Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1910-12-26
READY
FOR OPENING OF
POSTAL BANKS
office to Be Opened in
Each State and Territory on
January First to Test Pro-
posed System.
Morning Journa "ilreAn
613 Munsey building.

washington, ID. O., Dec. 20.
The potal savings bank sytem VIII
| be ~inaugurated on January Bird next,
| the first working day of the new
year, II the different cities of the
| country which ave been selected Tor
an experimental test of the system.
Postmaster General Hitchcock a
| Just announced that the work or
drawing up regulations. forms and in
| structions to postmasters n to the
| prospective depositors had progressed
| so satisfactorily as to assure the be-
| ginning Of operations at experimental
offices on that date. One office VIII
be opened in each state and territory
to receive deposits, with a view to
| testing the system which has been
devised.
In the establishing of the postal
| savings banks the United states
| ranks last among the nations of inn
| pcrtance, according to a publication,
"Notes on the postal savings bank
| system of the leading countries, Just
| issued by the National Monetary com
| mission. Even the smallest and most
unimportant countries of Africa and
| Asia nave had the system in sue
| cessful operation for years, the pub
l~ication states.
The history and organization or the
| postal savings bank sytems of the
! leading foreign countries. the regula-
lions in various countries concerning
the withdrawal Of funds, statistics
showing the growth In the number OF
depositors and amount of deposits,
| and the cost Of administration. with
the annual amount of profit or loss,
| are all made available In this volume
| to any one interested In the subject.
| The volume also includes the letters
received from United States consuls
lin answer 70 twenty-five pertinent
| questions bearing on the nature and
| operation OF postal savings banks In
| certain foreign countries. These an
| swers are %tabulated in most con-
venient form.
The United Kingdom was the
pioneer, having established her sys-
tenn in 1861. This postal savings
| bank system has grown steadily, I'M
| til in 1900 there were over 100000
depositors, with deposits of s7S1,794.-
533. For the whole period from 1861
to 1908 "the actual surplus profits
! covered into the treasury moun to
sI1,142,425." However. since 1902
there has been an annual average de-
ficit of about $500. 600. The cause
| for this is found in the reduction of
interest from 2 ga to 21-2 per cent
on British ~consols, in which the
funds are chiefly invested.
Canadian has had postal savings
banks since 1868.
The number of depositors in 1895
was but 80 for each 1000 population,
while the United Kingdom had more
than 200 for each 1000. However,
the average deposits are about $500
in Canada. while they are only $75 IN
the United Kingdom.
Postal savings banks in France date
from 1882. The rate of interest paid
in France is 2 1-2 per cent. The de-
| posts are invested in French gov
ernment securities, in negotiable OBJ
legations of the departments, COM
munes, and the chamber of com
merce. in real estate, or in the credit
foncier." The annual profit since
1895 has ranged from 100000 to
S 1000, 900. A reserve fund Of over
sic, 1000, 900 had been accumulated by
December 31st, 1907. This consti-
tutes a safety fund against losses.
The postal savings bank system of
the various countries have many de-
sirable and convenient features, some
peculiar to one or two countries,
others common to all. School chill
dren are quite generally encouraged
to open savings accounts. In the
United Kingdom more han 5000
schools have adopted a school sec
ton of the postal savings bank
Scholarship grants and prizes are
given in the form of a saving deposit
account.
French men-of-war carry branch
banks for the convenience of sailors, |
British soldiers stationed abroad may |
make deposits in the postal savings |
bank through the war office of pub
lie accounts.
In regard to the withdrawal OF
funds there is usually a provision re-
quiring notice, which is not always
insisted upon. In the United King
dom a depositor ION presentation of
his book at any p~cstoffice open for a
savings bank business can withdraw
Immediately a sum not exceeding f."
Larger amounts may be Withdrawn
upon receipt of an answer to a tele-
gram sent to the head office. Bel
GUM allows depositors. upon presen-
of their books, ION n sole
condition of proving their identity, to
withdraw at any postcffice whatever /
sums not exceeding 100 francs !
($20)." This provision is extremely |,
convenient for travellers. K