Arizona republican., 1910-12-15


 certain foreign countries. These an swers are tabulated in most conven- tent form.
 The United Kingdom was the pio- neer. having established her system in 1861 This postal savings bank system has grown steadily, until in 1908 there were over II 900 900 de- positors. with deposits of s7Sl. 794 ,533. For the whole period from 1861 to 1908 the actual surplus profits GOV cred into the treasury amount to sll.l42 .425." However. since 1902 there has been an annual average deficit Of about s50O.OOO. The cause for this is found in the reduction of interest from 2A to 2l4 per cent on British consols. in which the funds are chiefly invested
 Canada has had postal savings banks since 1868. originally it was provided that the deposits should be invested in Dominion securities. but in 1875 this law was repealed and deposits are now handed over to the receiver general. and withdrawals are paid by him. This creates a float ing indebtedness of approximately s47.00O.0O0. payable on demand" The interest paid was originally per cent. but it was reduced to 3i5 per cent in 1889 and to per cent in 1892. The number of depositors in 1896 was but 90 for each 1000 popu- lation. while the United Kingdom had more than 200 for each 1000. How ever. the average deposits are about $500 in Canada. while they are only s75 in .the United Kingdom.
 Postal savings banks in France date from 1882. Mir. Cochery. the under secretary of state. in advo- eating the establishment of a postal savings system. said: The state has to achieve what can not be done bN private initiative. When private en- terprise can attain its object the state must disappear, but when pri- vate initiative is powerless il is the duty of the state to lend it's assist ance. IL is because the private saw ings banks can not meet all the wants Of the thrifty population that we submitted the bill which is under consideration These words might well have been used with reference i to the United States previous to the | passage. of the recent savings bank i act The rate of interest paid in France is 2hs per cent The deposits are invested in French government securities. in negotiable obligations of | the departments. communes. and the | chamber of commerce. in real estate. | or in the credit foncier'' The annual | profit since 1895 has ranged from !! s40OOO0 to s1.OOO.OOO. 4 reserve fund i of over sl0.OOO.O0O had been accumu- lated by December 31, 1907. This constitutes a safety fund against | losses.
 The postal savings bank systems | of the various countries have many | desirable and convenient features. | some peculiar to one or two coun- :! tries. others common to all School i children are quite generally encour- 1 aged to open savings accounts In | the United Kingdom more than 5000 | schools have adopted a school section ] of the postal savings bank. Scholar ship grants and prizes are given in i the form of savings deposit ac- count 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 public accounts. IT deposit | account has reached the maximum allowed. the postal savings banks of the United. Kingdom. Canada, France, Italy and other countries will invest any additional amount deposited in government securities. This service is rendered gratis or for a nominal charge. In the United Kingdom a de- positor may purchase insurance or an annuity from the postal savings bank.
 In regard to the withdrawal of funds there is usually provision re. quiring notice. which is not always insisted upon. In the United King dom a depositor 'on presentation of his book at any postoffice open for savings bank business can withdraw a sum not exceeding ( l." Larger amounts may be with drawn upon receipt of an answer tO a telegram sent to the head office