The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-08-07
WHAT THE POSTOFFICE
DOES FOR THE BRITISHER

ings Bank represent all grades and
classes Of the community. over one-half
are married women, spinsters and chill
dren, and over aone-twelfth are peoplg
engaged In domestic service. 1t is prob
able that three.1fths Of all the depositors
arc women and children, employed or
unemployed; but there are also largo
numbers engaged In Industry, In trade
and Commerce. and In professional and
official life. The savings banks do not
seem to be used very mich, however, by
the farmers, only one out of every hun
dred deposltors being engaged In agricul-5
ture.
Invested in Bonds.
The money hat Is collected by the
thousands Of postoffices throughout the
country Is all Invested In government
bonds, drawing q 1-2 per cent to 3 per.
cent interest. we have heard consider
able criticism Of this policy Of the gov
ernnleht In Investing the money in its
own securities, and preventing the plac-
ing OF capital in railroad or Industrial
enterprises, or In the ordinary channels
permitted to funds in trust. The deposit
tors, however, appear to prefer this form
OF Investment There Is also criticism OF
the government because OF the fact that
there Is usually a slight deficit, owing to
the comparatively high rate Of Interest
paid and because, further, there is no
reserve fund provided orllarge sudden
Withdrawals. On the whole. however
the system OF postal savings banks meets
with tho approval OF the vast majority.
of Engllshmen and any proposition to
abandon 1t would meet with opposition.
Through the postoflice the government
is also going into the business OF grant
Ing ahliuities and insnring lives. There
IS regular scale OF prices by which
people can secure annuities based on the
age OF the individual. u Thus, a man OF
twenty years can secure IS Il a. year for
the rest OF his life on paying STA; nc no
is thirty he must pay S102, II fifty. $50 !;
nuities are granted. however, and even
tho insurance business OF the postoflce
Is not very large. ss5 IL III -.8i "A Ss
The system OF insurance Is rendered
very easy for all persons, ana the poor
est workmenE can obtain an insurance OF
not less than SIS and not more than $500
under reasonable terms, and with the
full II credit OF the government to secure
payment Of the amount. N o medical
examination Is necessary for an insur-
ance amounting to less than $12o, but II
an$examinaH on does not take place only
the cunt OF the premium Is paid II
lElIl0iS ILauI huA
only half OF the total sum due II he dies
In the second year. II the insured sub
mIts to medical examination, however.
the charge for which is e. cents the full
benefit OF the Insurance Is received. no
matter how soon he d les; also in A any
case where death = due to accident this
full benefit & Is received. "a The ii lives Of
children fronl eight to fourteen years
OF age may be insured forS $25, but not
more. It being desired notsto put aSprenl-
ium upon the death Of helpless Infants.
Children under ight years 4 OF &c may
not be insured at all. INV
Old-Age Pay.
Arrangements are being made for
friendly societies TO secure old "a go / pay
on the lives Bof their members by means
OF annulties purchased through the POST
oflce Savings Bank. a nd employers OF
ia Dor and large institutions OF the class
may make similar: arrangements.
| Up to the present time the insurance
features OF the posto nice have not grown
to q very large sum. the total sum OF
| money now payable. at deaths amounting
Mo only about four million dollars. he
postoffice does. however, furnish facili-
ties for any inhabitant5 OF u the United
Kingdom to insure himself on reasonable
terms and IN a manner which absolutely
guarantees his successors IN !, the Il event
of his DEATH SIS 81
From what we can gat her the savings
bank system. and the annuity md %insur-
ance operations OF the government are
conducted with scrupuious honesty and
With great efficiency. The Postofice
Savings Bank has attracted 4 depositors
not only from working men, but from
all classes Of the community, and the
old private savings banks. which once
played a great role, are OF very much
less Importance. The government officials
claim that the postal banks have done
much to II encourage saving among, the
people, 4 and the system IS applauded all
through England as one Of the most
democratic and popular institutions OF
the kingd DOM III
Ohm MITCHELL
In Collaboration with liter E. Weyl.s