The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1910-06-14

POSTAL SAVINGS BANK
Since the passage OF the postal saw
ings bank bill T. now definitely as
surcd. considerable interest has been
aroused as to the workings Of the sys-
TEN In other countries. Austria has
a postal savings department. and in
regard TO a recent government Ioan
Hor7e information has come to hand
through the consular bureau.
This loan amounted to y26. 900.
The government institution took 40
per cent Of the bonds. the Vienna
banks 20 per cent. and the provincial
banks the remainder.
This bond issue was organized in
such a manner that all the private
department the number Of bonds they
desired. but the quota In which they
were allowed to participate was fixed
before the loan was made. The 30
per cent Of the issue reserved to IT.
self the postal savings bank intends
TO devote to It's depositors. for. &C
cording to its rules. depositors can.
~ they wish. ask for the investment
Of their savings in government bonds
In case the private banks sell their
whole bords OF the present issue Il u
possible that the postal savings de-
partment will give up the entire or a
part OF it, quota, as II can possibly
obtain similar values In future bond
issues. II should also be said that
the private banks are allowed to re-
tain on deposit the proceeds from the
sale Of bondc. paying the government
2 per cent for the money.
The postal savings ba- k bin now In
conference will probably differ. as Il
Is natural q should. from the systems
obtaining IN other countries. The Aus
TRAN plan. however. seems to work
well in that empire.
Besides investing its deposits in
EoN iment bonds the postal savings
dep. 'ent OF Austria takes charge
OF n bonds for safekeeping and
sells tie same for the owner. 0or
the bonds purchased the depositor Is
charged according 70 the market rate
NA~HA-AAAAh ~ FANAAA-~F WIN Gala
charge OF ? cents per thousand on the
original sum, but at least cents r.
deducted from his deposit or check
account Depositors are not allowed
20 keep over s4O6 in the postal saw
ings bank. and a month after notice
has been given to withdraw the ex-
cess amount the department. buys
bonds for the surplus. The bonds so
bought. unless the dspositor wishes
otherwise. remain In custody OF the
postal department The coupons.
when due. are collected. and II 30 de-
saving account The person can also
demand that the coupons be sent him
OF that they be sold. Sales Of bonds
are made. n possible. on the same day
when ordered. but II not. the deposit
tor Is duly notified. Depositors can
order that s0nds bought shall be
turned over TO other persons
The postal savings bank collects
checks Of all kinds for its depositors.
mortgages. exchanges foreign coins
and notes. and makes loans under the
following conditions: Il accepts as
securities the debentures OF the i'm
pcrial debt. also notes and other Sc
curitics issued by the Austro-Hun-
garian Imperial Bank. The loans are
made for three months. in ten divisi-
bic shares. the least amount being
S10.15. and the greatest S5.O75: II
discounts the values in its possession.
n payable after three months; but
loars or papers not sold by the Vi
emma Bourse are excluded. Values or
coupons payable In gold. or bonds not
deposited In the postal savings bank.
are not accepted FOR discount A
charge OF Il cents on every bond in
case Of discounting. and cents for
every transaction on coupons is made.
Postal savings banks have been es-
tabiished in most civilized countries
The United States. while slow in this
particular instance. viii probably
have the best law OF all in the end.