Kentucky Irish American. (Louisville, Ky.) 1898-1968, 1911-11-25
Sent Across Channel and Used
to Finance British
Industry.
Plans Under Consideration to
Have Surplus Invested at
Home.
WOULD PROVIDE FOR THOUSANDS

throughout the world the Irish
man for generations has been re-
garded as the most thriftless person
imaginable, and Ireland and poverty
have become most synonymous
terms. Why this is 1t is difficult to
understand, for any one more thrifty
and hard working than the average
Irish peasant 1t would be hard to
find. 1t is true, however, that Ire
land Is a poor country, and para
doxically enough her thrift is one
OF the chief instruments of her
impoverishment. The report of the
Postoffice Savings Bank, which has
Just been issued by the Postmaster
General, seems at first to bear out
the popular idea, for 1t shows that
while at the end of 1908 there were
546,560 Irish depositors, the num-
Der had been reduced by the end Of
1903 to 40S,538. But an analysis Of
the report shows that this reduction
In the number of depositors is not
due to any falling off in thrift, but
10 the action of the Postoffice
authorities in clearing out all in
active accounts in which the balance
amounted to less than $5.
In spite of this clearance, the
amount standing to the credit Of
irish depositors at the beginning a.
this year, which is the latest date
covered by the report, amounted to
the huge total of $57,070,000. The
report further shows that the Irish
are the thriftiest of the inhabitants
or the three Kingdoms. One Irish
man in every ten is a depositor in
the Postoffice Savings Bank, and
the average deposit is nearly $40.
Only one Scotsman in every thirteen
Is depositor, and the Scottish av-
srage is only sos, while the English
average is 800. But this does not
exhaust the tale of Irish thrift. The
Irish joint stock banks at the be-
ginning of this year held deposits to
the amount of $3.50, 100000, the
Trustee Savings banks held
$12,50O,000. and over $193,50O, 900
was Invested in Governments; secur-
tiles. Any one would think that a,
country able to hand over this vast
sum to the keeping OF the banks
ought to be teeming with prosperity.
In any other country in the world
the money would be doing its share
In financing new Industries and
helping old ones to expand. But in
ireland this is not the case, and that
Is why Irish thrift is largely respon-
sible for her poverty.
Every penny that is intrusted to
the Postoffice Savings Bank goes
to England and is there invested in
English Governmental securities. All
that Ireland gets out of II Is 2H
per cent. interest. The same Is true
OF most of the money deposited In
the Joint stock banks, nearly all of
which Is sent across the channel and
Is used there to finance British in
dustry. An Irish manufacturer who
wants accommodation from the
banks for a new enterprise has an
uncommonly hard time in getting 1t.
A good deal OF the Trustee Savings
bank money is invested in loans on
Irish real estate, but that can
hardly be classed as productive. The
money in Governmental funds of
course brings no return to Ireland
except the interest. It is estimated
that $4,000 invested in productive
PAONtuCo MOlh lOT Out III.
On this basis the money on deposit
In the Postoffice Savings Bank alone
should keep $4,000 Irishmen, at
work, and, estimating the average
Irish family at five persons, It would
provide a comfortable living at home
for 100000 persons. Moreover this
money, circulating as II would in
the form of wages and payment for
raw material. would increase the
general prosperity OF Irish mer-
chants, while at the same time Il
would bring or per cent. to its
owners instead of the 2 ~ per cent.
now earned. The same calculation
applied TO the deposits in the Joint
stock banks and the Investments In
Government securities shows that II
all Ireland's surplus cash were act
lively employed in Ireland there
would be work for 10000 more
Irishmen, and living for more than
a million extra people in Ireland. II
some plan could be devised for keep
Ing all this money at home there
would be an end OF emigration at
once.
Another steady drain on Irish cap
ital is due to the operation OF the
land purchase act. The Govern
ment advances the money to buy out.
the landlords. and II is repaid by
the purchasing tenants III INSTALL
ments. II Is all Irish moRey. made
out OF the Irish land, and the pity
ofNt is that most OF II IA going
abroad. Colonial and fore -
ye3tments are populanuuno11
mar IrIoh IurIo.~