The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-08-07
Money May Be Deposited There
and Government Stock
Purchased.
GREAT SYSTEM EXPLAINED.
Business Of Savings Banks Has
Steadily1ncreased Since They
Were introduced.

Il states. Not only can you send OFF let-l
tiers, postal cards. n wspapers, circulars.
or book packets. but a splendid system of
parcel post has been worked out. by
4 which light matter can be sent all over
The country very much more cheaply
than by the American express compn MEG.
\ Moreover the 'telegraph is In the hands
may be sent for twelve cents to any part
OF the kingdom. Finally, the postoftice
5 has gone Into the banking and the insur-s
ancc business, and money may he de-
positcd there and government stock p,r-5
chased. while any person In the klrg-s
dom above the age OF seven may insure
his life for q small sum, or buy an an
IL nuity which has behind 1t the irwin ciblcl
& credit Of Great Britain and ireland.
Home Of Savings Banks. "a
III England may almost be said to- be the
s homo OF savings banks. Everywhere ops
portnnities arc offered a man OF small.
means. or tho women and children, to
deposit sums from Is. upyra rds, and
u penny banks are also esta bllshed on u
E large scale, which permit the saving Of
tho stray pence OF children. a number OF
large employers, including ral Threads. have
established savings banks for their ems
3$ploycs, and pay from ~ ~ per cent. TO-
ig q per cen t interest, and every effort has
Is been made to give to the people q safe
+ and profitable investment for their small
earnings. 24Sl 35.s ss5Ss44 TS n
ss BY far the most interesting and in1-i
rortant OF these savings banks, oWcver.
u Is that run by the government " on ma
Il enter any one of I he fourteen or q fteen
thousand postofIice savte gs banks In the.
L United Kingdom sign your name. secure
to Il be less than IL. {255c) !. II he " hole
credit OF the British Il government Is
u pledged to; the repayment OF this ono
shilling, and 1T is as much a. art OF the.
I national debt as the rest Of the four or
five billlo dollars which the government
u owes. EN-. Vi 543$ IssI
KNEE The regulations are such as to- make
81 It In every wa convenient to the de-
3 positor The savings banks are 4allfopens
/ from "a A. NJ. to S P. NJ. on every week
day; deposits may be made ! shilling at
n time, and may even be made by penny
q contrlbntions;i In the form OF stamps; and
B ell fformalities are waived. both in per-
hitting a contributor to start an ac-,
count and In abling him to withdraw
& his deposit. Deposits may be made by
all persons of full IA geS az not under legal
E dIsabiiit ~. By MAJ ed 8 women. by chill
IL drcnI of seven years or over, and on be-
& half OF children Of less age, on behalf Of
Iunatics or insane persons. by q person
acting as trustee for another. by friendly
n societies. Industrial societies. charitable
and provident societies. penny banks md
g incorporated building societies. Il 5s 4
The System.
Upon paying your one shilling or your
81 one pound or your ten pounds. or what
4; ever deposit you ma kc. the sum Is simme-
q diately written In your bank book, and
after the lapse Of a few da you receive
an acknowledge from tho Central
Savings Bank Depa rtments In london
II there Is any mistake IN tbs count
Or any failure to make the acknowledg-
1nent. you may write to the postofiice.9
4 and there Is no charge for postage on
this or any other letters connected with
~ the wings bank business. The loss OF
\ the bank book does not involve the loss
/ OF the account, but merely the payment
4 OF a shilling for a new book. Depositors
3a are permitted to WITHDRAW the whole or
H any apart OF the sum due them. not only
& in the office where they deposited their
d savings q but In any office III the king
DOM Sall that Is necessary to do lis to-
y write a. letter. free Of postage. to the
office where you made your deposit, and
4 they will send you q warrant which per-
u mits you to Swithdra W your money a t the
II posto ftice desired. # It is possible n out
& even, Il o withdraw your money by tele-i
gram in any part Of the Kingdom upon
& the payment OF IA 3o-cent fee. Sums ma 5.
+ be transferred Will, great ease from one
4 ACCOUNT to otller. and the certificates
ri OF birth or maria geE or dca tn which may
be required In connection with the POST.
( Office Savings Bank account may be OBJ
B taIned for / shilling, M vi
BY means OF tho Postof1ce Savings
r Bank the government insures and guar
antees the savings OF Its poorer citizens
81 The rate Of Interest paid is 2 10 per cent
on all deposits OF one pound (s5,0O) or
s over. The amount that may be deposited
i however, is strictly limited. Formerly no.
more than $3.50 could be deposited In a
e year. but the limit is now $3.50, and no
one may draw! interest ON deposit
amounting to over, 81. where the ac-S
count exceeds that amount no interest
4 is 4 paid son the excess, Larger sums Of
4 money, however, may be invested thro'5
4 llle Savings Bank Dep rtments in oonsols
j or other British securities, and the en-}
tire funds OF the savings bank are In
vested in this manner 4 81 4,
Business Has Increased.
II The business OF the government saw
Il ings banks has steadily Increased since
hey were introduced over forty years
ago At the present time there are over
fifteen million deposits, amounting to
over :gl0, 1000. y, the ayerag Sc deposit
made amounting to- bout sl4, The total
amount, Including Interest, Of all ac-
counts now open amounts to about $720,-
Z 100000, and the interest credited to de-
positors to about 1900, 600 Every year
over q million and q quarter a counts
are opened and over million closed.
the number OF deposltors constantly In
creasing. Tho expense OF operations has
y been reduced to a very low sum, now
amounting to only about u cents per
transaction. 3 III n #
These figures show the enormous ex-
tent to which the facilities offered by
+ the government postoff1ce for saving are
utilized. 1t has been ca lculated that ono
out OF every five inhabitants OF the Unit,
ed Kingdom, including women and chill
III dren, Is a deposition In the pos offioe. The
facilities are, Of course used by people
33 Of moderate and. perhaps !, even Of large