The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1910-09-06

percentage OF surplus shows slight
decrease.
Taxes and Interest Rate on Deposits
Under the present law the banks
pay a tax 10 the state of seven mills
on a dollar of deposits. The great
bulk of savings deposits in our banks
are owned by persons of small means
who would pay practically no taxes
upon it, were it invested in any other
manner
believe that there should be an
increase of the percentage of surplus
to deposits in all our banks until it
reaches at least 10 per cent and
tical idea to reduce the state tax to
five mills, thus allowing the banks to
pay per cent on savings deposits,
and increase the percentage of sur
plus and that the increase in deposits
will more than Offset any apparent
loss in taxes.
Reports and Examinations
made two examinations of each
bank in 1909 as required by law and
early in 1910 ! sent out blanks for
a special report which included a
great many things which had never
before been reported, and also sent
blanks to each director or trustee of
bank. asking for full information
with relation to the manner in which
he had performed the duties pertain
ing to his position.
The information acquired by these
special reports was of great value
and while a very few officers OF
banks objected at first to giving the
information; in the end nearly all did
so. Probably the statute does not
give the commissioner the right to
have such information unless he gets
them by personal questioning at the
bank and | think the law should be
changed in that respect.
My first examinations in 1910 have
been devoted largely to the bookkeep
ing and liability side of the banks
a side which has been neglected here
tofore and which should receive more
attention. There are so banks under
the supervision OF the bank commits
siouer and no two have exactly the
same system OF bookkeeping and mos
Of them are very different, one from
the other
think n system can be devised
which would be practically uniform
which would lessen the work in many
banks and allow the bank commission
er to make a more thorough examina
tiCn in the time allowed
| made an effort to have the accru
ed interest reported this year but wa
not able to have it done in all cases
as some banks reported that they hat
not the clerical force to do it in tn,
time allotted and where it is not in
Guided, the report so states.
Auditor Of Accounts and State Treas
urer's Office
examined the auditors account
as required by law and found then
correct The system of accounting i
excellent and full information wit
relation to all accounts required b.
law to be kept by the auditor is cas-
lily obtainable.
With the auditor | examined the a(
counts of the state treasurer as requil
ed by law and found them correct an
that all the money which had com
, into his hands since the last examine
ton had been accounted for.
2 Reserved Surplus
, The law requires the mutual sa
ings banks to carry to a reserve su
> plus fund at each semi-annual div
dend period one eighth of one pc
cent of the average amount of depo
its for such period, until such fun
amounts to ten per cent of the amour
e 'of deposits and other liabilities e
S cept surplus which fund shall be kel
( to meet losses in the business. II
@ banks referred to have compiled vii
!, this law.
e The savings banks and trust COZ
n panies are not required by law to a
L cumulate a surplus and the only S
e curity for deposits Is the capital sto,
n paid in and the liability of asses
G ment for its full value, equally al