Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1908-01-21

(e.) Postal savings bank stamps
in denominations of 8, 10, and 90
centavos, respectively, are to be
held for sale at every postal savings
bank in the Philippine Islands,
which shall furnish, without charge,
appropriate cards arranged with 10
or 20 blank spaces on which the
stamps are to be pasted. Upon be-
Ing properly filled these cards may
be deposited with the bank as If
they were money to the amount rep
resented by the face value of the
stamps, whereupon a deposit entry
OF such amount will be made to the
credit of such depositor.
f) Interest at IL per cent will
be paid on all deposits.
60 The funds of the bank are re-
quired to be invested under the su-
pervision of the government of the
Philippine Islands in certain ap-
proved securities, and none other.
(h) Subject to specified regula-
lions deposits may be withdrawn by
telegraph.
The postal savings bank in Ma
Mia began operations on October
l, 1905, and on June 80, 1907, there
were open for the transaction of
business throughout the islands 235
offices with resources amounting to
$40, 1000.64 pesos. The number of
accounts opened during this period
was 2,676, and of the depositors
6O.4 per cent were Americans, 35.3
percent Filipinos, % per cent
Europeans; Asiatics, 16 per cent,
and societies,0.5 per cent. It will
will be noticed that the American
deposftors were In the majority,
which is largely due to the fact that
the stamps, large shipment of
which was made from Washington in
the early part of the present year,
did not arrive in the islands until
March. Since their distribution be-
gan, however, there has been
steady growth in the monthly depos-
It's. The stamps were designed more
especially for the school children
and the fact that they were avail
| able only few days before the
fclose of THE school year (ApriD
will also serve to account for the
relatively small deposits made by
Filipinos during the period covered
by this report.
The investment of the funds OF
1.-THE postal savings bank Is pla., ID BIZ
law in the hands of an Investment
board, which at present is composed
|of the secretary of commerce and
police, the secretary of finance and
Justice, the director Of posts, the In
|sular treasurer and one business
imam of Manila. On the recommen
Idation of this board funds of the
postal savings bank have been in
vested in banking institutions of the
islands to the amount of 100000
pesos in the form of time deposits
bearing 31a per cent interest The
banks with which these deposits
have been made are all duly author
lied repositories OF the Philippine
government, and the funds deposited
with them are amply protected by
surety bonds filed with treasurer OF
the United States.
For the purpose of providing a
more lucrative field of investment
| for the banks funds laws have been
enacted providing that loans may be
made upon city real estate, under
carefully guarded provisions, to the
extent of % per cent of the total
deposits of the bank; upon improv-
| ed agricultural land to the extent of
10 per cent of the total deposits;
upon any securities the principal or
interest of which is guaranteed by
THE government of the United States
or of the Philippine islands. and to
the various provinces for public i'm
provements under the guaranty of
the insular government Under this
last provision one of the provinces
has already applied for loan of
10000 pesos for six years, with in
terest at the rate of s per cent.
The total expenses of the bank
from It's inauguration to June 80,
1907, were 37,Ss395 pesos. If from
this amount there be deducted the
sum of 6,495.3e pesos, representing
interest earned on the Investment of
the banks funds, there will be left
the sum of S0,se799 pesos, repre-
senting the real deficit for the pc
riod indicated. A considerable part
of this deficit is, however, more nom
fnn1 Tran roaI F0r nvol,,dk.1 frn,,