa
$685., 500, and the amount derived from
various local resources $3S042. making
. 1.-THE total amount available for the sup
port of the common schools, 81, $40.
| recommend that the State schoo
funds be apportioned on the basis o
average attendance. instead of on TIL
basis of the number of persons be
) tween four and twenty-one years o
e age. in the different towns and cities
Z 1t is only right that the State Shout
, So distribute these funds as to max
| ,y@I in, Nxa