The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1910-12-19
POSTAL BANKS TO
RECEIVE SAVINGS
CCoptsaurd Prom Parc Oncl

fConHnucd From Page 0nc.l
or nations the system is much more ex-
tcnsive. In France there are more than
100000 deposttors. with average de-
posits OF SIS. Italy has 8. 900 900 also.
with an average deposit OF $50. Belgium
mas 100000. with an average or sb5.
and Russia has 1.700. goo. with an aver
age or So. Japan. which pays the high
est interest or an, has 5000. 900 deposit
ors. with deposits OF $4,000 600. but the
ayeraEc deposit is lowest OF an, only
about s..
History OF Organization.
The history and organization OF the
postal savings bank system or the lead
ing foreign countries. the regulations
I'm various countries concerning the
Withdrawal OF funds. statistics showing
the growth In the number 81 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 anyone Interested in
the subject The volume also includes
the letters received from the United
states consuls in answer to twenty
five pertinent questions bearing on the
nature and operation OF postal savings
banks iu certain foreign countries
. These answers arc tabulatcd in most
ouvcnicut form.
The United kingdom was the pioneer.
having established her system Don 1861.
This postal savings bank system has
Erovn steadily until I'm 1908 there were
over 1000. 600 dcpositors. with de-
posit- Of S1N1.79f. 523. For tho whole pc
riod from 1861 to 1905 .'the actual sur
plus profits covered into the treasury
amount 90 S11.1lZ.f25." However. since
[ 1902 there has been an annual average
deficit OF about $500. 900. THE cause
I for this is found In the reduction OF in
tcrcst from - per cent TO , per cent
on British consols. in which the funds
are chiefly invested"
Canada has had postal savings banks
since 1858. originally Do was provided
That tle deposits should be invested in
[ H|H o oil 10. HHrHn# H..rH Hw. H.e
Jaw was repealed and deposits are now
handed over Co the rccoivcr-general and
withdrawal are paid by him. This Gre
afCE floating indebtedness of am
IproNimatcly $4,000. 600. PAYABLE ON de-
mand-' The interest paid was origin
ally four per cent. but 20 was reduced
60 three and a half per cent i'm 1859 and
I 70 three per cent in 1897. The number
I of dcpositors iu 1896 was but thirty for
each 1000 population. while the United
Kingdom had more than zoe for each
/ 1000. However. the average deposits
are about $500 In Canada. while they
are only $40 In the United Kingdom.
Institution I'm France.
Postal savings banks I'm France date
I from 1852. Mr.. Cookery. the under sec
Rotary ~ state. I'm advocating the eetab-
iishment n postal savings system,
said. "The state has to- achieve what
cannot De- done by private initiative
Z When private enterprise can attain its
object the state must disappear. but
when private initiative Is pOwcrlcss 10
I is the duty of the state TO lend it's as
sistguce. 10 is because the private saw
iuEs banks cannot meet an the wants
. ~ tho thrifty population that We sub
mittcd the bill which is under CouSid-
/ Grafton" These words might well have
been used with reference to- the United
. states previous &c the passage OF the
/ recent savings bank act The rate OF
interest paid I'm France is two and a
. hair per cent. The deposits are invest
I ed In French government securities. I'm
u negotiable obligations OF the depart.
mcnts. COmmuncs and the chamber of
commerce, fra real estate or in the credit
. foucicr." The annual profit since 1897
! has ranged from 100000 TO $1,000. 900
. q reserve fund Of over 10000. goo had
d been accumulated hy December 81. 1907