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61ST CONGRESS \
3d Session
j
SENATE
f DOCUMENT
I No. 658
NATIONAL M O N E T A R Y COMMISSION
NOTES ON THE
POSTAL SAVINGS-BANK
SYSTEMS
OF THE
LEADING COUNTRIES
Washington : Government Printing Office : 1910
NATIONAL MONETARY COMMISSION.
NELSON W. ALDRICH, Rhode Island, Chairman.
EDWARD B. VREELAND, New York, Vice-Chairman.
JULIUS C. BURROWS, Michigan.
JOHN W. W E E K S , Massachusetts.
EUGENE H A L E , Maine.
ROBERT W#. BONYNGE, Colorado.
PHILANDER C. KNOX, Pennsylvania.
SYLVESTER C. SMITH, California.
THEODORE E. BURTON, Ohio.
LEMUEL P. PADGETT, Tennessee.
HENRY M. TELLER, Colorado.
GEORGE F. BURGESS, Texas.
HERNANDO D. MONEY, Mississippi.
ARSENE P. PUJO, Louisiana.
JOSEPH W. BAILEY, Texas.
ARTHUR B. SHELTON, Secretary.
A. PIATT ANDREW, Special Assistant to Commission.
TABLE OF CONTENTS.
I. H i s t o r y a n d o r g a n i z a t i o n of t h e p o s t a l s a v i n g s - b a n k s y s t e m s of t h e
leading countries.
Page.
United Kingdom
-7
Canada
12
France
13
Italy
14
Belgium
16
Kussia
17
Netherlands
18
Austria
18
Hungary
20
Sweden . . .
22
Egypt
23
Philippine Islands
... _
24
II. T h e w i t h d r a w a l of funds f r o m p o s t a l s a v i n g s b a n k s i n t h e l e a d i n g
countries.
Great Britain
25
Canada
26
France
26
Italy
27
Belgium
27
Netherlands
28
Austria
29
Hungary
30*
Sweden
31
Philippine Islands „
32
III. S t a t i s t i c s s h o w i n g g r o w t h of p o s t a l s a v i n g s b a n k s i n t h e s e v e r a l
c o u n t r i e s w h e r e established.
United Kingdom
34
New Zealand
35
New South Wales
35
Western Australia
36
Tasmania
37
British India
37
Ceylon
38
Straits Settlements
38
Federated Malay States
39
Canada
39
British Guiana
40
Bahamas
40
Cape of Good Hope
41
Transvaal
41
Orange River Colony
42
Sierra Leone
42
Southern Ehodesia
42
3
4
TABLE OF CONTENTS.
I I I . S t a t i s t i c s s h o w i n g g r o w t h of p o s t a l s a v i n g s b a n k s i n t h e s e v e r a l
c o u n t r i e s w h e r e established—Continued.
Page.
Southern Nigeria
42
Gold Coast
43
France
43
Tunis
44
Italy
'.
44
Belgium
45
Russia
45
Finland
46
Netherlands
46
Dutch East Indies
47
Dutch Guiana
47
Curacao
47
Japan
48
Formosa
48
Austria
49
Hungary
49
Sweden
50
Bulgaria
50
Egypt.
50
Philippine Islands
51
Countries which have discontinued post-office savings banks.
Victoria
51
Hawaii
51
I V . C o s t of a d m i n i s t r a t i o n of p o s t a l s a v i n g s b a n k s i n l e a d i n g c o u n tries.
United Kingdom
52
British India
,
52
Bahamas
53
France
53
Italy
54
Belgium
54
Netherlands
55
Austria
55
Hungary
56
Sweden
56
Finland
57
Percentage of cost of administration to deposits annually
58
V. R e p o r t s f r o m U n i t e d S t a t e s c o n s u l s o n t h e n a t u r e a n d o p e r a t i o n
of p o s t a l s a v i n g s b a n k s i n c e r t a i n f o r e i g n c o u n t r i e s .
1. Interrogatories concerning postal savings banks sent to consular
officers of the United States
59
2. Europe:
Netherlands
59
Austria
64
Sweden
68
Bulgaria
70
Finland
71
3. Asia:
Japan
73
Formosa
76
India
79
Ceylon
82
TABLE OF CONTENTS.
5
V. R e p o r t s f r o m U n i t e d S t a t e s c o n s u l s o n t h e n a t u r e a n d o p e r a t i o n
of p o s t a l s a v i n g s b a n k s i n c e r t a i n f o r e i g n countries—Continued,
page.
3. Asia—Continued.
Straits Settlements
87
Federated Malay States
88
Dutch East Indies
90
4. Africa:
Cape Colony
91
Southern Rhodesia
94
Transvaal
95
Orange River Colony
98
Sierra Leone
99
Gold Coast Colony
100
5. North and South America:
Bahamas
101
Curacao
103
British Guiana
106
Dutch Guiana
109
Brazil
Ill
6. Australasia:
New Zealand
115
New South Wales
119
Western Australia
122
Tasmania
126
C h a r t N o . 1 . — P o s t a l s a v i n g s b a n k s of t h e B r i t i s h E m p i r e
follows 128
C h a r t N o . 2 . — P o s t a l s a v i n g s b a n k s of E u r o p e a n a n d o t h e r c o u n t r i e s
follows 128
NOTES ON THE POSTAL SAVINGS-BANK SYSTEMS OF THE
LEADING COUNTRIES.
I. HISTORY AND ORGANIZATION OF THE POSTAL SAVINGS-BANK
SYSTEMS OF THE LEADING COUNTRIES.
U N I T E D KINGDOM.
The United Kingdom was the pioneer in establishing the postal
savings-bank system. The law was passed May 17, 1861, and
became effective September 16, 1861.
(a) Under the present law "friendly societies" duly enrolled may
deposit all of their funds in these institutions.
(b) Charitable societies may deposit not exceeding £180 in any
one year, and may have a maximum of £300 to their credit. By
permission of the national-debt commissioners these societies may
deposit without limit.
(c) Penny banks are also permitted to deposit all of their funds,
and many of them do so.
(d) Registrars of county courts are allowed to deposit their funds,
and this business has assumed large proportions.
(e) More than 5,000 schools have adopted the system of deposits
in the postal savings bank.
(/) Soldiers, wherever in service, may forward their savings to the
bank, and the amount thus received in 1908 was $210,724.
(g) In September, 1907, the rules were so amended as to permit
registered trades unions to invest their funds within the limit of £250
in any one year and not to exceed a maximum deposit of £1,000.
Sixteen unions availed themselves of this privilege within three
months after the permission was given. Transfers of funds may be
made from other savings banks to the postal savings, and also from
the postal to the other savings banks, at the request of a depositor.
A post-office which is not a money-order office may transact savingsbank business at such hours as the postmaster-general may determine.
The interest rate of 2 \ per cent is uniform on all accounts, and has
never been changed.
The extent of the postal-bank system of the United Kingdom may
be appreciated by noting certain figures in the report for the year
ending December 31, 1908, as follows:
Accounts opened in 1908
Accounts closed in 1908
1, 657,131
1, 331,435
In one day (April 18, 1908) there were 55,485 withdrawals.
During the year there were 125,401 withdrawals by telegraph.
7
8
NOTES ON POSTAL SAVINGS-BANK
SYSTEMS.
The whole number of depositors at the close of the year was
11,018,251, with aggregate deposits of $781,794,533, and the interest
paid to depositors was $18,360,112.
From 1861 to 1895, inclusive, the reports of the postal savings bank
show an actual net profit for every year. The years 1896 to 1899,
inclusive, show a net loss. Then, again, in 1900, 1901, and 1902 the
income was larger than the expenditure. Since 1902 there has been
a steady deficit averaging more than £100,000 annually. The cause
for this is found in the reduction of interest from 2 | to 2\ per cent
on British consols, in which the funds are chiefly invested. As soon
as this reduction was announced a special committee (appointed by
Parliament) recommended that the interest paid depositors be reduced from 2\ to 2 | per cent, but this has not yet been carried into
effect. The actual surplus profits above all losses from September 16,
1861, to December 31, 1908, covered into the treasury amount to
£2,289,618; or $11,142,425.
FROM F I F T Y - F I F T H R E P O R T OF B R I T I S H P O S T M A S T E R - G E N E R A L , D E C E M B E R 31,
1908.
The deposits and withdrawals made during the year ended the
31st of December, 1908, are shown in the following table, together
with the corresponding figures for the previous year:
Dei ;osiis.
Withdrawals.
Year.
1907
1908
Number.
Amount.
Number.
Amount.
18,771.969
18.379,991
£44,217,288
44,770,782
9,308,247
9,922,169
£4G, 433, G32
45, 395, 400
The amount withdrawn during the year exceeded the amount deposited by £624,618. I n 1907 the amount withdrawn exceeded the
amount deposited by £2,216,344.
The interest credited to depositors in 1908 was £3,772,755, as compared with £3,719,975 in 1907; and the total sum standing to the
credit of depositors on savings bank account on December 31, 1908,
was £160,648,214, an increase of £3,148,137 in the year. I n 1907
the increase was £1,503,631 only.
Of the 9,922,169 withdrawals 5,910,485, for a total amount of
£3,919,522, were made " o n demand/' the greatest number made on
one day being 55,485 on the 18th of April, when the sum paid was
£34,624. Withdrawals by telegraph, where payment is effected on
the day of application, were made in 125,401 cases, and withdrawals
by return post, where payment is effected on the day following that
of application, in 13,216 cases. The numbers show an increase as
compared with the year 1907 of 2,287 and 607, respectively.
9
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
The number of accounts opened during the year was 1,657,131, and
1,331,435 accounts were closed, the net result being an increase of
325,696 accounts. In the previous year 1,674,586 accounts were
opened and 1,314,815 accounts were closed, an increase of 359,771.
The total number of accounts remaining open on the 31st of December, 1908, was 11,018,251. Their distribution as regards England
and Wales, Scotland and Ireland, the average amount to the credit
of each depositor, and the proportion of depositors to population on
December 31, 1908, are shown in the following statement:
Depositors.
England, and Wales
Scotland
Ireland
United Kingdom
Average
Total amount amount
Proportion
to depositors
to credit of credit of each
to
depositors.
population.
depositor.
9,956,540 £143,160,340
515,151
6,651,414
10,836,460
546,560
11,018,251
160,648,214
£ s. d.
14 7 7
12 18 3
19 16 6
1 in 3.56.
1 in 9.37.
1 in 8.00.
14 11
1 in 4.05.
7
The average amount standing to the credit of each depositor shows
a further decrease of 3 shillings.
During the year 227 accounts in the post-office savings bank were
opened by friendly societies, as against 226 in 1907. The accounts
opened by charitable, provident, and trade societies numbered
2,602, against 2,592 opened during 1907.
The accounts opened under the provisions of the county courts
acts continue to show a slight decline in number, viz, 216, with
deposits of £16,432, as compared with 244, with deposits of £20,333,
in 1907. The accounts opened under the workmen's compensation
acts show a considerable increase in number, 5,113, with deposits
of £445,518, being opened, as compared with 1,764 accounts, with
deposits of £144,820, in 1907. The increase is accounted for by
the operation of the workmen's compensation act, 1906, which came
into force on the 1st of July, 1907.
The public-trustee act, 1908, affords additional facilities for the
use of the post-office savings bank by the public trustee.
No trustee savings banks were closed during the year 1908; but a
sum of £15,570 was transferred from open banks to the post-office
savings bank. On the other hand, a sum of £63,027 was transferred
from the post-office savings bank to trustee savings banks during
the year, as compared with £59,022 in 1907.
There are now 23 foreign and colonial government savings banks
participating in the arrangement with the British Post-Offiee Savings
Bank made under the provisions of the savings-bank act of 1904 for
the transfer of accounts. During the j^ear 1908 the sum of £174,196
was transferred under the arrangement to the British savings bank,
and the sum of £44,532 was transferred in the reverse direction.
10
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
The system under which soldiers stationed abroad are enabled to
remit money for deposit in the post-office savings bank through the
war office public accounts continues to work satisfactorily. During
1908 there were 27,999 deposits, amounting to £43,301. The
London county council continues to deposit in accounts in the postoffice savings bank certain scholarship grants made quarterly or half
yearly to pupils, and salaries and allowances to pupil teachers. I n
connection with this scheme 40,847 deposits, amounting to £187,212
were made during the year; but a large proportion of the money
deposited is withdrawn within a short period of the date of deposit.
There has been no appreciable change in the number of penny
banks investing their funds in the post-office savings bank or in the
number of schools making use of the stamp deposit system. More
than 5,000 schools have adopted this method of encouraging scholars
to save pence.
The average price of government stock was rather higher than in
1907, and the number and amount of the investments made by depositors in the year 1908 shows a marked decrease as compared with the
year 1907, when the average price was abnormally low. For the
same reason, no doubt, the sales of stock increased.
The following is a statement of the number and amount of investments and sales and the average price of consols in each of t h e last
five years:
Sales.
Investments.
Year.
Number.
1904
1905
1906
1907
1908.
39,633
32,301
39,134
44,652
29,519
£2,507,546
2,212,285
2,674,494
3,028,194
1,993,174
18,848
22,824
20,004
19,168
24,467
Amount.
Average
price of
consols.
£1,131,543
1,507,219
1,349.044
1,232,252
1,671,512
The number of stock certificates with coupons for dividends
annexed obtained for depositors during the year 1908 was 57, representing a sum of £11,200, as compared with 67 certificates, representing a sum of £14,800, obtained in 1907. The transfers of stock
to accounts opened for depositors at the Bank of England amounted
to £214,856.
The total number of stockholders on December 31, 1908, was
153,262, and the stock held amounted to £20,628,985, being a
decrease in the year of 968 stockholders and an increase of £95,088
stock.
The number of immediate annuities granted in 1908 was 1,812,
for sums amounting to £41,053, as compared with 1,685, for £37,940,
in 1907. The amount of purchase money received was £513,446.
The number of such annuities in existence at the close of the year
Statement of business of the post-office savings banks in the United Kingdom, 1861-1908.
[From annual reports of the British postmaster-general.]
Withdrawals.
Number of
persons
w h o de]
posited
Interest
j
in
credited
single
Aversums
Averto deA m o u n t . ! age
Number. Amount.
the
age
positors.
e
n
t
i
r
e
amount.!
!amount.
amount
allowed
in t h e
I
year.
N u m b e r of accounts.
Deposits.
NumY e a r b e r of
e n d e d postDeoffice
cember savings N u m b e r .
bank
31— offioes.
;
\£.s.d.
1861
1862..
1863..
1864..
1865..
1866..
1867..
1868..
1869..
1870..
1871..
1872..
1873..
1874..
1875..
1876..
1877..
1878..
1879..
1880..
1881..
1882..
1883..
1884 . .
1885..
1886..
1887 . .
1888..
1889..
1890..
1891..
1892 . .
1893 . .
1894 . .
1895 . .
1896 . .
1897 . .
1898 . .
1899 . .
1900 . .
1901..
1902..
1903..
1904..
1905..
1906..
1907 . .
1908 -.
2,535
2,991
3,081
3,321
3,507
3,629
3,813
4,047
4,082
4,335
4,607
4,853
5,068
5,260
5,448
5,668
5,831
6,016
6,233
6,513
6,999
7,369
7,756
8,106
8,351
8,720
9,022
9,353
9,681
10,063
10,519
11,018
11,323
11,518
11,867
12,212
12,582
12,995
13,341
13.672
14,048
14,362
14,614
14,862
15,055
15,166
15,239
639,216 £ 2 , i i 4 , 6 6 9 ! 3 6 2
842,848
2,651,209 3 2 11
1,110,762
3,350,084 3 0 3
1,302,309
3,719,017 2 17 1
1,525,871
4,400,657 2 17 8
1,592,344
4,643,906 2 18 4
1,757,303
5,333,638 3 0 8
1,998,644
5,787,218 2 17 10
2,135,993
5,995,121 2 16 1
2,362,621
6,664,629 2 16 5
2,745,245
7,699,916 2 16 1
2,917,698
7,955,740 2 14 6
3,044,692
8,341,256 2 14 10
3,132,433
8,783,852 2 16 1
3,166,136
8,982,350 2 16 9
3,267,851
9,166,738 2 16 1
3,360,636
9,485,391 2 16 5
3,347,828
9,887,109 2 19 1
3,755,689 10,301,152 2 14 5
5,699,876 11,867,155 2 0 0
6,151,469 12,821,230 2 0 0
6,297,368 13,575,167 2 1 3
6,458,707 14,510,411 2 4 11
6,474,484 15,034,694 2 6 5
6,562,395 15,696,852 2 7 10
6,916,327 16,535,932 2 7 10
7,540,625 19,052,226 2 10 6
8,101,120 19,814,308 2 8 11
8,776,566 20,990,692 2 7 10
8,941,431 21,334,903 2 7 9
9,478,339 22,845,031 2 8 2
9,838,198 24,649,024 2 10 1
10,973,651 30,439,449 2 15 6
11,384,977 32,078,660 2 16 4
12,638,307 36,258,350 2 17 5
13,012,935 35,757,476 2 14 11
13,757,244 37,361,838 2 14 4
14,654,609 39,122,160 2 13 5
14.969,849 40,516,434 2 14 2
15,018,645 41,452,051 2 15 2
15,250,316 42,217,003 2 15 4
15,325,618 40,857,206 2 13 4
15,466,928 40,612,967 2 12 6
16,320,204 42,300,617 2 11 10
17,997,023 43,980,579 2 8 11
18,771.969 44,217,288 2 7 1
18,379,991 44,770,782 2 8 9
Amount,
including
interest,
standing
t o credit
of all
open
accounts
a t close of
t h e year.
35,850
48,500
54,700
53,500
54,000
51,700
48,100
48,900
49,800
46,200
43,000
44,700
43,200
39,500
42,000
£438,637
1,027,154
1,834,849
2,318,610
2,975,054
3,222,800
3,669,809
4,227,056
4,758,187
5,115,467
5,836,660
6,584,181
6,876,095
7,325,560
7,792,477
8,083,991
8,514,188
9,030,174
9,346,634
10,244,287
10,869,534
11,800,171
12,530,563
13,202,742
13,689,943
14,680,279
15,802,735
16,814,268
17,908,860
19,019,856
20,346,217
21,764,566
23,786,927
25,698,296
28,489,329
30,624,995
32,952,829
35,171,475
38,231,372
39,890,043
41,395,800
42,786,025
41,904,393
42,096,037
43,763,002
46,433,632
45,395,400
4 16 2
5
5
5
5
5
5
5
6
6
6
6
6
6
6
6
6
6
6
5
5
5
5
5
5
5
6
6
6
6
6
6
6
6
6
6
6
6
7
6
6
6
6
5
5
4
4
£22,189
55,204
4 0
100,493
18 8
132,870
13 9
169,172
15 4
207,649
10 9
252,897
15 2
297,392
17 11
337,961
0 10
376,738
1 0
430,079
4 11
477,851
8 5
524,559
8 7
571,584
11 8
619,331
10 4
661,459
9 0
699,603
10 6
743,636
7 4
777,985
5 9
826,990
10 7
891,629
5 3
955,991
6 3
14 0 1,025,117
15 10 1,092,112
14 6 1,169,590
17 7 1,244,074
0 0 1,332,838
1 11 1,443,186
3 10 1,553,355
1 8 1,658,148
2 0 1,746,263
0 3 1,860,104
3 1 2,015,903
5 3 2,222,545
10 5 2,460,645
11 2 2,665,664
12 11 2,838,304
18 1 3,023,821
1 5 3,145,978
18 9 3,281,263
17 8 3,390,969
18 5 3,458,878
13 6 3,495,633
17 8 3,567,206
1 5 ' 3,667,729
19 9! 3,719,975
11 6: 3,772,755
Average
amount
standing t o
credit
of each
open account.
Remaining open
at close
of t h e
year.
Opened.
Closed.
205,928
185,934
226,153
239,686
266,542
264,341
289,366
323,723
333, 648
370,745
424,843
433,478
442,501
438,836
437,033
453,221
447,549
445,500
554,658
880,831
788,858
772,201
774,268
750.862
758,270
794,592
887,460
924,010
997,283
992,155
1,036,622
1,027,160
1,135,525
1,153,236
1,261,178
1,269,995
1,333,395
1,373,799
1,376,171
1,376,846
1,386,962
1,342,040
1,350,857
1,435,329
1,600,105
1,674,586
1,657,131
27,433
i78,495!
44,760
319,669
74,964
470,858
99,160
611,384
131,672
746,254
155,612
854,983
179,195
965,154
203,092 1,085,785
236,280! 1,183,153
250,406; 1,303,492
285,887; 1,442,448
319,281 1,556,645
330,413 1,668,733
330,466 1,777,103
511,762 1,702,374
364,355 1,791,240
346,033 1,892,756
349,779 1,988,477
358,163 2,184,972
458,191 2,607,612
537,494 2,858,976
525,535 3,105,642
546.235 3,333,675
548,887 3,535,650
562,499 3,731,421
574,252 3,951,761
618,294 4,220,927
637,128 4,507,809
677,778 4,827,314
701,074 5,118,395
702,701 5,452,316
731,237 5,748,239
775,001 6^108,763
808,402 6,453,597
852,740 6,862,035
892,269 7,239,761
942,654 7,630,502
957,621 8,046,680
982,868 8,439,983
1,029,154 8,787,675
1,041,476 9,133,161
1,071,349 9,403,852
1,080,992 9,673,717
1,145,997 9,963,049
1,230,370 10,332,784
1,314,815 10,692,555
1,331,435 11,018,251
£ . s. d.
97,294
197,431
309,242
407,412
515,348
581,972
637,144
716,466
787,172
845,279
933,975
1,025,333
1,069,669
1,112,637
1,195,603
1,252,965
1,304,617
1,418,543
1,465,331
1,728,700
1,935,129
2,075,465
2,198,792
2,280,062
2,390,655
2,496,294
2,633,808
2,757,848
2,892,006
3,126,231
3,335,068
3,618,721
3,863,886
4,102,059
4,367,594
4.670,483
4,957,895
5,094,033
5,406,347
5,748,624
6,012,983
6,180,419
6,276,929
7,155,283
8,629,749
9,308,247
9,922,169
E x p e n s e s of m a n a g e m e n t .
Total.
£ . s. d.
! £ . s. d.
£1,698,221
3,377,480
4,993,123
6,526,400
8,121,175
9,749,929
11,666,655
13,524,209
15,099,104
17,025,004
19,318,339
21,167,749
23,157,469
25,187,345
26,996,550
28,740,757
30,411,563
32,012,134
33,744,637
36,194,495
39,037,821
41,768.808
44,773,773
47,697,838
50,874,338
53,974,065
58,556,394
62,999,620
67,634,807
71,608,002
75,853,079
80,597,641
89,266,066
97,868,975
108,098,641
115,896,787
123,144,099
130,118,605
135,549,645
140,392,916
144,605,088
146,135,147
148,339,354
152,111, 140
155,996,446
157,500,077
160,648.214
9
10
10
10
10
11
12
12
12
13
13
13
13
14
15
16
16
16
15
13
13
13
13
13
13
13
13
13
14
13
13
14
14
15
15
16
16
16
16
15
15
15
15
15
15
14
14
i6 3
11 4
12 1
13 6
17 7
8 0
1 9
9 1
15 3
1 2|
7 10
11 11£
17 6 |
3 5|
17 2
0 11
1 4
2 0
8 11
17 7
13 1
9 0
8 7
9 10
12 8
13 2
17 5
19 6
0 3
19 10
8 3
0 5
12 3
3 4
15 1
0 2
2 9
3 5
1 3
19 6
16 8
10 10
6 8
5 4
1 11
14 7
11 0
Rate
Aver»>+p e r cenii
age
to total
cost
amount
per
standing transto credit
acof detion.
positors.
£20,591
25,401
45,856
49,527
59,451
62,700
61,860
62,060
67,945
69,427
78,404
84,160
99,616
122,325
125,912
152,184
448,543
192,280
188,891
200,574
221,653
248,180
248,618
256,402
290,555
288,418
326,990
336,954
326,394
343,614
354,008
367,566
414,557
414,625
429,627
450,938
450,641
473,877
487,025
506,093
526,007
549,140
537,672
527,856
598,925
585,603
679,678
1
4 3
15 0
18 4
15 2
10 9
10 9
10 9
10 9
10 9
8 2
8
7 11|
8 7*
9 8J
9 3f
10 7
9 6
12 0
11 2i
11 1
11 41
11 10J
11 l i
10 9
11 5
10 81
11 2
10 8 i
9 71
9 7
9 4
9 H
9 3i
8 51
7 Hi
7 91
7 3!
7 3i
7 2i
7 2*
7 3i
7 6
7 2f
6 11J
7 8
7 5
8 51
u
d.
6.7
5.8
7.7
6.9
6.9
7.0
6.2
5.5
5.5
5.2
5.1
5.1
5.8
6.9
6.9
8.1
11.1
9.7
8.7
6.5
6.6
7.1
6.9
7.0
7.8
7.3
7.7
7.4
6.7
6.8
6.6
6.5
6.7
6.4
6.0
6.1
5.8
5.76
5.74
5.85
5.94
6.13
5.93
5.40
5.40
5.01
5.76
NOTE.—Including as well as ordinary deposits, deposits for immediate investment in stock; amounts realized by sale of stock, and stock certificates obtained, the amount, when
stock is sold, or a stock certificate obtained, being placed to the credit of the savings-bank account so as to be dealt with as a withdrawal; dividends; deposits for purchases of annuities and payment of insurance premiums; and amounts credited to accounts in respect of sums payable to annuitants and insurants and their representatives. For particulars
see statements of government stock business and annuity and insurance business.
Including as well as ordinary withdrawals: Withdrawals for investment in stock, with commission; withdrawals consequent on sale of stock and obtaining stock certificates,
with commission and fees; withdrawals for purchase of annuities and payment of insurance premiums; and amounts paid to annuitants and insurants and their representatives.
For particulars, see statements of government stock business and annuity and insurance business.
Prior to the passing of the post-office savings-bank act, 1861, it was estimated (see Parliamentary Paper No. 523, 1861) that the average cost of each transaction would be 7d.
52027°—10, (To face page 10.)
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
11
was 28,417, the aggregate annual amount being £687,566. The
number of deferred annuities granted was 137, the amount being
£2,560. This class of annuity has never been popular.
I t may be mentioned that a holder of a post-office savings bank
annuity died last year at the age of 103, having been born in September, 1805.
The number of life-insurance contracts granted in 1908 was 421,
the total sum insured being £21,535, a decrease of 71 in number and
£3,377 in amount as compared with the figures of the previous year.
The number of insurance contracts in existence on December 31,
1908, was 13,102, for the sum of £756,999.
The net expenses of management of the post-office savings bank
for the year 1908 amounted to £679,678; and the average cost per
transaction on the total number of deposits and withdrawals works
out at 5.76d. as compared with 5.Old. in 1907. This is an apparent
increase of cost; but, as your lordships are aware, the expenses of
management for the year 1908 were swollen by a nonrecurrent expenditure of over £60,000 in order to bring up to date certain payments to subpostmasters wdiich had previously always been brought
to account in arrear.
Improvements in the pay of the staff, resulting partly from the
recommendations of the select committee on post-office servants and
partly from the modifications introduced by your lordships in the scale
of payment of second-division clerks, also increased the expenses of
management for the year by over £11,000.
Mainly in consequence of the exceptional causes above mentioned,
the expenditure (including interest paid to depositors) exceeded the
income in 1908 by £161,443, as compared with £86,247 in 1907.
12
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
CANADA.
Post-office savings banks were authorized by the Canadian Parliament in December, 1867, and the system began operations in April,
1868.
Until 1892 the amount deposited by one person in one year was
limited to $300 and the total deposit might not exceed $1,000; but
in 1892 these amounts were changed to $1,000 and $3,000, respectively. The average account is between $200 and $300, indicating
a well-to-do rather than a working-class patronage. In Great Britain
the average is about $75 and in Belgium about $65.
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 "floating" indebtedness of approximately $47,000,000, payable on demand.
For more than twenty years the rate of interest was 4 per cent,
but it was reduced in 1889 to Si per cent, and in 1897 to 3 per cent,
where it now stands. According to Mr. Massey Morris, the chartered banks which hold more than twice as large an amount of
deposits as all the other deposit-receiving agencies in Canada, have
had to conform closely to the interest rate of the postal savings
system, and he infers therefore that the nation's business interests
have been damaged by the high rate of interest paid prior to 1897.
The local post-office officials have little authority. This is true
both as to deposits and withdrawals; when a deposit is made at a
local office the amount is transmitted to the treasury department,
and the depositor in two or three days receives his certificate of
deposit. The rules for withdrawal require that the application be
left at the local office; this is forwarded to the treasury, acted upon,
and a check returned for the amount.
I n 1906 there were 30 depositors for each 1,000 population, while
Great Britain had more than 200 depositors for each 1,000.
Statement of the business of the post-office savi7igs banks of Canada, annually,
1868-1908.
[ F r o m t h e a n n u a l r e p o r t of t h e d e p u t y postmaster-general of C a n a d a for t h e year e n d e d March 31, 1909.]
Number of N u m b e r
postof deoffice
posits
savreings
ceived
banks
d
u
ring
a t close
period.
of periods.
Year ended June 30-
1868«
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
19076.
1908c
1909 c
81i
213
226
230
235|
2391
266
268
279
2871
295
297
297
304
308
330
343
355!
392)
415
433
463
494
634
642
673
699
731
755
779
814
838
847
895
915
934|
961
989|
1,011
1,043|
1,084
1,102
T o t a l , period e n d e d
March 3 1 , 1 9 0 9 . . . .
Average
Total
[amount]
a m o u n t of of each
deposits re- deposit
ceived d u r reing period. ceived
during
period.
166]
3,247 $212,507.00 $65.44
927,885.00
16,653
55.71
4,787
24,994 1,347,901.00
53.93
9,478!
33,256 1,917,576.00
57.66
15,148
39,489 2,261,631.00
57.27
20,154
44,413 2,306,918.00
51.94
23,800
45,329 2,340,284.00
51.63
25,814f
42,508 1,942,346.00
45.69
25,9541
38,647 1,726,204.00
44.66
24,152
36,126 1,521,000.00
42.10
22,484
40,097 1,724,371.00
43.00
21,944
43,349 1,973,243.00
45.52
23,226
56,031 2,720,216.00
48.55
26,716
71,747 4,175,042.00
58.19
28,510|
97,380i 6,435,989.00
66.09
35,!
109,489 6,826,266.00
62.35
45,2531
6,441,439.00
109,
58.88j
58,026
116,5761 7,098,459.00
60.
59,714
126,322 7,645,227.00
60.52|
62,205
143,076 8,272,041.00
57.81
65,853
155,978 7,722,330.00
49.51 $217,385.10 78,229
166,235 7,926,634.00
47.67 1,085,979.72 84,572
154,678 6,599,896.00
42.671 167,501.53 90,1511
147,672 6,500,372.00
44.02 389,169.28 84,9631
145,423 7,056,002.00
48.52
77,38l'
148,868 7,708,888.00
51.78
73,361
145,960 7,524,286.00
51.55| 218,173.60 84,941
143,685 7,488,028.00
52.11 493,889.23 85,5881
155,398| 8,138,947.00
52.371 449,981.61 87,221
161,151 8,223,000.00
51.02
91,3981
179,814 9,183,693.00
51.07] 1,856,474.31
94,532
174,6581 8,310,630.00
47.58J 786,868.48! 95,090
201,262 10,448,485.00
51.91 141,171.82! 92,713
212,217 11,091,099.00
52.26!
102,083
219,678 11,382,035.00
51.81 '4i5,'507.'96 105,946
231,619 12,060,825.00
52.071
104,393!
235,043 11,737,940.00
49.94
108,237!
223,281 10,503,870.00
47.04|
110,157
233,8031 10,805,458.00
46.21 252,773.93) 106,923
559,593.31
186,916 8,803,233.00| 47.09
79,338
242,386 12,293,544.17
50.71 1,216,168.80! 116,435
59,243.71 115,048
199,884 9,415,569.29
47.10|
1,102 5,303,736 270,741,309.46
a T h r e e m o n t h s e n d e d J u n e 30.
52027°—10.
(To face page 12.)
Number
Averof deAmount
age
Total
Numpositors'
of deposiamount
a
m
o
u
n
t
ber
of
Averaccounts
tors' acstandN
u
m
s
t
a
n
d
i
n
g
t
o
acN
u
m
age
transcounts
Numing t o
Total
of
t h e credit
ber of c o u n t s
a m o u n t ! ber of
ferred
transferred ber
credit
amount
I n t e r e s t al- of all o p e n
withreacof
each
accounts
from
Dofrom Doof each
withdrawn
lowed
to
dedrawaccounts,
m
a
i
n
c
o
u
n
t
s
withminion
opened
minion
d u r i n g peopen
positors.
inclusive of
ing
d r a w a l during
Govern- closed
Govern- als durriod.
acpeinterest alopen
during
d u r i n g period.
ment
m e n t Sav- ing
count
riod.
lowed,
a
t
a
t
close
period.
period.
Savings
ings B a n k
a t close
close
of
peof
peBank
d u r i n g peof period.
riod.
during
riod.
riod.
period.
$8,857.48
296,754.35
664,555.51
093,438.'
778,565.191
323,299.32
I, 643.42
341,979.04
021,457.97'
726,082.981
713,658.79
733,448.79
015,813.161
097,389.15
461,619.31!
730,995.39!
649,611.13
793,031.84
183,470.60|
626,067.51,
514,071.781
532,145.561
575,041.98!
875,977.57
230,839.14
631,578.97
473,585.
310,291.97
406,066.131
656,086.64
853,178.42
021,862.56
903,505.
774,694.62|
617,070.50|
379,756.94
883,127.70|
129,101.23
324,529. ~~
330,766.391
610,865.95 !
132,239.001
51.05 8,309,882.39 2,665,943|260,895,122.96i
$53.35
61
70.11
72.10|
81.33
86.91
86.04
82.
77.11
70. 49|
70.55
66.07
69.89|
73.56
96.53
104.54|
100.84
97.01
99. 40!
100. 62|
96. 05
89. 06|
95.12
92. 67
93.44
90.391
87.98
85.41
84.91
83. 76|
93.65
94.88
96.03
95.751
100.21
109.01
109.79|
110.11
115.26|
117.35
116.
114.14!
2,146
6,429
7,823
9,424
10,846
11,995
12,048
10,516
10,218
8,971
10,058|
10,755
14,4071
18,731
25,778!
27,127
26,562
27,591
29,103
31,8741
37,51,"
38,049|
32,127
29,791
28,943
29,502l
29,116
27,998
30,100
30,236
33,722
30,172
37,596
38,685
38,886
39,786
38,925
35,376
37,681
30,282!
42,5301
31,611
97.861,061,031
& N i n e m o n t h s e n d e d March 31.
44
1,319
2,857
4,449
6,940
9,528
10,600
11,190
10,097
9,312
8,597
8,845
10,487|
10,491
13,9201
17,531
20,939
20,951
21,555
22,585
26,704]
29.581
33,499i
32,006
29,368
26,032
27,033'
26,037
26,245j
26,663
29,449
30,320
29,337
32,304
34,205
35,524
37,376
39,002
39,536
30,849
44,403
41,407
2,102
7,212
12,178
17,153
21,059
23,526
24,968
24,294
24,415
24,074
25,535,
27,445
31,365!
39,605
51,463]
61,059
66,682
73,322
80,870
90,159
101,693
113,123i
112,321'
111,230
110,805
114,275
117,020
120,628
126.442
135,737
142,289]
142,141
150,9871
157,368
162,7611
167,023
168,572)
165,518
164,542
167,285!
165,691
155,895|
$939.
21,094.
48,689.
84,273.
116,174.
126,932.
126,273.
120,758.
110,116.
104,067.
103,834.
110,912.
136,075.
184,904.
291,065.
407,305.
477,487.
539,560.
607,075.
692,404.
765,639.
841,921.
786,875.
734,430.
734,590.
777,482.
835,800.
876,049.
944,524.
1,024,511.
982,725.
1,001,899.
1,049,699.
1,126,952.
1,188,924.
1,254,048.
1,309,567.
1,320,511.
1,328,205.
1,027,833.
1,369,404.
1,342,869.
$204,588.89
856,814.26
1,588,848.83
2,497,259.65
3,096,500.01
3,207,051.57
3,204,965.46
2,926,090.48
2,740,952.59
2,639,937.47
2,754,484.03
3,105,190.80
3,945,669.11
6,208,226.77
9,473,661.53
11,976,237.31
13,245,552.64
15,090,540.31
17,159,372.09
19,497,750.15
,20,689,032.62
123,011,422.57
21,990,653.49
21,738,648.09
22,298,401.65
24,153,193.66
25,257,868.14
26,805,542.47
28,932,929.68
32,380,829.09
34,480,937.77
34,771,605.17
37,507,455.
[39,950,812.62]
42,320,209.91
44,255,326.93]
45,419,706.28
[45,367,760.68
45,736,488.51
[47,452,957.751
:47,564,284.28
45,190,484.21
$97.33
118.80
130.41
145.59
147.04
136.32
128.36
120.44
112.27
109.60
107.87
113.14
125.80
156.75
184.08
196.13
198.63
205.81
212.18
216.26
203.44
203.41
195.78
195.44
201.24
211.36
215.84
222.22
228.82
238.55
242.47
244.62
248.41
253.87
260.01
264.96
269.44
274.09
276.75
283.66
287.07
289.88
23,987 929,123 155,895 27,034,415.32 45,190,484.211
289.88
723
2,962
570
1,124
662]
1,647
1,9591
5,722
2,279
587
572
879
3,310
279
c Y e a r e n d e d March 31.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
13
FRANCE.
Antedating the postal savings bank by six years and preparing the
way for it was a decree issued August 23, 1875, by the President of
France, authorizing officers of existing savings banks to avail themselves of the assistance of the post-offices in the transaction of their
business with the public, in addition to the cooperation afforded by
the collectors of taxes, it being, however, decided that postmasters
were not to act on behalf of the banks in communes in which tax
collectors reside (except during their absence), nor at places where
the savings banks have their offices or agencies. These restrictions
in using the services of postmasters were intended to avoid all
grounds for competition and discord among the officers of savings
banks. As a matter of fact, however, this decree of the President
of France did not fulfill the expectations of its friends, for in 1880
only 75 out of 1,370 savings banks had applied for the assistance
of tax collectors and postmasters, and only 145 post-offices had been
invited to cooperate.
I t was then that Mr. Cochery, the undersecretary of state and
afterwards minister of posts and telegraphs for France, in advocating
the enactment of a postal savings bank for the entire nation, said:
" T h e State has to achieve what can not be done by private initiative.
When private enterprise can attain its object, the State must disappear, but when private initiative is powerless, it is the duty of
the State to lend its assistance. I t is because the private savings
banks can not meet all the wants of the thrifty population t h a t we
submitted the bill which is under consideration."
This bill referred to by Mr. Cochery became law on the 9th of
April, 1881, and went into effect January 1, 1882.
Some of its most important features are these:
1. Deposits can be made and withdrawals effected at any postoffice, no matter how far from the office where the deposit book was
issued. In Paris withdrawals may be made on demand through
pneumatic tube, and this has become so popular that in 1906 such
withdrawals averaged 166 daily. Throughout the nation funds may
be withdrawn by telegraph, and these averaged 122 daily in 1906.
2. The funds are invested in French Government securities, in
negotiable obligations of the departments, communes, and chamber
of commerce, in real estate or in the credit foncier.
3. Letter carriers receive a small payment for each book opened
through them.
4. The rate of interest has been changed only once; it was originally
3 per cent, but was reduced to 2\ in 1895, and thus remains to the
present day.
14
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
5. The maximum account for individuals is 1,500 francs, and for
associations 15,000 francs. When this amount is exceeded the
excess, if not withdrawn, is invested in government stock without
expense to the depositor.
6. A reserve or endowment fund to guard against damaging losses
was provided for in the original law, to be formed from:
(a) The profit realized over the expense of administration when
these expenses do not reach the one-fourth of 1 per cent destined to
cover them.
(b) Gifts and legacies to the bank.
(c) Deposits not withdrawn or claimed within thirty years, and
which eventually become the property of the bank.
(d) Other legitimate sources of income.
This fund amounted to $10,038,747 December 31, 1907, after all
expenses of management had been paid.
7. Married women may make deposits and withdrawals except in
case of opposition of their husbands. Minors may make deposits in
their own name, and may withdraw the same after the age of 16,unless
opposed by their legal representatives.
8. Branch banks are also established on French war ships, where
those in the naval service make deposits and withdrawals, send
money to their families, or buy government stocks. Money may
through this channel be deposited by friends at home for the benefit
of those in the service.
ITALY.
The postal savings-bank system was established in Italy by the law
of May 27, 1875.
There are now about 5,000,000 depositors in the postal savings
banks, with aggregate deposits exceeding $290,000,000.
There are also many small cooperative societies interested in agricultural credits. They accept no help from the State and none from
private charity, and the upopular b a n k " is an association of the very
parties who need to borrow.
Signor Luzzatti gave the keynote of success in saying t h a t : '' The
cooperative societies that prosper are those that make up their own
capital by the heroic setting aside of part of their daily wages; workingmen must be imbued with the sentiment of order, providence, and
good administration—this alone can preserve and increase the
acquired capital."
There are about 800 of these popular banks, and the last available
figures indicate a half million of members, with a capital and reserve
of $22,828,000.
Statement of total accounts of depositors in the postal savings banks of Italy annually, 1876-1908.
[I*rom report of director-general of the Deposit and Loan Bank.]
Year.
Credit of depositors a t t h e beginn i n g of t h e
year.
Deposits m a d e
a t t h e postal offices.
1
2
Lire.
1876
1877
1878
1879
1880
1881
1882
1883
1884, J a n u a r y t o J u n e
1884-85
1885-86
1886-87
1887-88
1888-89
1889-90
1890-91
1891-92
1892-93
1893 J u l y t o D e c e m b e r
1894
1895
1896
1897
1898
1899
,
1900
1901
1902
1903
1904
1905
1906
1907
1908
2,443,402.93
6,474,746.46
11,385,444.81
26,230,576.72
46,253,552.46
66,995,440.02
84,964,771.90
112,142,156.92
131,224,434.82
163,889,213.09
199,645,537. 53
226,759,113.21
250,252,822.31
273,827,320.85
297,366,566.13
320,508,022.31
343,934,646.93
386,192,515.95
400,099,092.20
424,483,880.57
462,459,985.69
478,695,654.35
536,640,808.63
570,386,133.54
628,563,689.70
682,212,232. 58
719,841,327.97
783,589,274.36
869,353,050.38
983,620,537.42
1,068,521,242,98
1,211,064,357.80
1,418,148,678.53
Total
I n t e r e s t accrued to depositors.
Net.
Income t a x .
3
4
Withdrawals.
Income t a x
charged t o d e positors.
Credit of depositors a t e n d of
year.
5
6
7
Lire.
3,709,357.04
9,358,648.96
14,648,889.40
33,564,370.42
53,058,772.44
71,235,783.06
83,492,945.23
105,582,729.55
65,571,098.32
138,326,769.19
153,787,676.28
159,235,864.60
166,874,462.91
175,506,525.45
190,668,212.62
202,918,858.34
218,024,876.31
245,533,448.17
123,104,875.03
264,165,792.76
273,110,119.29
281,024,938.58
318,665,677.78
332,275,116.77
367,913,860.70
400,038,061.18
391,839,254.46
426,961,093.96
475,169,382. 94
540,476,469.27
545,698,024.27
639,673,321.80
749,119,024.82
714,880,658.64
Lire.
32,780.92
131,480.70
254,245.28
627,049.56
1,237,701.29
o2,075,657.21
2,603,679.09
3,318,766.99
-13,734.31
4,453,291.05
5,576,560.67
6 7,975,270.44
c7,348,730.94
7,845,827.65
8,692,206.41
9,413,944.46
d 12,886,861.62
<10,969,436.50
12,306,102.85
12,689,998.02
13,788,732.93
13,419,161.71
14,692,418.94
15,472,998.26
16,890,001.76
18,379,976.82
19,211,175.29
20,117,098.32
21,959,962.48
24,323,536.12
26,141,399.30
28,999,336.62
33,003,587.51
37,549,856.66
Lire.
5,280.31
21,003.38
40,501.78
99,890.26
195,019. 68
304,889.22
410,251.40
521,340.70
-2,157.51
699,561.57
876,014.51
1,057,412.70
1,156,044.38
1,232,816.75
1,365,754.39
1,479,150.78
1,593,253.87
1,667,608.70
1,871,434.99
2,564,367.38
3,464,762.46
3,354,790.43
3,673,104.73
3,868,249.56
4,222,500.44
4,594,994.20
4,802,793.83
5,029,274.58
5,489,990.62
3,648,530.42
3,999,634.10
4,436,898.51
5,049,548.89
5,745,128.07
Lire.
1,298,735.03
5,458,786.13
9,992,436.33
19,346,288.07
34,273,497.99
52,569,552.71
68,127,292.44
81,724,111.52
46,475,086.11
110,115,281.97
123,607,912.51
140,097,559.36
150,729,484.75
159,777,854.56
175,821,173.75
198,191,346.62
207,485,113.31
214,245,015.65
121,504,401.63
252,471,002.41
248,922,747.10
278,208,431.63
275,412,942.44
314,002,790.12
326,626,306.30
364,769,495.12
373,421,334.36
383,330,245.89
411,365,569.40
450,532,518.35
486,938,718.01
526,129,543.60
575,038,291.60
663,797,398.56
Lire.
5,280.31
21,003.38
40,501.78
99,890.26
195,019.68
304,889.22
410,251.40
521,340.70
-2,157.51
699,561.57
876,014.51
1,057,412.70
1,156,044.38
1,232,816.75
1,365,754.39
1,479,156.78
1,593,253.87
1,667,608.70
1,871,434.99
2,564,367.38
3,464,762.46
3,354,790.43
3,673,104.73
3,868,249.56
4,222,500.44
4,594,994.20
4,802,793.83
5,029,274.58
5,489,990.62
3,648,530.42
3,999,634.10
4,436,898.51
5,049,548.89
5,745,128.07
8,935,214,960.54
/414,375,100.06
78,539,646.03
7,842,808,265.33
78,539,646.03
Lire.
2,443,402.93
6,474,746.46
11,385,444.81
26,230,576.72
46,253,552.46
66,995,440.02
84,964,771.90
112,142,156.92
131,224,434.82
163,889,213.09
199,645,537.53
226,759,113.21
250,252,822.31
273,727,320.85
297,366,566.13
343,934,646.93
320,508,022.31
386,192,515.95
400,099,092.20
424,483,880.57
462,459,985.69
478,695,654.35
536,640,808.63
570,386,133.54
628,563,689.70
682,212,232.58
719,841,327.97
783,589,274.36
869,353,050.38
983,620,537.42
1,068,521,242.98
1,211,064,357.80
1,418,148,678.53
1,506,781,795.27
a In this sum are included Italian lire 140,663.92 of benefits placed to the credit of depositors according to article 15 of the act of May 27, 1875, over and above the interest accumulated during the five years, 1876-1880; deducting them, remains the sum of Italian lire 1,934,993.29 of pure interest.
b Including Italian lire 1,242,959.52 of benefits accredited as above, over and above the interest for the five years 1881-1885; deducting them, remains the sum of Italian lire
6,731,310.92 of pure interest.
c As a consequence of more careful ascertainments the post-office administration fixed, in the sum of Italian lire, 1,233,224.56 the part of net benefits for the five years, 1881-1885,
to be capitalized in favor of the depositors; therefore the difference of Italian lire 1,243,959.52 mentioned in note (&) has been deducted from the net interest accredited to depositors
for the fiscal year 1887-1888. These interests, therefore, including the above-mentioned sum 10,334.96, amount to Italian lire 7,359,465.90.
d Including Italian lire 2,746,758.16 of benefits placed to the credit of depositors, over and above the interest for the five years, 1886-1890; deducting them, remain Italian lire
10,140,103.46 of pure interest.
e This sum includes Italian lire 4,381.60 accredited to the depositor over and above the part of benefits already capitalized in their favor for the five years, 1886-1890, as from the
preceding note (d). Said part, therefore, amounts to the larger sum of Italian lire 2,751,139.76. Deducting Italian lire 4,381.60, there remain for the fiscal year 1892-93, Italian lire
10,965,054.90 of pure interest.
/ Deducting from this total the parts of benefits finally assigned to the depositors for the three periods, 1876-1880, 1881-1885, 1886-1890, in Italian lire, 4,125,028.24 (Italian lire
140,663.92+1,233,224.56+2,751,139.76), as shown in notes («), (c), and (d), there remain Italian lire 410,250,071.82 of pure interest.
52027°—10. (To face page U.) No. 1.
Statement of receipts and expenses, and disposal of net profit of the postal savings banks of Italy annually,
1876-1908.
[From report of director-general of the Deposit and Loan Bank.]
Receipts.
Year.
1877
1878
1879
1880
1881
1882
1883
1884,
J a n u a r y to J u n e
1884-5
1885;, J u l y to D e c e m b e r
1886,
J a n u a r y to J u n e
1886-7
1887-8
1888-9 fc
1889-90
7
1890,
J u l y to D e c e m b e r
1891,
J a n u a r y to J u n e
1891-2
1892-3
1893,
July to December
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
Total
Interest on
c a p i t a l administered
by the
Deposit a n d
Loan Bank.
Fees for
duplicat i o n of
bank
books.
1
2
Lire.
66,184.23
278,495.27
441,543.65
977,223.17
1,893,398.96
3,154,390.05
4,091,987.66
5,297,937.04
3,219,823.72
7,659,171.46
4,208,790.13
4,829,920.10 i
10,611,880.96
11,505,621.14
13,125,368.85
6,264,076.69
14,560,539.08
Lire.
13.00
15,141,636.20
16,420,688.51
17,686,090.81
18,260,243.46
20,952,901.41
21,509,757.26
21.623,816.27
22,857,275.93
25,040,670.47
27,264,188.35
29,237,185.08
31,038,320.33
33,452,536.86
36,531,643.97
39,476,897.43
45,053,425.48
49,764,375.50
56,071,142.00 !
824.66
619,569,147. 48
52027°—10.
I n t e r e s t on
Benefits
c a p i t a l in- \
on t h e sale v e s t e d in
of b o n d s b o n d s h e l d
to dea t t h e dispositors. posal of t h e
depositors.
4
Lire.
Lire.
85.00
42,755.28
(To face page 14.)
Fines.
5
;
Lire.
3,6i2.77
2,944.96
2,112.07
Various.
Total.
|
I
i
1
1
1
!
3,526. 52
2,673.61
1,969.64
2,487.30
3,523.40
5,307.45
5,930.70
10,175.25
4,962.70
5,897.90
13,619.44
6,743.82
2,695.84
6,243.81
5,498.29
6,671.83
6,232. 75
7,124.93
6,732.55
5,889.34
9,517.37
8,219.01
8,750.11
9,802.51
8,467.26
9,214.79
9,798.39
4,430.80
191,552.52
No. 2.
N e t interest
accredited t o
depositors.**
6
Losses on
A d m i n i s t r a t i o n b o n d s sold
expenses.
to depositors.
8
Lire.
103.00
3 13.29
329.45
1
j-
|
64.98
24,761.65
1,393.74
531.00 ;
622.00
596.00
645.00
718.00
777.00
855.00
907.00
905.00
956.00
1,281.00
1,292.00
1,070.00
1,136.00
2,309.00
2,492.28
2, 720. 95
2,718.55
3,075.00
3,247.50
3,656.00
3,791.00
4,262.00
\
!
•
475.41
68.00
80.00
158.00
197.00
333.00
434.00
\
i
3
Disposal of n e t benefits.
Expenses.
|
l
88.71
!s
99.56
58.95
198.46
30.75
84.65
23.88 I
I
|
1
j
!
3.27 I
1
.60
.60
81.13
1,585.79
28.78
.14
2,923.34 1
226,682.12 I
36,623.36 !
41,568.10 i
230,663.31 j
i
j
1
1
!
""""
1
28,183.21
545.
74
540,810.48
Lire.
1
786,899.56 \
I
981,x35.94
1,896,525.21
3,156,976.55
4,116,907.31
5,299,527.78
3,225,711.06
7,662,367.78
4,210,759.77
4,833,037.96
10,616,026.36
11,511,583.54
13,132,143.01
6,275,000.60
14,566,363.43
5,921.78
15,156,079.64
16,428,287.33
17,689,693.65
18,267,392.27
20,959,355.70
21,517,713.36
21,631,341.02
22,865,471.46
25,048,539.62
27,272,467.82
29,250,780.52
31,049,289.07
33,464,005.66
36,547,444.82 !
39,715,294.31
45,102,919. 63
49,819,532.99
56,310,498.11 1
620,372,994.71
Lire.
32,780.92
131,480.70
254,245.28
627.049.56
1,237,701.29
1,934,993.29
2,603,679.09
3,318,766.99
2,084,962.55
4,711,956.07
3,219,198.79
3,210,399.35
7,097,238.20
7.710,193.71
8,256,647.45
4,354,332.17
9,413,944.46
10,140,103.46
10,965,054.90
12,306,102.85
12,689,998.02
13,788,732.93
13,419,161.71
14,692,418.94
15,472,998.26
16,890,001.76
18,379,976.82
19,211,175.29
20,117,098.32
21,959,962.48
24,323,536.12
26,141,399.20
28,999,336. 62
33,003,587.51 1
37,549,856.66
410,250,071.82
9
1.0
Income tax.
Interest
on the
price of
bonds paid
a t e n d of
month.
11
j
Lire.
Lire.
Lire.
76,791.84
\
j
88,382.40
92,000.00
431.92
121,389.74
181,404.33
301,382.70
19.936.8,8
408,885.73
481,890.99 i 16,702.63
462,435.18 1
702,616.83
5,505. 13 1
588,872.59
4,171.21
497,768.00
4,364.46 !
942,523.41
6,716.97
943,366.78
11,019.78
968,417.61
14,104.46
1,012,933.05
18,354.73 j
1
465,679.95
9,211.62 |
547,750.00
11,263.97 I
12,656.33 !
1,153,351.99
1,230,130.00
615,065.00
1,245,465.00
1,260,800.00
1,348,825.00
1,396,650.00
1,688,072.84
1,565,942.50
1,618,650.00
1,762,400.00
2,030,225.00
2,353,975.00
2,537,960.00
2,874,620.00
3,013,620.00
3,271,135.00
3,468,305.00
43,319,683.46 j 37,071.43 |
97,368.66
N e t benefits,
col. 7-16.
S u m reSum placed
Assignment
imbursed
Prices p a i d
P a i d to s t a t e j a t t h e disto
t h e cen- of a c c u m u posal of
for t h e entreasury
lated
interest
t h e m i n - c o u r a g e m e n t t r a l cashier
in benefit
to
of t h e
inistryof
of saving.
accounts.
depositors.
postal
justice.
service.
Expenses
for t h e
above
assignments.
To the national
workingmen's
pension f u n d .
Reserve
fund.
20
24
F o r transfer
of b o n d s
a n d stockexchange
expenses.
Various.
D e d u c t e d from
i n t e r e s t acc r e d i t e d to
depositors.
Deducted
from t h e
benefits.
Total.
12
13
14
15
16
17
18
19
Lire.
Lire.
Lire.
Lire.
748,945.74
37,953.82
Lire.
Lire.
1.10
4.20
.60
64.98
1.20
4.80
3.00
12.00
6,826.50
12,387.60
6,075.60
6,930.00
19,418. 40
15,046.80
11,407.20
20,235.60
13,788.00
15,278.40
11,719.20
11,598.00
13,386.00
17,787.60
15,122. 40
14,086.80
15,622.80
15,783.60
13,550.40
15,985.20
18,804.00
15,688.80
8.79
2.40
1.30
531.20
6.60
10.20
6.05
13.80
9.00
367.60
66,888.02
26.
40
3,664.80
21.00
|
88.50
1 208,462.55 ,
[ 1,523,367.67 !
1,375,350.09
278,132.98
j 261,405.94 J
Lire.
5,280.30
21,003.38
40,501.78
99,890.26
195,019.68
304,889.22
410,251.40
521,340.70
327,523.99
740,194.92
505,699. 66
50/4,317. 37
1,114,895.73
1,211,278.56
1,297,366.40
684,170.16
1,479,156.78
1,593,253.82
1,667,608.70
1,871,434.89
2,564,367.38
3,464,762.46
3,354,790.43
3,673,104.73
3,868,249.56
4,222,500. 44
4,594,994.20
4,802,793.83
5,029,274.58
5,489,990.62
3,648,530.42 |
3,999,634.10 j
4,436,898.51
5,049,548.89
5,745.128.07 1
Lire.
6,046.11
Lire.
22
23
23tas
Lire.
Lire.
Lire.
Lire.
Lire.
i
16,247.09
35,431.61
79,536.12
96,028.81
130,443.73
47,623.85
203,927.24
-14,551.95
83,655.02
197,486.06
222,099.96
351,530.31
101,968.62
357,689.63
312,105.04
336,338.93
299,020.38
287,718.96
482,541.79
673,329.03
371,857.95
364,837.04
457,964.18
532,206. 56
691,124.84
771,716.67
728,873.25
175,210.13
166,274.87
178,744.25
229,255.89
257,544.25
306,554.10 | 3,718,431.57 j 78,539.646.03 I 9,231,826.22
a See note (/) Table A.
\
21
116,559.29
864,576.65
246,968.30
1,649,556.91
536,174.62
2,620,801.93
578,056.22
3,538,851.09
830,382.74
4,469,145.04
303,165. 49
2,922,545.57
1,208,166.39
6,364,201.39
—92,635.33
4,303,395.10
4,300,504.20
1,257,162.99
9,358,863.37
1,413,612.75
10,097,970.79
2,237,250. 28
10,894,892.73
90,845. 57
6,184,155.12
2,834,602.99
11,731,760.44
- 5 6 0 , 0 2 3 . 49
565,945.27
1,924,659.40
13,231,420.24
2,214,108.00
14,214,179.33
2,586,656.63
15,103,037.02
1,459,597.11
16,807,795.16
1,948,724.47
19,010,631.23
2,706,314.99
18,811,398.37
1,485,581.20
20,145,759.82
1,459,348.16
21,406,123.30
1,831,856.72
23,216,682.90
2,128,826.24 ;
25,143,641.58
2,764,499.36 !
26,486,281.16
3,086,866.70
27,962,442.37
2,915,493.01
30,548,512.65
5,637,962.00 1
30,909,482.82
4,996,447.97 !
34,718,846.34
7,082,984.96
38,019,934.67
7,969,068.72
41,850,464.27
1 47,297,928.72 1 9,012,569.39
545,500,653.29
74,872,341.42 j
14,570.00
22,100.00
31,395.00
42,790.00
46,030.00
•
r"
50,370.00
51,110.00
53,505.00
53,815.00
52,395.00
34,650.00
33,920. 00
.'
i
140,663.92
1,243,959.52
-10,734.96
"
:"
!i
!
j
"
"
i "
|
!i
1
j
!
4,388.83
|1
i
35,850.66
6,830,161.26
389,159.51
298,904.37
317,190.18
387,217.64
409,941.56
355,036.74
601,708.79
494.097.81
29,150.00
24,620. 00
30,000.00
30,000.00
30,000.00
30,000.00
1
72,528.08
2,746,758.16
438.60
|
5,485,193. 73
8,772,948. 05
486,449.39
583,739.26
955,395.32
537,557.03
1,137,988.19
623,647.87
1,512,931.91
814,349.81
1,715,865.13
911,060.01
1,650,808.37
859,647.90
3,274,864.61
1,661,388.60
3,003,415.77
1,498,934 39
4,958,089.47
2,124,895.49
5,578,348.10 | 2,390,720.62
6,308,798.57
2,703,770.82
40,000.00
50,000.00
50,000.00
50,000.00
50,000.00
100,000.00
1 1,036,170.00
1
:::::::::::: : : : : : : : : : : : : : : ji : : : : : : : : : : : :
'
10,083,417.86
i
4,388.83 | 4,125,028.24 |
72,528.08 |
36,068,148.56 i 23,482,659 85
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
15
In the administration of the postal savings banks the points of
most interest are these:
1. I t is easy to make deposits and withdrawals. After the first
deposit is made and entered in the pass book, subsequent deposits
may be made at any post-office empowered to transact savings-bank
business. Withdrawals may also be thus effected.
2. The rate of interest has been made to correspond to the income
of the bank on its investments; beginning at 3 per cent it was
increased to 3.50 per cent, and has since steadily declined and is now
2.04 per cent.
3. A law enacted June 29, 1882, provides that money paid into the
courts of justice should thereafter be deposited in the post-office
savings banks. As there are 2,033 of these courts the business
became at once valuable to the bank, and on December 31, 1898, the
profits to the bank on this one class of business had reached six and
three-fourths millions of lire, or $1,302,750.
4. The business of collecting dividends on government securities
and converting them into deposits began October 1, 1878. This is
steadily growing. In the first six years alone, from 1878 to 1884,
the amount collected and deposited exceeded $4,000,000.
5. The bank also collects lottery prizes and deposits them in bank,
thus partially, at least, converting gamblers into savings-bank
depositors.
6. The system of collecting the small savings of the school children
has also been adopted by Italy and many thousands of teachers and
children have become interested, and the children are learning the
lessons of economy and thrift. Including the children there were, in
1900, 127 depositors for every 1,000 population.
7. The purchasing of government bonds for depositors has become
an important item of business, averaging about $20,000,000 annually.
This line of investment is more popular in Italy than elsewhere because
of the higher rate of interest on state securities.
8. In twenty-three years, from 1876 to 1899, the bank made a net
profit of 27,500,000 lire ($5,307,500) in addition to the 6,750,000
lire on business from the courts of justice, making a total net profit
of 34,250,000 lire, or $6,590,250.
9. The net profit of the postal savings banks to December 31, 1908,
aggregates 74,872,341 lire, of which 23,482,659 lire was passed to the
reserve fund, and 36,068,148 lire credited to the national workingmen's pension fund; of the balance, 10,083,417 lire was paid to the
state treasury in benefit accounts, 4,125,028 lire accumulated interest
assigned to depositors, and 1,113,089 lire paid in fees, etc., for the
encouragement of saving.
16
NOTES ON POSTAL SAVINGS-BANK SYSTEMS,
BELGIUM.
Prior to 1865 Belgium had only one savings institution of any
importance, and even in this the deposits were only about 16,000,000
francs, or a little more than $3,000,000, and this bank was not patronized by the poorer classes. To remedy this condition the Belgian
Government in 1865 established the Belgian state savings bank, using
in its work the branches of the Belgian National Bank for the receipt
and repayment of deposits.
On the 1st of January, 1870, the post-offices of the Kingdom—all of
them—were added to the existing agencies, and since this time the
bank is frequently referred to as the Belgian postal savings bank,
though in fact the name has never been changed, and the administration of the bank is not a function of the post-office department, but is
an independent branch of the Government under control of the minister of finance, and the postal employees have only clerical work to
perform.
There is no limit to the amount that may be deposited, except that
no one may deposit more than 5,000 francs in a fortnight, yet even this
rule may be set aside by the general council of the bank. I t is provided, however, that if the bank so desires it may, after notifying a
depositor, convert into public Belgian securities any sum necessary to
reduce his deposit to 3,000 francs, or in case of a society it may thus
invest all over 20,000 francs.
I n 1903 less than one-fourth of its funds were invested in government securities. Other investments were in obligations of companies
having a state guaranty obligations of provinces, towns, and communes, loans on mortgages, advances for workmen's dwellings, obligations of Belgian companies, loans to agricultural classes, and even
on personal securities. Thus almost the entire population has an interest in the funds of the bank.
The rate of interest is graded according to classes, but is especially
favorable to the smaller depositors. A rate of 3 per cent is paid on all
individual deposits up to 3,000 francs; any larger amount receives 2
per cent on the whole amount of the deposit. To mutual societies and
agricultural credit cooperative societies the uniform rate paid is 3 per
cent. Public institutions, such as hospitals and bureaus of charity,
which are obliged to keep money on hand for current expenses, may
have two accounts, one called accounts current, where the interest is
1J per cent, and the other, held as a more permanent investment,
draws 3 per cent. The rate of interest paid is absolutely independent
of the rates of other banking institutions.
Special efforts are made to interest school children. While this is
the rule in nearly all nations, it is worked much more systematically
in Belgium than by post-office savings banks generally. As far back
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
17
as 1881, in a single city (Ghent) in six months, out of a school population of 8,000, 5,632, or 70 per cent, of the entire number had accounts
with the bank; their deposits aggregated 192,985 francs in six months,
being an average of 38 francs for the girls and 30 francs for the boys.
I t is the custom in many towns to present as prizes to school students
a bank book with specified amount of first deposit. I n June, 1897, in
some towns of the Kingdom it became the custom to open an account
with 1 franc to the credit of every new-born child. I n some places
this is paid for by institutions or people of wealth.
From the beginning in 1870 all profits went into a reserve fund
which is held as a guaranty against losses of any kind. I t has grown
steadily at an annual average rate of more than 500,000 francs, and on
the 31st of December, 1908, amounted to 25,272,056 francs, equal to
$4,877,506.
RUSSIA.
The postal savings-bank system of Russia was not established
until 1889. The people were, however, somewhat prepared for it
through the formation of numerous popular credit associations based
on mutual help, the first of these having been established at St.
Petersburg in 1862. I n 1908 about 300 of these associations had
deposits of $104,000,000, all belonging to their own members.
In 1907 the postal savings bank, after eighteen years of work, had
deposits of $128,873,169, representing 1,788,990 accounts and averaging $72. This average is about equal to that of the United Kingdom
and is larger than in other European nations, but the number of depositors is only 12 to each 1,000 of the population, apparently indicating
that thus far there is not an enthusiastic interest in the system.
In Great Britain, Italy, Austria, France, Holland, and Belgium the
number of depositors is from 75 to 291 to each thousand of population.
As all savings banks in Russia are government institutions under
control of the Imperial Bank, the interest of 4 per cent is uniform,
and includes the postal savings. The same rate is paid on all deposits
large and small, whether for individuals, churches, or associations.
The minimum deposit is 25 kopecks (12.87 cents) and the maximum for individuals is 1,000 rubles ($515). Churches and monasteries are allowed to deposit without limit, and interest is paid on
the entire amount.
I t is provided that losses, if any, shall be paid by the Imperial
Bank.
Deposits are invariably invested in government notes and bonds,
and deposited with the Imperial Bank of Russia.
Minors may not make deposits, but parents or guardians may
deposit in the name of a minor, who at majority may claim the
amount due.
52027°—10
2
18
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
Unlike other nations, Russia makes no provision for the permanent investment of a depositor's funds when they reach the maximum
limit.
NETHERLANDS.
The postal savings system of the Netherlands was instituted in
April, 1881. Some facts of interest are these:
1. The uniform interest rate of 2.64 per cent was adopted and has
been continued without variation.
2. The director believes in advertising and has circulated gratuitously thousands of copies of a pamphlet headed " Government postal
savings banks. 7 ' He has also communicated with the managers of
all important companies, and all local authorities and officials, and
others who are influential, requesting them to do all in their power to
present to their employees and others the advantages of the postal
savings banks.
To make postmasters and other agencies efficient and vigilant in
this service, a fee of 5 cents is paid for every new account opened,
and a fee of H cents for every entry made in the books.
A maximum of accessibility and convenience is provided by allowing patrons who reside in the country and at a distance of more than
twenty minutes' walk from an authorized agency to send in their
deposits by letter carrier.
3. The director invests the funds under the general oversight of
the "council of administration/' in a wide margin of securities,
including state bonds, municipal securities, the securities of railways
t h a t are under the guaranty of the State, and such other securities
as the Bank of the Netherlands will accept. Thus their average
gross earnings are about 3.36 per cent, while the cost of administration is about 0.56 per cent.
4. The general privilege allowed by the English system permitting
withdrawals at other offices than the one in which the deposit is made
is followed, and these withdrawals are permitted by post or wire.
(See also special report of U. S. consul dated May 2, 1910, page 59.)
AUSTRIA.
The postal savings system was established on the 12th of January,
1883. On the 31st of December, 1908, with a population of 26,000,000,
there were 2,106,539 depositors in the postal savings banks. The
aggregate savings deposits were $46,009,897, or an average of $21.84
to each depositor.
Among the principal items of interest are the following:
1. By decree of the King the minister of commerce is intrusted with
the carrying out of the law. The post-office savings bank department in Vienna has the superintendence of the whole service. I t
invests the capital of depositors, attends to the bookkeeping, and
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
19
conducts the correspondence. In Vienna alone 441 persons are
employed in this service, and altogether throughout the Kingdom
the number is 2,257.
2. All funds exceeding the probable amount to be drawn by depositors are invested in interest-bearing Austrian securities. Out of the
dividends on these securities is paid the interest to depositors and
the expense of management. From the surplus there has accumulated a permanent reserve fund of 4,000,000 crowns. This was accomplished in 1898, and since then an average annual surplus of 4,233,716
crowns ($859,444) has been turned into the treasury. In twentyfive years, from January 12, 1883, to December 31, 1908, after payment of all expenses, and placing 4,000,000 crowns ($812,000) in a
permanent reserve fund, the postal savings bank has enriched the
general treasury by 42,337,166 crowns, or $8,594,444. This is
entirely separate from the check and clearing department, which was
established in October, 1883. The check system had 79,711 participants in 1907, for whom in that year 45,800,000 transactions for
21,584,000,000 crowns were made; for the same year 98 per cent of
of the owners of accounts were participants in the clearing system,
the turnover being 9,858,000,000 crowns.
An office building for the exclusive use of the postal savings bank
was erected in 1906 at a cost of $609,000.
3. When an account exceeds 2,000 crowns it is invested in Austrian
securities. On December 31, 1907, the savings bank had in its possession stocks valued at 172,000,000 crowns, belonging to 24,700
depositors.
4. Withdrawals are made easy. Fully one-half of all repayments
are made on demand. In 1895, out of a total of 677,333 withdrawals
376,020 were on demand.
5. Since October 1, 1899, the privilege of using the savings bank
has been extended to the ships of the imperial and royal navy, and
the deposit books issued by these naval offices may be used for deposits or withdrawals at any post-office savings bank.
6. More than 12,000 corporations and societies—philanthropic,
religious, and otherwise—keep their accounts with the postal savings
banks. These include trades unions, fire-brigade societies, school
clubs, parish-fund committees, workhouse and relief funds, school
boards, etc.
7. Since April 16, 1901, the bank grants loans on title deeds, and
also gives discounts to its depositors, accepting as collateral security
consols of the Empire, stocks of the various States belonging to the
Empire, Austrian title deeds on which the Austro-Hungary Bank is
authorized to grant loans, and also shares and securities of the AustroHungary Bank. On these loans the interest charged is from 4J to 5
per cent.
20
NOTES ON POSTAL. SAVINGS-BANK SYSTEMS.
8. Rural letter carriers are authorized to accept deposits not exceeding 1,000 crowns; where such deposit exceeds 10 crowns it is subject to a small collection fee. In 1893 the carriers collected 42,452
separate deposits, aggregating 2,588,082 crowns.
9. I n 1893, 44 per cent of the total number of depositors were
school children, and during that year 54,713 new accounts were
opened by them.
10. A few items will indicate the magnitude of the work:
I n 1905 the number of letters dispatched was 14,454,287 and the
number received was 5,394,808.
In 1895 there were 768,079 separate deposits of 1 crown each
on post-office savings cards.
In 1898 the cost of stocks purchased for depositors amounted to
10,054,050 crowns, while ten years later—1908—the amount purchased was 14,547,588 crowns.
11. The incorporation of the check and clearing system in the
post-office savings bank was effected on October 29, 1883, the whole
of the post-offices being gradually brought into the system and
authorized to receive deposits and make repayments for the account
of owners of check accounts. Anyone can participate in the check
service on depositing a fixed nucleus capital of 100 crowns. In the
check service a fee of 4 heller is charged for every transaction, and
a commission of one-fourth per 1,000 for cash withdrawals up to 6,000
crowns and one-eighth per 1,000 for all that part of the withdrawal
which exceeds that amount. (See also special report of U. S. consul
dated August 25, 1910, page 64.)
HUNGARY.
The royal post-office savings bank of Hungary came into existence
February 1, 1886. In 1908 its depositors numbered 33 to every 1,000 .
population. On the 31st of December, 1908, out of a population of
20,000,000, there were 684,299 depositors. The total amount on
deposit was $18,803,991, or an average of $27.47.
Interesting facts in connection with the system are these:
1. The country was willing to bear the cost of administration in
the experimental stage, and during the first five years—1886-1891—
the treasury advanced about 600,000 crowns ($121,800). In 1894
this was returned by the bank managers. From 1894 to 1903 the
surplus, after paying interest and expenses of management, went
into a permanent reserve fund, which reached its legal maximum of
6,000,000 crowns ($1,218,000) in 1903. Two million crowns of this
reserve are kept in cash at the central office in Budapest and the
other 4,000,000 crowns are invested in Hungarian Government stock
and other interest-bearing securities. Beginning in 1903 the surplus
was covered into the treasury, and on the 31st of December, 1908,
amounted to 8,000,000 crowns ($1,624,000).
21
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
2. When an individual deposit exceeds 2,000 crowns ($406) the
excess is invested in Hungarian securities. In 1908 these investments amounted to 2,610,996 crowns ($530,032) for 3,491 depositors.
The total stock bought for customers from the beginning to December 31, 1908, cost 44,237,868 crowns ($8,980,287), and the amount
now actually held for depositors in these securities is 16,092,164
crowns ($3,266,709).
Showing that deposits are made chiefly by those of small means,
it is noted that of the deposits in 1905—
61 per cent did not exceed
12 per cent were between
9 per cent were between
9 per cent were between
4 per cent were between
5 per cent were in excess of
$2. 00 and
4. 00 and
8. 00 and
20. 00 and
$2.00
4. 00
8. 00
20. 00
40. 00
40. 00
4. In the matter of interest Hungary, following the lead of Sweden,
fixed the rate at 3.6 per cent, but later reduced it to 3 percent.
From 1886 to 1906 the interest paid amounted to 14,000,000 crowns
($2,842,000).
5. The stock transactions are of large importance. Differing
from the methods of other nations the Hungarian post-office savings
bank is authorized of itself to invest the sums at its disposal. In
twenty years the bank bought at the stock exchange, for itself, government stock amounting to 120,000,000 crowns ($24,360,000), and
for depositors 36,000,000 crowns ($7,308,000).
6. Minors make deposits and withdrawals unless opposition is
made by their legal guardians. In 1905, 130,000 school children
were depositors.
7. Among the depositors in 1905 were 33,387 corporations and
societies.
8. There were, in 1908,14,253,603 separate official transactions by
the bank. In twenty years the deposits have aggregated 446,000,000
crowns, or $94,598,000.
The number of depositors and the amount of deposits have
increased every year.
10. In extending the circle of activity of the savings bank the managers have authorized the opening of deposit books for third persons,
have arranged for the collection of savings from Hungarians who
have emigrated to America, and have extended the use of the bank
to the royal navy.
The check system of accounts was put in operation in 1890; the
number of such accounts in December, 1908, was 17,491; deposit
balances amounted to $14,558,734; the average to each depositor,
$832.35.
22
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
SWEDEN.
In Sweden the system of postal savings banks was inaugurated
January 1, 1884. Out of every 1,000 of her population, 105 have
accounts with this government institution.
Items of interest are these:
1. Deposits may be made in money, coupons of state securities,
or special savings stamps. Withdrawals may be made at any postoffice that attends to savings-bank business.
2. The deposits and interest are guaranteed by the State.
3. Minors may deposit in their own name and may withdraw after
reaching the age of 15 years. Married women have the unlimited
right to deposit and withdraw.
4. No interest is paid on amounts in excess of 2,000 crowns, or
$536.
5. The director-general of posts is manager of the bank.
6. While the expenses are paid out of the profits, the Government
must advance all funds necessary.
7. A small commission is paid to postal officials who take part in
the work.
8. The bank invests the capital in bonds of the Swedish Government, securities of Swedish general mortgage banks, and direct loans
to Swedish towns, and it will at any time without cost to the depositor
convert his deposits or any part thereof into these securities.
9. Since the organization of the state insurance, at the beginning
of 1903, the post-office savings bank is intrusted with the collection
of premiums, the payment on account of the insurance fund, and the
general management of its finances. The amount handled in 1904
was in excess of 1,000,000 crowns. For this service the bank receives
a moderate expense allowance from the insurance office.
The record of the Swedish postal savings bank is unique in this,
that while enjoying a high degree of prosperity, the total deposits
have steadily declined since 1898, when the amount was 64,033,595
crowns, or $17,161,004, until in 1907 the total was 50,680,934 crowns,
or $13,582,491, a loss of more than 20 per cent. During the same
years the number of depositors increased from 535,305 to 566,976.
Another item of interest is that the expenses of management have
increased in these ten years from 200,104 crowns in 1898 to 288,755
in 1907, and the net profits have decreased from 236,240 crowns in
1898 to 26,005 crowns in 1907.
The steady decrease of deposits has not apparently been caused by
the change in the rate of interest, as this has been uniformly 3.6 per
cent from January 1, 1884, until the present time, except for a brief
period—from January 1, 1897, to July 1, 1899—when it was 3.3 per
cent.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
23
In the official report of the post-office savings bank for 1899, when
the withdrawals had exceeded the deposits by 6,132,286 crowns, it
was claimed that the unfavorable result was due to the fact that the
rate of interest granted by private banks had been considerably increased during the year, and also that the private banks now accept
small deposits on terms more favorable than those of postal savings
banks, and that they allow depositors to withdraw larger sums without giving notice in advance.
Sweden has a higher rate of interest than other countries, as is
attested by the fact that from year to year the postal savings bank
receives from 3.6 to 5 per cent on its investments and pays its depositors 3.6 per cent.
EGYPT.
The postal savings bank of Egypt was established by the Khedive
ill March, 1901, on the proposal of the minister of finance, approved
by the council of ministers. The bank is under the direction of the
post-office administration and subject to the control of the finance
minister. The post-office administration represents the government
in all dealings with depositors.
On the 31st of December, 1908, out of a population of 11,000,000
people there were 86,728 depositors, with total deposits of $1,986,755,
an average of $23 to each depositor.
Matters of special interest are these:
1. All available funds, after deduction of expenses, are invested in
the bonds of the Egyptian debt, and these bonds are deposited with
the minister of finance.
2. The government guarantees the reimbursement of all deposits
and the payment of interest. Any final surplus becomes the property
of the state.
3. The rate of interest is fixed by the Khedive at 2\ per cent and
can be changed only by him.
4. Benevolent, religious, and other organizations are depositors on
the same terms as individuals.
5. Withdrawals are made on demand, but no withdrawal can be
effected except at the post-office where the deposit book is issued.
6. On the 1st of February, 1905, the privileges of the bank were
extended to the school children through the use of savings stamps,
and during that year deposit books were issued to 2,645 children, and
the number is steadily increasing.
7. I n the beginning the smallest deposit permitted was 200 milliemes ($1); but in January, 1904, this was reduced to 50 miUiemes
($0.25). The maximum deposit in one year is $247.15 and the
maximum amount permitted to any depositor is $988.60.
24
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
8. Any amount remaining to the credit of a depositor for fifteen
years without additions or withdrawals becomes the property of the
savings bank.
9. In 1901 362 depositors who are Mohammedans declined to
accept their interest because of their religious principles. In 1902
this number had grown to 721. These declinations are noted in the
deposit books.
10. I t is evident that the postal-bank system has not taken hold
of the people generally, as only 8 persons in every 1,000 have become
depositors. However, the bank has been in operation only nine
years and our reports cover only eight of these. Thus far out of
1,081 post-offices only 121 have been authorized to accept deposits,
and the total transactions do not reach 100,000 annually. I t is not
uncommon for an account to be opened in the morning and closed in
the afternoon of the same day.
P H I L I P P I N E ISLANDS.
The postal savings-bank system of the Philippines was established
by the Philippine Commission under Act of May 24, 1906. Under
authority of this act, The Philippine Postal Savings Bank was opened
at Manila for the receipt of deposits on October 1, 1906, and branch
offices were subsequently opened in the provinces.
The banks are divided into three classes. Those of the first class
may receive deposits to any amount; those of the second class are
limited as to the amount of a single deposit and the amount which may
be credited to an account in any one month; offices of the third class
receive deposits only by means of stamps.
Interest at the rate of 2|-% per annum is allowed on deposits of one
peso up to 1,000 pesos for individuals, and up to 2,000 pesos for charitable and benevolent societies.
Any resident of the islands six years of age or over may open an
account. Deposits are free from taxation, and deposit books are not
recognized as a proper security for a debt or other obligation.
Deposits accumulating above a certain fixed amount are transferred
through the Director of Posts to the Treasurer of the Philippine
Islands for credit of The Philippine Postal Savings Bank, and all such
funds are kept as a separate trust fund by the Insular Treasurer.
In January, 1910, there were 257 savings bank offices in the Philippines, viz., 23 first class, 102 second class, and 132 third class offices.
The deposits aggregated 1,624,805 pesos to the credit of 10,598 depositors.
O T H E R COUNTRIES.
Information with respect to the laws and regulations of postal savings banks in other countries will be found in the special reports
from United States consuls, Chapter V.
II. THE WITHDIIAWAL OF FUNDS FROM POSTAL SAVINGS BANKS
IN THE LEADING COUNTRIES."
GREAT BRITAIN.
Originally withdrawals were only allowed to be made at the office
where the deposit was first made, but later if a depositor wished to
withdraw at a distance from the place where the account is kept he
was allowed to do so through the local office.
In 1893 withdrawals were allowed to be made by telegraph, an
arrangement which was put in force in December, 1893, but not without misgivings as to its propriety. The report for 1896 says:
" Postmasters-general have hesitated long before sanctioning this
departure. I t was known that the system was in force abroad and
it was recognized that there might be, and doubtless wei|e, cases in
this country where the possibility of withdrawing money without
delay might save a depositor from debt and distress. But, on the
other hand, it was strongly held that the cause of thrift was sometimes
served by interposing a delay between a sudden desire to spend and
its realization; and it was also held to be essential to maintain a
marked distinction between the bank of deposit for savings and a bank
for keeping a current account. The balance of opinion was in favor of
a change and the results showed an active demand for it, for in the
first six months 21,000 depositors used it."
Two methods of such withdrawals were provided, either by telegraphing the home office to forward the amount by the return post
or to telegraph the warrant and have it paid within an hour or two.
The first method cost the depositor 9d. and the second Is. 3d. During the year 1896 the withdrawals by telegraph were by return of
post 8,000, by return of telegram 94,900; and during the year 1898
the record stood 10,563 and 141,783, respectively. (Hamilton, p. 343.)
One of the most important innovations in connection with the
post-office savings bank was the adoption on the 3d of July, 1905,
of the system of withdrawal on demand already adopted in some of
the other countries, under which a depositor, on presentation of his
book at any post-office open for savings-bank business can withdraw
immediately any sum not exceeding £ 1 . This system, obviating
as it does the delay involved in reference to headquarters and the
a Details relating to withdrawal of funds as incorporated in the original laws of the
countries indicated.
25
26
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
expense to the depositor of telegraphing if the money is urgently
required, achieved immediately great popularity, and has undoubtedly met a real public want. The number of withdrawals on demand
made during the first six months that the system was in operation
was nearly 2,000,000 and formed 48 per cent of the whole number
of withdrawals, the number of telegraphic withdrawals having fallen
to about one-half of its former amount.
There can be no doubt that the new facilities have added to the
popularity of the savings bank, and have been a contributory cause
to the growth to which reference has been already made.
Fears were expressed that this system would open the door to
frequent frauds; but up to 1907 it was very satisfactory and these
fears had not been realized. The number of frauds has been very
small, and the amount lost insignificant. (See L/Union Postale,
April, 1907, p. 56.)
CANADA.
Notice must be left at the local office and the applicant must wait
for two or three days until the application has reached the treasury
and has been acted upon and a check for the amount has been
returned. The check is cashed at the nearest bank.
The postmaster-general ma}', with the consent of the governor in
council, direct any postmaster to receive deposits and adopt rules for
repayment. A depositor may draw all or any part due him on application, and repayment will be made to him or to any person designated by him through any postal bank. If he be out of the country,
a request for withdrawal to the postmaster-general, accompanied by
his pass book, will be honored. Remittances in such cases are
usually made by money order, the fees being deducted. Withdrawals must be in even dollars, unless it is desired to close the
account. (Hamilton, p. 414, and Senate Doc. No. 525, p. 139.)
FRANCE.
The notice of withdrawal shall be deposited in advance, and the
repayment shall take place within a delay of eight days at the longest
for continental France. (The delay of eight days, although it is in
certain cases an efficient guaranty for the State, is a maximum which
in practice, and especially as regards small accounts, will, so to say,
never be enforced. In compliance with the wish expressed by the
committee, the minister of posts and telegraphs contemplates effecting
repayments within the shortest possible delay.) Additional delays
shall be fixed by decree for transactions necessitating the intervention
of an office situate beyond continental France. In case of force
majeure, the post-office savings bank may, by means of decrees
issued, and with the consent of the council of state, be authorized
NOTES OK POSTAL SAVINGS-BANK SYSTEMS.
27
only to effect the repayment of deposits by installments of 50 francs
at the minimum, payable every fortnight. (See L'Union Postale,
July, 1881, p. 153.)
ITALY.
Repayments are, as a rule, effected at once, provided they are
demanded at the post-offices which keep the accounts of the depositors. If at the moment of the application these post-offices do not
possess the necessary funds the repayments are only effected after
the offices have been supplied with the same—that is to say, after ten
days, at the latest, counting from the day of application, in the case
of amounts not exceeding 100 lire; after twenty days for sums not
exceeding 200 lire; after thirty days for amounts not exceeding 1,000
lire; and after sixty days for higher sums.
In effecting a withdrawal the depositor has to fill in a form of
application to be detached from his book, to receipt it, and either
bring it, together with his book, himself to the post-office or remit
the same through a third person. The postmaster then compares the
signature of the depositor with that contained on the first page of
the depositor's book and pays the amount withdrawn to the bearer.
In the year 1883 the administration of the Italian post-office savings
bank introduced an innovation having as its object the desire to
facilitate the relations between depositors and the banks. Under
this arrangement the depositors w^ere allowed to make withdrawals
at offices other than those by which their deposit books were issued.
Of the 52,569,552 lire repaid in the course of the year 1881, 7,514,835
lire were withdrawn from offices other than those where the deposit
book was issued. These figures show clearly that by the introduction
of this improvement the administration has supplied a real want of
the customers of the post-office savings bank.
BELGIUM.
The amount deposited may, at the request of the depositor, be
repaid at any post-office, but not until the expiration of a fortnight
from the date of deposit.
In no case may a repayment be made without the depositor's book
being presented.
The repayment of any amount not exceeding 100 francs is effected
at once on a receipt being given by the depositor. The depositor,
however, is not, without special authority, allowed to avail himself
of this right more than once a week. When a payment is to be made
at an office other than that at which the depositor's book was issued,
such payment is also effected at once, but the depositor is bound to
prove his identity to the full satisfaction of the postmaster, who is
responsible for this payment. I n this case the depositor's book is to
28
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
be handed to the postmaster on his giving a receipt, and to be returned
to the depositor after the necessary entries have been made by the
savings bank.
The following notices are to be given to the savings banks for the
repayment of amounts exceeding 100 francs: Fifteen days for more
than 100 francs and less than 500 francs, one month for 500 francs
and less than 1,000 francs, two months for 1,000 francs and less than
3,000 francs, six months for 3,000 francs and more.
These delays may be shortened by the council of administration of
the savings bank.
When a depositor wishes to withdraw an amount exceeding 100
francs he must sign a request to this effect, to be handed to the postmaster together with the depositor's book, for which a receipt is to be
given. The administration of the bank fixes the day on which the
repayment is to be made, and returns the book together with a warrant for the amount required.
When the total amount standing to the credit of a depositor is to be
repaid, should this amount be even below 100 francs, the depositor's
book is retained in exchange for a receipt, and forwarded to the savings bank, by which the postmaster is informed within eight days, of
the interest due. The principal and interest are then paid to the
depositor on his returning the receipt.
The depositor is bound to give a receipt for every sum repaid. If
he can not write, two witnesses have to sign for him.
Under a more recent ruling the administration has deemed it admissible to allow the immediate repayment at any office of sums not
exceeding 100 francs. In this manner depositors who, on starting on a
journey, are careful to take their depositor's books with them, are
enabled, on the sole condition of proving their identity, to withdraw
at any post-office whatever, sums not exceeding 100 francs, an innovation, which it must be acknowledged, is most happy. (See L'Union
Postale, November, 1881, p. 231.)
T H E NETHERLANDS.
Deposits can be withdrawn at once only within the district of the
office by which the deposit book was issued (that is to say, at every
chief office, or at the branch offices which are subordinate to the same—
the chief office issues the deposit books for its branch offices, and
keeps the matriculation book) and the repayments may not exceed
10 florins per week for every depositor. The amount withdrawn
may not represent the balance due to the latter. Certain repayments
may be made at once by the office from which they are claimed;
others can only be made after previous authorization from the director.
Any repayment to be made under conditions other than those above
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
29
is subject to previous authorization from the director. To this end
the depositor has to sign a notice of withdrawal, which is transmitted
by the post-office to the director. If there are no reasons preventing
the repayment, a warrant payable by the office designated in the
notice is forwarded by the director direct to the depositor. This
warrant is only valid during a period of four weeks. After the expiration of this period the repayment can only be effected on a new
application being made. A depositor, or his proxy, who wishes to
make a withdrawal must present his deposit book and sign a receipt.
If he can not write, the fact must be attested by the signatures of two
witnesses. The signature of the depositor on the receipt, the notice
of withdrawal, or the warrant, is compared with the signature in the
matriculation book, if the repayment is made by the office by which
the deposit book was issued. If repayment is made by another office,
the postmaster satisfies himself that the signature on the warrant is
identical with that on the notice which is, for this purpose, transmitted
by the director to the office designated in the application.
Under a later ruling notices of withdrawal have been modified
in such manner as to enable depositors who are obliged frequently to
leave their homes to empower a member of their family to dispose
of any part of the sums standing to their credit. (See L'Union
Postale, Jan., 1882, pp. 61, 240.) (See also June, 1878, p. 127.)
x^USTRIA.
Cheek accounts.—According to the regulations issued on this subject, depositors having a sum exceeding 100 florins to their credit will,
on application, be furnished with check books of 50 checks each, at
the price of 1 florin per book. If the depositor requires it, he has only
to fill in a check, and to present it, together with his depositor's book,
at any post-office savings bank. The postal officer at this bank ascertains whether the number of the depositor's book, and the signature
in the same, correspond with the number and signature on the check,
and whether the amount standing to the credit of the depositor is
sufficient to leave, after payment of the check, a balance of at least
100 florins. If this is the case, the amount of the check is entered in
the depositor's book as a withdrawal, and, the withdrawal having
been attested on the back of the check by the signature of the officer
and the dated stamp, the check as well as the depositor's book is
returned to the depositor. The check must be presented at, or forwarded to, the post-office savings-bank department in Vienna within
fourteen days from the date of issue. This department then either
pays the amount of the check to the bearer on presentation or directs
it to be paid by another post-office bank to the party indicated by the
depositor. (See L'Union Postale, December, Vol. VIII, p. 279.)
30
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
Savings accounts.—Withdrawals
can be effected at all post-offices
without regard to the place at which the deposit books were issued.
Special precautions were taken to insure money being paid to none
but those who have a right to receive it; withdrawals can only be
paid to the depositor, or on sufficient guaranty (examination of the
signature, proofs of identity, etc.) to the person appointed by him to
receive it. Savings-bank deposits can neither be distrained nor sequestrated, and no one has a right to demand a refusal of payment.
The repayment of the credit, or a part of the same, to the depositor
or to his legal successor or attorney shall take place upon a written
notice of withdrawal, which may be done at any place of collection
(post-office) designated by the party giving notice.
The payment is made at the post-office designated in the notice on
presentation of the deposit book, by virtue of an order from the office
of the postal savings bank, except in cases where a protest has been
made.
Notified amounts up to 10 florins will be ordered by the postal
savings bank to be paid at the place of collection (post-office) by
return of mail, and will be cashed immediately after arrival of the
order of the office of the postal savings bank. The payment of
amounts between 10 and 100 florins will take place at the latest in
fifteen days; that of amounts between 100 and 500 florins at the latest
in one month after the arrival of the notice; of amounts above 500
florins in two months after arrival. (See L'Union Postale, March,
1908, vol. 33, p. 40; Senate Doc. 154, p. 31,-art. 13.)
HUNGARY.
T
Repayments of the w hole or part of the deposits are only made on
previous notice being received thereof in writing. These notices must
be addressed either direct to the post-office savings bank or to the
agency by which the deposit book was issued, according to whether
the amount to be repaid exceeds or not 25 florins. Amounts not
exceeding 25 florins are at once repaid by the agency, whereas certain
delays are prescribed for the repayment of higher amounts, viz:
Eight days for amounts from 25 to 100 florins, fifteen days for amounts
from 100 to 500 florins, thirty days for amounts exceeding 500 florins.
First deposits are not repaid before the expiration of a period of
fifteen days from the reception of the notice of withdrawal. The
repayment of first deposits may only be made before this period in
case these deposits were paid in at least one month previous to the
date of withdrawal.
The amounts for which notice of withdrawal has been given must
be claimed at the agencies by which they are to be repaid, within
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
31
fifteen days after the expiration of the delay of repayment, failing
which the notice is withdrawn and interest again begins to be allowed
on the amount the repayment of which had been demanded.
If no deposit or withdrawal has been made on a deposit book during
a consecutive period of thirty years, every claim to the repayment
of the amount deposited is forfeited. The course of this delay is,
however, interrupted by every fresh deposit or withdrawal. (See
L'Union Postale, March, 1886, p. 49.) (See also June, 1907, p. 91.)
SWEDEN.
If a depositor wishes to withdraw either the whole Or part of his
deposits, he must give notice thereof in writing to the local postoffice, must present his deposit book, and state the name of the postoffice by which he wishes the repayment to be made. The local
post-office then delivers to the depositor an acknowledgment of
receipt of the notice of withdrawal. The repayment of the amount
in question only takes place on authorization—which must be
applied for—having been received from the post-office savings bank
direction. Notice of withdrawal must, as a rule, be given for amounts
not exceeding 50 crowns at least ten days, for amounts from 50 and
not exceeding 500 at least thirty days, and for amounts exceeding
500 at least sixty days previous to the day of repayment. In special
cases, the repayment may, with the consent of the post-office savings
bank direction, take place sooner, provided that the service is not
thereby interfered with. If, owing to great distances, and according
to the postal arrangements, it should be impossible to obtain permission for the repayment of amounts not exceeding 50 crowns
within the delay of ten days, this circumstance must be brought to
the knowledge of the public by means of notices posted up at the
respective post-offices. Except when a depositor wishes to withdraw
the whole of his deposit, notice of withdrawal can only be given for
whole crowns. When amounts for which notice of withdrawal has
been given are not claimed within ten days after the delay fixed for
their repayment, the notice is considered as null and void, and the
sums again begin to bear interest as if they had been deposited anew.
Before receiving the amount for which notice of withdrawal has been
given, the depositor must prove his identity by stating his name,
the date of his birth, and his occupation. If these indications tally
with the declaration made at the time when the deposit book was
issued, the amount is paid to him at once.
If this is not the case, the matter must be reported at once to the
post-office savings bank direction which either orders the repayment
to be made, or brings the case before a court of justice. The amounts
32
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
repaid, for which a receipt must be given by the withdrawer, is entered by the officer on duty in the deposit book ? and deducted from
the amount standing to the credit of the depositor. (See U Union
Postale, April, 1884, p. 85.)
P H I L I P P I N E ISLANDS.
Deposits made at one postal savings bank may be withdrawn from
any other postal savings bank in the Philippine Islands, subject to
the following limitations:
(a) A depositor shall not be permitted to withdraw a smaller sum
than 1 peso, nor shall he be permitted to withdraw any sum which
includes a portion of a peso except in closing his account.
(b) No maximum limit is set on the amount of withdrawals that
can be made at postal savings banks of the first class, though only
two withdrawals can be made from any one account during a calendar
month.
(c) At postal savings banks of the second class a depositor may not
withdraw more than 200 pesos a month except in closing his account,
nor make more than two withdrawals during a calendar month.
(d) At postal savings banks of the third class a depositor may not
withdraw more than 50 pesos at one time, nor over 100 pesos a month,
except in closing his account, nor make more than two withdrawals
during a calendar month.
(e) The maximum limits on the amounts of withdrawals shall be
doubled in the case of charitable or benevolent societies.
(f) The Government reserves the right to delay the repayment of
deposits for a period of two weeks in the case of withdrawals of
amounts less than 200 pesos and one month in the case of withdrawals of 200 pesos or over in addition to the time necessary to forward the application for withdrawal from the post-office at Manila
and to return the authority issued in response to said application.
When a depositor desires to make a withdrawal from his deposits
he must fill out an application for withdrawal on a form supplied by
the postmaster, who will forward the same to the central office, and
inform the depositor when he shall call to receive his money. Upon
the approval of this application, the chief of the postal savings bank
division will forward by return mail, to the postmaster, an authority
for the payment of the withdrawal. The depositor must present his
deposit book at the time of receiving his withdrawal, and the postmaster will enter therein the amount withdrawn and strike a new
balance, initialing and dating the same. The depositor must also
sign a receipt in triplicate for the amount withdrawn upon a form
supplied by the postmaster. Before leaving the office the depositor
NOTES OK POSTAL SAVINGS-BANK SYSTEMS.
33
should see that the withdrawal has been correctly entered in his
deposit book, and that the receipt signed agrees with the amount of
the withdrawal as entered in his book. In case it is impossible for
the depositor to make a withdrawal in person, he must fill out an
application for withdrawal, authorizing on the same some person to
act as his agent. The signature of the agent must also be written on
the form by the agent. The agent may then present the application
for withdrawal to the postmaster as usual. Upon receiving the
money withdrawn the agent must present the deposit book and sign
the depositor's name, per his name as agent, to the receipt for the
money withdrawn. A depositor may withdraw money by telegraph
from a postal savings bank where there is a telegraph office by paying
the cost of the telegram, to be addressed to the director of posts, at
the time of making his application for withdrawal. The postmaster
will write and send the telegram. If the withdrawal be approved, a
telegram will be sent to the postmaster authorizing the payment, and
the postmaster will make the said payment, less the cost of the return
telegram, which will be sent "collect." He will also enter the full
amount of the withdrawal, as applied for, in the deposit book as
usual, taking the depositor's receipt for the same. (Philippine Postal
Savings Banks.)
52027°—10
3
III. STATISTICS SHOWING GROWTH OF POSTAL SAVINGS BANKS
IN THE SEVERAL COUNTRIES WHERE ESTABLISHED.
UNITED
Y e a r e n d e d D e c e m b e r 31—
KINGDOM.
Offices.
2,535
2,991
3,081
3,321
3,507
3,629
3,813
4,047
4,082
4,335
4,607
4,853
5,068
5,260
5,448
5,668
5,831
6,016
6,233
6,513
6,999
7,369
7,756
8,106
8,351
8,720
9,022
9,353
9,681
10,063
10,519
11,018
11,323
11,518
11,867
12,212
12,582
12,995
13,341
13,672
14,048
14,362
14,614
14,862
15,055
15,166
15,239
1862.
1863.
1864.
1865.
1866.
1867.
1868.
1869.
1870.
1871.
1872.
1873.
1874.
1875.
1876.
1877.
1878.
1879.
1880.
1881.
1882
1883.
1884.
1885.
1886.
1887.
1888.
1889.
1890.
1891.
1892.
1893.
1894.
1895.
1896.
1897.
1898.
1899.
1900.
1901.
1902.
1903.
1904
1905
1906
1907
1908.
Depositors.
178,495
319,669
470,858
611,384
746,254
854,983
965,154
1,085,785
1,183,153
1,303,492
1,442,448
1,556,645
1,668,733
1,777,103
a 1,702,374
1,791,240
1,892,756
1,988,477
2,184,972
2,607,612
2,858,976
3,105,642
3,333,675
3,535,650
3,731,421
3,951,761
4,220,927
4,507,809
4,827,314
5,118,395
5,452,316
5,748,239
6,108,763
6,453,597
6,862,035
7,239,761
7,630,502
8,046,680
8,439,983
8,787,675
9,133,161
9,403,852
9,673,717
9,963,049
10,332,784
10,692,555
11,018,251
Deposits.
$8,264,392
16,436,506
24,299,033
31,760,725
39,521,698
47,448,029
56,775,776
65,815,563
73,479,789
82,852,181
94,012,696
103,012,850
112,695,822
122,574,214
131,378,710
139,866,893
147,997,871
155,787,050
164,218,275
176,140,514
189,977,555
203,267,904
217,891,566
232,121,528
247,579,961
262,664,787
284,964,691
306,587,650
329,145,788
348,480,341
3C9,139,008
392,228,419
434,413,310
476,279,366
526,062,036
564,011,709
599,280,757
633,222,191
659,652,347
683,222,125
703,720,660
711,166,692
721,893,466
740,248,863
759,156,704
766,474,125
781,794,533
a Decrease d u e t o t h e transfer to " d o r m a n t " ledgers of m a n y a c c o u n t s on w h i c h no o p e r a t i o n h a d t a k e n
place for a considerable period. ( L ' U n i o n Postale, D e c e m b e r , 1877, p . 26.)
34
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
NEW
35
ZEALAND.
[Compiled from Statistics of t h e D o m i n i o n of N e w Zealand.]
Y e a r e n d e d D e c e m b e r 31—
Offices.
1867.
46
55
59
70
81
92
97
103
119
124
138
147
165
178
190
207
222
243
256
271
283
290
294
296
311
318
327
348
357
371
1869...
1870...
1871...
1872...
1873...
1874...
1875...
1876...
1877...
1878...
1879...
1880...
1881...
1882...
1883...
1884...
1885...
1886...
1887...
1888...
1889...
1890...
1891...
1892...
1893...
1894...
1895...
1896...
1897...
1898...
1899...
1900...
1901...
1902...
1903...
1904...
1905...
1906...
1907...
1908...
1909 a.
427
445
466
481
493
510
520
541
563
Depositors.
2,156
4", 252
6,290
8,317
10,549
13,566
17,132
21,742
24,334
26,117
28,761
32,132
34,747
38,667
51,008
57,517
61,936
65,717
69,957
74,871
79,724
84,488
90,745
97,208
104,467
112,528
122,684
129,423
137,683
147,758
159,331
169,968
183,046
197,408
212,436
227,465
243,675
259,164
276,066
298,746
319,773
342,077
359,714
Deposits.
$346,485
795,765
1,125,675
1,437,428
1,740,528
2,384,906
3,235,283
3,751,278
3,539,381
3,522,913
3,734,435
3,986,009
3,829,965
4,398,177
5,999,363
7,158,383
6,860,558
7,295,429
7,971,502
7,864,162
8,823,378
9,968,743
10,664,701
11,883,390
13,117,398
13,936,055
15,777,183
16,258,393
18,957,660
20,982,572
23,091,178
24,126,993
25,891,585
28,272,186
30,902,338
33,499,950
35,957,021
37,770,765
42,153,735
48,437,568
56,077,803
59,173,204
61,561,123
o F r o m special r e p o r t of U . S. consul, J u n e 21, 1910.
NEW
SOUTH
WALES.
[Compiled from N e w S o u t h W a l e s Statistical Register.]
Y e a r e n d e d D e c e m b e r 31—
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
Offices.
53
70
77
106
142
149
151
163
172
188
210
221
248
269
278
302
313
335
372
396
415
450
465
482
499
Depositors.
952
2,589
5,369
8,276
10,799
13,270
16,076
18,957
21,562
24,602
31,852
38,853
45,721
51,399
57,538
59,566
64,002
71,265
76,288
83,312
94,520
101,668
114,070
122,795
131,703
Deposits.
$69,236
393,909
1,002,840
1,471,498
1,723,101
1,952,915
2,274,860
2,336,041
2,488,519
2,854,183
4,727,810
5,637,616
5,759,595
6,282,316
7,162,972
6,926,514
7,306,826
8,456,536
8,418,514
9,129,092
10,479,828
11,456,159
15,734,801
17,684,496
20,058,253
Average
deposit
account.
$72.72
152.14
186.78
177.80
159.56
147.16
141.50
123.22
115.41
116.01
148.43
145.10
125.97
122.22
124.49
116.28
114 16
118. 66
110.35
109 57
110.87
112.68
137.93
144 01
152! 29
36
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
3STEW S O U T H
WALES—Continued.
Y e a r e n d e d D e c e m b e r 31—
1896
1897
1898
1899
1900
1901
1902
1903
1904 a
1905 a
1906 a
1907 b
1908 b
1909 c
Offices.
....
502
512
518
537
554
560
562
563
569
580
594
603
Depositors.
140,386
151,343
163,552
179,526
198,014
216,947
230,755
237,389
243,794
254,331
270,982
305,265
309,982
334,381
Deposits.
$21,281,034
22,832,805
24,459,365
26,692,923
29,421,020
32,349,032
34,552,676
34,155,165
36,377.370
38,702,715
43,232,287
54,156,821
58,976,004
64,684,625
Average
deposit
account.
$151.53
150.88
149.56
148.65
148.58
149.18
149.71
143. 83
149.27
152.11
159.57
177. 43
190. 20
193.35
« Year ending June 30.
& Statistical abstract for the Several British Colonies, etc.
cFrom special report of U. S. consul, June 30, 1910.
NOTE.—-The Government Savings Bank, established in 1871, was reorganized by an act passed in 1906,
by which it was placed under three commissioners. Its business is carried on in two separate departments—the savings-bank department and the advance department, the former of which receives and
invests deposits and pays interest on amounts not exceeding £500, while to the latter has been handed
over the administration of the state system of loans to agriculturists, formerly vested in an advance to
settlers' board. Branches for the receipt of deposits are attached to the various post-offices throughout the
State. (Statesman's Year-Book, 1909.)
WESTERN AUSTRALIA.
[Compiled from Statistical Register, 1909.]
Year ended December 311863..
1864..
1865..
1866..
1867..
1868..
1869..
1870..
1871..
1872..
1873..
1874..
1875..
1876.
1877.
1878.
1879.
1880.
1881.
1882.
1883.
1884.
1885.
1886.
1887.
1890
1891
1892
1893 a....
1894 a....
1895 a...,
1896 a...
1897 a...
1898 a...
1899 a...,
1900 a....
1901a...,
1902 a...,
1903 a...
1904 a...,
1905 a...,
1906 a 6.
1907 a...,
1908 a...,
1909a...
1910a...
a Year ending June 30.
Offices.
10
10
10
10
10
10
10
10
10
10
10
11
11
11
11
12
13
13
13
15
15
15
16
16
18
19
19
20
20
20
23
24
24
31
38
55
59
67
69
76
81
96
104
108
124
137
142
Depositors.
Deposits.
Average
deposit
account.
$12,103
31,102
48,120
59,142
60,189
65,834
69,625
66,097
69,187
75,840
90,692
94,430
1,397
1,545
1,389
1,332
1,299
1,654
1,904
1,987
2,002
2,082
2,176
2,871
3,096
2,965
3,014
3,564
4,443
4,745
6,310
8,374
16,160
26,317
29,791
29,371
33,646
39,318
45,108
48,008
54,873
59,764
63,573
66,737
67,695
71,262
77,165
116,236
126,159
135,702
114,874
112,178
110,591
113,603
124,908
129,838
128,222
131,522
141,776
157,898
149,927
156,438
168,454
224,740
301,669
364,627
687,734
1,079,463
2,241,558
4,166,133
5,217,170
5,431,880
6,322,284
7,875,744
9,193,218
9,677,644
10,121,167
10,741,806
11,271,597
12,814,156
14,014,946
14,855,137
16,498,126
$90.30
87.83
82.70
84.21
85.13
68.68
65.60
65.34
64.04
63.17
65.15
54.99
48.42
52.76
55.89
63.05
67.89
76.84
108.99
128.90
138.71
158.30
175.12
184.94
187.90
200.30
203.80
201.58
184.44
179.73
177.30
192.00
207.03
208.45
213. 79
& Sept. 29,1906, title changed to "The Government Savings Bank.'
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
37
TASMANIA, a
[Compiled from Statistics of the State of Tasmania.]
Y e a r e n d e d D e c e m b e r 31—
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906 b
1907 6
19086c
1909a"
Depositors.
Deposits.
874
1,542
1,964
2,439
2,707
2,996
3,138
3,391
3,787
4,663
4,748
4,965
5,236
6,785
8,176
9,163
10,607
12,710
14,008
14,881
15,736
16,159
16,665
17,048
17,817
19,250
20,084
21,491
$51,848
99,374
126,281
177,545
194,752
223,864
234,040
253,004
271,945
395,982
406,460
442,423
482,085
559,618
651,571
757,957
909,928
1,208,717
1,432,226
1,623,348
1,840,686
1,952,698
2,007,977
2,214,910
2,336,173
2,710,796
2,881,484
2,993,126
Average
deposit
account.
$59.32
64.44
64.29
72.79
71.94
74.72
74.58
74.61
71.81
84.92
85.60
89.10
92.07
82.47
79.69
82.71
85.78
95.09
102.24
109.08
116.97
120.84
120.49
129.92
131.12
140.82
143.42
139.26
o Became the State Savings Bank by Act of Parliament 1901.
b Year ending June 30.
c Number of offices, 127.
a* From special report of IT. S. consul, May 31,1910.
B R I T I S H INDIA.
[Compiled from Financial and Commercial Statistics of British India.]
Y e a r e n d e d March 31—
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909 b
Depositors.
Deposits.
90,336
88,836
176,829
217,112
234,987
260,391
300,251
350,253
397,171
447,518
502,598
560,366
613,205
650,532
684,823
713,320
730,387
755,871
785,729
816,651
866,693
922,353
987,635
1,058,813
1,115,758
ol,190,220
ol,262,763
1,318,632
$9,857,326
10,953,875
12,204,309
14,279,654
15,352,649
17,574,524
20,172,321
22,882,672
22,371,940
23,886,180
26,345,622
28,959,539
30,330,572
30,674,961
32,256,294
31,272,911
30,131,090
30,587,588
31,296,288
32,583,673
34,656,369
37,055,326
40,014,542
43,496,819
45,396,743
0 47,909,002
o49,253,632
50,766,666
a Figures from Bureau of Statistics, Department of Commerce and Labor.
b From Annual Report on the Post-Offices of India, 1908-9.
Average
deposit
account.
$109.11
123.30
69.01
65.77
65.33
67.49
67.18
65.33
56.32
53.37
52.41
51.67
49.46
47.15
47.10
43.84
41.25
40.46
39.83
39.89
39.98
40.17
40.51
41.08
40.68
o 40.25
O39.00
38.42
38
NOTES ON POSTAL SAVINGS-BANK SYSTEMS,
CEYLON.
[Compiled from Statistical Abstract for the Several British Colonies, Possessions, and Protectorates.]
Y e a r e n d e d D e c e m b e r 31—
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909 a
Offices.
Depositors.
2,193
4,572
6,685
9,151
10,758
12,877
17,387
20,782
23,871
27,970
31,352
36,659
50,596
43,003
43,850
51,778
54,426
57,007
58,121
60,884
63,850
66,949
71,018
74,964
79,704
49
72
72
73
90
97
99
128
133
134
138
139
140
144
147
147
147
150
149
152
156
158
158
160
Deposits.
$9,835
26,344
41,909
58,163
75,819
100,492
131,957
167,680
203,971
233,381
275,207
326,695
342,086
356,559
378,958
407,908
429,099
472,004
520,729
548,426
567,149
615,717
686,890
714,135
794,135
Average
deposit
account.
$4.48
5.76
6.26
6.35
7.04
7.80
7.58
8.06
8.54
8.34
8.77
8.91
6.76
8.29
8.64
7.87
7.88
8.27
8.95
9.00
8.88
9.19
9.67
9.52
9.96
a From special report of U. S. consul, June 22,1910.
S T R A I T S SETTLEMENTS.
[Compiled from Statistical Abstract for the Several British Colonies, Possessions, and Protectorates.]
Y e a r e n d e d D e c e m b e r 31—
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909 a
Depositors.
289
356
453
559
631
645
745
844
1,275
1,036
1,260
1,378
1,568
1,647
1,688
1,867
2,021
2,244
2,404
2,504
2,745
2,951
3,078
3,109
3,310
3,571
3,696
4,017
4,267
Deposits.
$21,359
26,200
34,710
51,009
58,493
56,674
64,008
67,891
71,506
72,036
86,772
103,648
116,241
130,976
141,059
185,587
206,406
233,302
244,853
246,742
276,555
305,517
331,482
320,283
317,065
330,569
339,854
367,039
380,981
Average
deposit
account.
$73.90
73.59
76.62
91.25
92.69
87.86
85.91
80.44
56.08
69.53
68.86
75.21
74.13
79.52
83.56
99.40
102.13
103.96
101.85
98.53
100. 74
103. 53
107. 69
103.01
95.79
92.57
91.95
91.37
89.29
a From special report of U. S. consul, June 16,1910.
The value of the Straits Settlements dollar fluctuated until 1906, b u t for the purposes of this table the
present value, $0.56775833, was used in reducing to United States dollars.
39
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
FEDERATED MALAY
STATES.
[Compiled from S t a t i s t i c a l A b s t r a c t for t h e Several B r i t i s h Possessions, Colonies, a n d
Depositors.
Year ended December 31—
1903
1904
1905
1906
1907
1908
1909 o
2,507
2,477
2,637
2,974
3,320
3,739
4,536
„.
Protectorates.]
Deposits.
$136,939
146,002
149,505
201,909
203,283
393,863
278,510
Average
deposit
account.
$54.62
58.94
56.70
67.89
61.23
105.34
61.40
a F r o m special r e p o r t of U . S. c o n s u l , J u n e 22,1910.
N O T E . — O n A p r i l 1,1907, t h e s a v i n g s b a n k s i n P e r i k a n d Selangor were closed a n d t h e depositors' accounts
transferred t o a n e w federal b a n k , s a v i n g s - b a n k business being t r a n s a c t e d a t all m o n e y - o r d e r offices in t h e
Federated Malay States.
CANADA.
[ F r o m official s t a t e m e n t s . ]
Y e a r e n d e d J u n e 30—
1868 (3 m o n t h s )
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887,
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907 c
1908 c
1909 c
Offices.
81
213
226
230
235
239
266
268
279
287
295
297
297
304
343
355
392
415
433
463
494
634
642
673
699
731
755
779
814
838
847
895
915
934
961
989
,011
,043
.,084
,102
Depositors.
2,102
7,212
12,178
17,153
21,059
23,526
24,968
24,294
24,415
24,074
25,535
27,445
31,365
39,605
51,463
61,059
66,682
73,322
80,870
90,159
101,693
113,123
112,321
111,230
110,805
114,275
117,020
120,628
126,442
135,737
142,289
142,141
150,987
157,368
162,761
167,023
168,572
165,518
164,542
167,285
165,691
155,895
Deposits.
$204,588
856,814
1,588,848
2,497,259
3,096,500
3,207,051
3,204,965
2,926,090
2,740,952
2,639,937
2,754,484
3,105,190
3,945,669
6,208,226
9,473,661
11,976,237
13,245,552
15,090,540
17,159,372
19,497,750
20,689,032
23,011,422
"21,990,653
21,738,648
22,298,401
24,153,193
25,257,868
26,805,542
28,932,929
6 32,380,829
34,480,937
34,771,605
37,507,455
39,950,812
42,320,209
44,255,326
45,419,706
45,367,76045,736,488
47,453,228
47,564,284
45,190,484
a October, 1889, interest r a t e r e d u c e d from 4 p e r c e n t t o 3 | p e r c e n t .
6 Interest rate reduced to 3 per cent.
c Y e a r e n d e d March 31.
Average
deposit
account.
$97.33
118.80
130.41
145.59
147.04
136.32
128.36
120. 44
112.27
109.60
107.87
113.14
125.80
156.75
184.08
196.13
198.63
205.81
212.18
216.26
203. 44
203. 41
195.78
195.44
201.24
211.36
215.84
222.22
228.82
238.55
242.47
244.62
248.41
253.87
260.01
264.96
269.44
274.09
276.75
283.67
287.07
289.88
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HOTES ON POSTAL SAVINGS-BANK
41
SYSTEMS,
CAPE OP GOOD H O P E .
[Compiled from Statistical Kegister of the Colony of Good Hope.]
Y e a r e n d e d D e c e m b e r 31—
Offices.
112
128
137
141
148
164
167
181
196
213
231
249
258
278
291
307
313
320
328
337
345
349
357
364
364
1884
1885
1886
1887
1888
1889
1890 a
1891 a
1892 a
1893 a
1894 a
1895 a
1896a
1897 a
1898 a
1899 a
1900 a
1901a
1902a
1903 a
1904 a
1905a
1906a
1907 a
1908 a
1910 ( M a r c h 31) &
a Year ending June 30.
Depositors.
4,775
8,518
10,757
12,858
15,505
18,392
21,521
27,311
31,386
35,122
38,925
41,408
46,152
52,957
58,953
62,356
70,812
82,753
92,413
95,590
99,421
98,328
99,961
101,722
101,533
102,644
Deposits.
Average
deposit
account.
$453,684
865,896
1,084,066
1,298,382
1,561,314
1,768,637
2,170,459
3,523,205
4,282,398
4,975,120
5,514,518
5,741,458
6,602,950
7,876,124
8,452,001
8,440,652
9,903,313
12,218,628
13,266,439
12,401,837
11,911,790
11,032,093
10,850,387
10,806,964
10,343,172
10,147,504
$95.01
101.65
100.77
100.97
100.69
96.16
100.85
129.00
136.44
141.65
141.67
138.65
143.07
148.70
143.36
135.36
139.85
147.65
143.55
129.74
119.81
112.19
108.54
106.24
101.87
98.86
& From special report of U. S. consul, June 17,1910.
TEANSVAAL.
[Compiled from "Statistics of the Transvaal Colony."]
Y e a r e n d e d J u n e 30—
1893
1894
1895
1896
1897
1898
1899
1900 ( M a y 31)
1901 ( D e c e m b e r 31)
1902
1903 a
1904
1905
1906
1907
1908
a Eighty-one offices.
Depositors.
Deposits.
1,853
3,874
6,339
8,118
10,391
12,544
9,945
9,672
11,515
12,020
27,940
35,059
40,844
47,092
51,022
55,105
$236,098
546,951
837,641
987,082
1,321,493
1,614,267
345,312
288,783
537,539
720,651
3,298,859
4,363,484
5,224,601
6,263,769
6,538,844
5,927,592
Average
deposit
account.
$127.41
141.18
132.14
121.59
127.17
128.68
34.72
29.85
46.68
59.95
118.06
124.46
127.91
133.01
128.15
107.57
42
NOTES OK POSTAL SAVINGS-BANK SYSTEMS.
ORANGE RIVER COLONY.
[Compiled from Statistical Abstract for the Several British Colonies, Possessions, and Protectorates.]
Y e a r e n d e d J u n e 30—
Depositors.
1898
1899
1902
1903
1904
1905
1906
1907
1908 (58 offices)
1,231
904
2,272
3,721
4,931
5,645
6,120
6,433
6,826
SIERRA
Deposits.
$95,865
33,506
327,841
547,861
764,917
828,439
771,340
769,204
807,678
Average
deposit
account.
$77.87
37.06
144.29
147.23
155.12
146.75
126.03
119.57
118.32
LEONE.
[Compiled from Statistical Abstract for the Several British Colonies, Possessions, and Protectorates.]
Y e a r e n d e d D e c e m b e r 31—
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
Depositors.
50
104
190
251
386
501
697
904
1,120
1,405
1,729
2,026
2,590
2,982
3,165
3,324
4,562
3,581
3,950
4,116
4,570
5,307
5,522
5,623
4,991
5,409
5,640
Deposits.
$3,226
5,684
13,621
24,075
40,411
45,409
60,335
70,044
81,285
110,990
131,546
151,762
174,727
178,868
191,867
196,903
210,739
232,765
238,079
237,996
245,335
284,807
302,273
303,086
334,840
386,429
389,057
Average
deposit
account.
$64.52
54.65
71.69
95.91
104.69
90.63
86.56
77.48
72.57
78.99
76.08
74.90
67.46
59.98
60.62
59.23
46.19
65.00
60.27
57.82
53.68
53.66
54.73
53.90
67.08
71.44
68.98
S O U T H E R N RHODESIA.
[Compiled from Statistical Abstract for the Several British Colonies, Possessions, and Protectorates.]
Y e a r e n d e d D e c e m b e r 31—
1905
1906
1907
1908
1909 a
Depositors.
Deposits.
Average*
deposit
account.
811
1,176
1,503
1,911
1,549
$108,528
163,582
218,808
259,817
321,370
$133.81
139.10
145.57
135.95
127.74
a From special report of U. S. consul, June 17,1910.
SOUTHERN NIGERIA, a
Y e a r e n d e d D e c e m b e r 31—
1908
Depositors.
3,104
Deposits
$106,652
Average
deposit
account.
$51- 75
a Government savings bank transferred to post-office in 1908. (Statistical Abstract for the several
British colonies, etc.)
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
GOTJy
48
COAST.
[Compiled from Statistical Abstract for the Several British Colonies, Possessions, and Protectorates.]
Depositors.
Y e a r e n d e d D e c e m b e r 31—
1888
1889..
1890..
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909 a
41
171
198
229
264
279
330
388
411
418
469
458
271
341
431
615
405
648
890
1,279
1,747
2,165
.
.
Deposits.
$4,618
15,636
10,779
15,339
17,077
19,096
25,121
27,150
27,588
18,551
24,371
24,186
21,685
21,705
25,890
28,172
34,095
43,774
62,369
73,820
100,620
120,237
Average
deposit
account.
$112.63
91.43
54.43
66.98
64.68
68.44
76.12
69.97
67.12
44.38
51.96
52.80
80.01
63.65
60.07
45.80
84.18
67.55
70.07
57.71
57.02
53.51
a From special report of U. S. consul, June, 1910.
FRANCE.
[Compiled from Bulletin de Statistique et de Legislation Comparee.]
Year e n d e d D e c e m b e r 31—
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
Offices.
6,024
6,193
6,478
6,620
6,649
6,712
6,765
6,792
6,817
6,844
7,091
7,257
7,313
7,391
7,369
7,416
7,614
7,642
7,697
7,772
7,820
7,840
7,853
7,884
7,912
7,938
Depositors.
Deposits.
211,580
$9,187,116
375,838
14,944,263
526,889
22,272,593
670,714
29,752,025
816,185
36,800,107
950,729
43,139,325
1,101,116
51,490,200
64,057,374
1,272,875
79,793,736
1,475,820
97,731,327
1,694,355
118,958,141
1,934,284
2,050,083 o l l 7 , 8 8 3 , 2 2 7
133,332,981
2,251,193
145,417,496
2,457,467
151,495,390
2,652,564
162,932,086
2,861,002
168,879,128
3,073,737
179,384,676
3,319,938
194,980,796
3,565,941
208,515,240
3,805,881
213,603,320
3,991,412
215,766,294
4,143,888
229,158,291
4,345,446
246,703,726
4,577,390
258,374,735
4,794,874
276,655,969
5,034,998
5,291,673
296,964,867
Average
deposit
account.
$43.42
39.77
42.27
44.35
45.08
45.37
46.76
50.32
54.06
57.66
61.49
57.50
59.22
59.17
57.11
56.95
54.94
54.03
54.68
54.79
53.52
52.07
52.74
53.90
53.89
54.95
56.12
a In 1893 rumors as to the safety of deposits, which were circulated for political purposes, caused a sudden
crisis. In the first four months of that year withdrawals exceeded deposits by 35,000,000 francs, and
though confidence was soon restored there was during the year 21,250,000 francs less paid in than withdrawn.
44
NOTES ON POSTAL SAVINGS-BANK SYSTEMS,
TUNIS.
[Figures 1886-1893, Inclusive, from Bulletin de Statistique et de Legislation Comparee.]
Depositors.
Y e a r e n d e d D e c e m b e r 31—
932
873
999
1,342
1,601
1,961
1,992
1,914
2,168
2,581
2,348
2,481
2,485
3,097
3,078
3,365
3,614
3,863
4,088
4,424
4,795
5,415
5,620
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
Deposits.
$19,679
50,732
79,066
124,095
171,863
244,242
299,150
333,837
362,068
403,157
404, 742
433,858
459,234
511,179
523,836
575,005
640,381
703,845
787,093
838,178
923,392
1,080,413
1,172,050
Average
deposit
account.
$21.11
58.11
79.14
92.47
107. 34
124. 54
150.17
174. 41
167. 00
156. 20
172. 37
174. 87
184. 80
165. 06
170.19
170. 88
177.19
182.20
192. 54
189. 64
192.58
199.52
208. 55
ITALY.
[Compiled from Annuario Statistico Italiano.J
Y e a r e n d e d D e c e m b e r 31—
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
Offices.
1,989
3,109
3,194
3,259
3,313
3,406
3,488
3,584
3,742
3,903
4,097
4,237
4,317
4,394
4,479
4,594
4,666
4,686
4,720
4,777
4,841
4,898
4,946
5,029
5,143
5,233
5,313
5,389
5,931
5,991
6,781
8,517
8,735
Depositors.
Deposits.
57,354
114,291
157,651
• 238,869
339,845
471,094
592,018
805,988
1,015,328
1,206,101
1,391,343
1,570,840
1,754,574
1,941,254
2,126,289
2,312,323
2,523,796
2,673,127
2,835,225
2,938,402
2,909,175
3,141,305
3,302,064
3,633,063
3,990,983
4,318,612
4,648,956
4,969,588
5,283,063
5,527,322
o4,689,669
4,904,714
4,981,920
$471,577
1,249,659
2,197,337
5,062,831
8,926,802
12,930,395
16,395,589
21,640,785
28,630,566
34,143,473
42,429,355
46,365,387
51,048,894
55,189,186
59,923,342
64,401,008
70,465,604
77,207,617
81,915,946
89,245,769
92,369,064
103,562,104
110,072,639
121,301,196
131,652,255
138,913,421
151,212,172
167,760,256
189,810,340
206,198,239
233,655,238
273,702,695
290,808,886
Average
deposit
account.
$8.22
10.93
13.93
21.19
26.26
27.44
27.69
26.85
28.20
28.30
30.49
29.51
29.09
28.42
28.18
27.85
27.92
28.88
28.89
30.37
31.75
32.96
33.33
33.39
32.98
32.16
32.52
33.77
35.92
37.30
49.82
55.80
55.37
a Diminution in number of deposits due to canceling by prescription of deposits credited with less than
1 lira each.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
45
BELGIUM.
[Compiled from Annuaire Statistique de la Belgique.J
Year ended December 31—
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888.
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906o
1907
1908
Depositors.
Deposits.
4,416
6,215
8,528
13,283
17,313
22,508
27,061
33,211
40,291
46,169
54,464
82,311
164,029
201,881
231,641
261,908
294,061
327,920
392,316
447,683
511,595
572,369
635,378
715,470
798,174
882,370
968,486
1,062,769
1,177,423
1,289,659
1,390,047
1,483,270
1,582,442
1,681,031
1,785,145
1,885,857
1,994,130
2,106,237
2,200,541
$171,985
323,217
535,344
933,544
1,288,282
1,771,403
2,478,484
3,198,500
4,008,430
4,610,386
5,824,158
7,089,267
8,616,261
10,133,706
12,487,347
16,044,191
19,615,388
23,564,341
27,491,934
31,478,301
37,112,042
39,667,927
43,378,916
49,811,044
55,869,590
61,464,010
67,023,981
74,770,044
81,142,240
88,619,241
97,207,412
108,372,734
108,770,680
110,996,287
116,052,662
121,302,054
126,481,656
134,040,979
141,711,824
Average
deposit
account.
$38.94
52.00
62.77
70.28
74.41
78.70
91.58
96.30
99.48
99.85
106.93
86.12
52.52
50.19
53.90
61.25
66.70
71.86
70.07
70.31
72.54
69.30
68.27
69.62
69.99
69.65
69.20
70.35
68.91
68.71
69.93
73.06
68.73
66.02
65.01
64.32
63.42
63.64
64.40
o 1,027 offices in 1906.
RUSSIA.
[Compiled from " Otchet Gosudarstoennykh Sberegatelnykh Kass."]
Year ended December 31—
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
Offices.
Depositors.
Deposits.
184
1,265
1,705
1,773
2,626
2,807
3,065
3,354
3,492
3,606
3,718
3,852
240,000 $14,471,500
321,000
19,570,000
397,000
23,741,500
475,000
28,273,500
556,000
34,402,000
o653,470 o42,800,963
o757,770 0 52,003,765
o897,618 0 59,214,719
o 1,023,013 o67,566,287
o 1,163,310 0 77,043,466
ol,337,680 0 92,030,380
ol,429,924 0 95,153,056
ol,402,952 0 87,710,824
6 4,471 ol,605,708 o l l l , 8 7 0 , 6 4 1
o 1,788,990 o 128,873,169
a Figures from Bureau of Statistics, Department of Commerce and Labor.
6 L'Union Postale.
Average
deposit
account.
$60.29
60 99
59 80
59 52
61 87
o65 47
a 68 63
o65 97
a 66 05
066 23
a 68 80
a 66 54
a 62 52
a 69 61
a 72 04
46
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
FINLAND.
[Compiled from Statistik Arsbols of Finland.]
Depositors.
Y e a r e n d e d D e c e m b e r 31—
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908a
Deposits.
8,718
14,056
20,162
22,532
23.461
21,980
20,935
20,483
21,145
22,421
24,933
30,203
35,347
40,188
42,965
47,451
53,503
56.462
53,455
57,555
60,007
58,826
$65,295
137,205
212,666
252,772
241,788
213,623
183,029
189,426
217,986
267,544
386,120
509,536
589,822
720,013
789,014
835,367
981,280
1,034,184
1,004,488
1,213,973
1,410,610
1,433,187
Average
deposit
account.
$7.48
9.76
10 54
11.21
10.30
9.71
8.74
9.24
10.30
11.93
15.48
16.86
16.68
17.91
18.36
17.60
18.34
18.31
18.79
21.09
23.50
24.35
a From special report of United States consul, May 11,1910.
NETHERLAND S.
[Compiled from statements published in L'Union Postale.]
Y e a r e n d e d D e c e m b e r 31—
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1910 ( M a y ) a
Offices.
909
1,017
1,093
1'
1,131
1,147
1,164
1,183
1,191
1,202
1,217
1,235
1,251
1,274
1,287
1,281
1,288
1,304
1,313
1,319
1,335
1,349
1,372
1,389
1,408
1,431
1,463
Depositors.
22,831
46,242
67,922
90,798
112,308
139,989
169,027
201,763
241,175
281,870
319,106
358,483
401,046
448,581
499,963
561,989
627,409
693,228
764,201
829,131
896,761
966,433
1,035,527
1,111,590
1,184,316
1,259,681
1,336,846
1,401,670
1,462,615
a From special report of U. S. consul, May 2,1910.
NOTE.—Law of May 25,1880; began operations April 1,1881.
Deposits.
$345,166
811,628
1,293,477
1,869,588
2,559,942
3,563,988
4,483,395
5,620,125
7,044,210
8,542,701
9,653,517
11,079,967
12,963,342
15,137,972
17,762,323
21,251,122
24,781,885
28,144,883
31,494,544
34,048,199
37,696,209
40,839,011
44,028,527
48,414,706
52,231,689
56,152,681
58,489,392
59,499,168
64,490,082
Average
deposit
account.
$15.12
17.55
19.04
20.59
22.79
25.46
26.52
27.87
29.20
30.31
30.25
30.91
32.30
33.75
35.52
37.81
39.50
40.60
41.21
41.06
42.04
42.26
42.52
43.55
44.10
44.58
43.75
42.45
44.09
47
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
DUTCH: E A S T
INDIES.
[Compiled from Jaarcijfers voor het Koninkrijk Der Nederlanden: Kolonien.]
Y e a r e n d e d D e c e m b e r 31—
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909«
Depositors.
Deposits.
6,114
17,010
22,327
26,535
30,058
33,550
38,424
46,478
49,566
56,464
63,309
71,209
$308,200
836,717
1,140,871
1,367,540
1,576,290
1,920,370
2,379,437
2,643,050
2,841,535
2,845,861
2,840,016
3,120,349
Average
deposit
account.
$50.40
49.18
51.09
51.53
52.44
57.23
61.92
56.86
57.32
50.40
44.86
43,82
a From special report of United States consul, June 15,1910.
DUTCH GUIANA.
[Compiled from Jaarcijfers voor het Koninkrijk Der Nederlanden: Kolonien.]
Y e a r e n d e d D e c e m b e r 31—
1904
1905
1906
1907
1909a
Depositors.
Deposits.
4,967
5,785
6,525
7,214
8,761
$205,876
230,222
261,405
280,162
313,698
Average
deposit
account.
$41.44
39.80
40.06
38.83
35.80
o From special report of United States consul, June 16,1910.
CURACAO.*
[Colonial Savings Bank reorganized as a postal savings bank April 1,1904.]
Y e a r e n d e d J u n e 30—
1905
1906
1907
1909 6
Depositors.
1,406
1,981
3,250
3,439
Deposits.
$13,741
37,604
52,143
64,805
a Figures from Bureau of Statistics, Department of Commerce and Labor,
b From special report of United States consul, May 7, 1910.
Average
deposit
account.
$9.77
18.98
16.04
18.85
48
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
JAPAN.
[Compiled from Financial and Economic Annual of Japan.]
Year e n d e d D e c e m b e r 31—
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888 &
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908c
1909 c
Depositors.
a 1,843
4,442
5,761
14,137
26,473
36,126
38,974
46,211
87,014
141,202
293,297
490,337
568,849
665,822
762,869
797,486
843,320
911,427
1,011,285
1,073,747
1,223,085
1,273,363
1,253,638
1,239,657
1,396,147
1,979,640
2,363,335
2,859,143
3,501,353
4,929,189
5,848,498
7,282,497
7,886,279
8,013,193
8,815,436
Deposits.
$7,582
20,839
49,869
142,572
246,069
329,722
409,326
526,996
1,144,654
2,619,722
4,507,027
7,700,102
9,070,214
10,030,800
9,948,257
9,560,575
10,629,870
11,367,378
13,025,439
12,898,860
14,424,783
14,069,096
12,825,620
10,940,327
11,658,747
11,934,788
13,544,007
14,718,253
15,758,653
20,817,090
27,015,890
38,205,134
46,258,958
46,275,301
53,070,016
Average
deposit
account.
$4.11
4.69
8.65
10.08
9.29
9.12
10.50
11.40
13.15
18.55
15.36
15.70
15.94
15.06
13.04
11.98
12.60
12.47
12.88
12.01
11.79
11.04
10.23
8.82
8.35
6.02
5.73
5.14
4.50
4.22
4.61
5.24
5.86
5.77
6.02
a Number of depositors 1875-1894 from I/Union Postale.
& Year ended March 31 from 1888.
c From Bureau of Statistics, Department of Commerce and Labor.
NOTE.—At the end of February, 1910, deposits aggregated $63,153,080, accounts 10,196,090, average
account $6.22.
FORMOSA.
[Compiled from Financial and Economic Annual of Japan.]
Y e a r e n d e d M a r c h 31—
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909,
Depositors.
Deposits.
5,847
10,966
14,697
22,520
27,669
33,866
41,145
50,836
56,833
63,332
70,152
78,879
84,010
90,895
$114,233
201,413
242,906
279,489
322,613
327,991
381,757
453,523
432,703
554,626
702,401
886,466
900,941
950,350
Average
deposit
account.
$19.54
18.36
16.53
12.85
11.66
9.68
9.28
7.98
6.61
8.76
10.02
11.24
10.72
10.45
49
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
AUSTRIA.
[Compiled from Oesterreichisches Statistisches Handbuch.]
Savings a c c o u n t s .
Year ended December
31—
Offices.
3,219
4,118
4,172
4,268
4,356
4,455
4,548
4,657
4,767
4,917
5,095
5,257
5,417
5,562
5,663
5,768
5,892
5,937
6,061
6,151
6,242
6,339
6,407
6,479
6,614
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
Checking a c c o u n t s .
Depositors.
Deposits.
Average
savings
deposit.
352,886
426,233
487,390
544,931
597,708
655,335
719,431
783,206
847,716
913,447
971,506
1,037,524
1,110,091
1,174,902
1,241,567
1,318,626
1,415,348
1,484,607
1,547,541
1,610,530
1,694,702
1,798,018
1,900,194
2,004,487
2,064,403
2,106,539
$1,624,707
2,509,743
3,523,830
4,365,450
5,161,276
6,089,091
7,270,457
8,707,143
10,085,850
11,910,103
13,674,664
15,601,180
17,964,815
20,174,947
22,127,717
24,316,523
26,877,778
28,599,030
30,355,244
32,870,085
36,568,590
39,937,633
42,536,862
44,208,710
44,269,223
46,009,897
$4.. 60
5.88
7.23
8.01
8.63
9.29
10.10
11.11
11.89
13.03
14.07
15.03
16.18
17.17
17.82
18.44
18.99
19.26
19.61
20.40
21.57
22.20
22.38
22.05
21.44
21.84
Depositors.
Deposits.
167
$44,250
2,520
2,069,825
6,877
6,776,828
10,553 11,601,900
12,981 11,339,619
14,296 11,483,487
16,046 13,125,170
17,808 13,808,374
19,331 15,221,009
21,365 17,329,918
23,471 20,061,423
25,834 21,467,159
28,363 22,144,023
30,837 26,046,929
34,209 36,093,134
37,489 41,236,455
40,271 41,797,596
42,658 44,485,281
46,345 48,110,713
51,853 52,344,476
57,038 54,918,334
62,329 52,529,504
67,804 62,225,584
73,313 78,770.096
79,711 74,693,076
86,560 ^65,467,500
Average
checking
account.
$264.97
821.35
985.43
1,099.39
873.55
803.26
817.97
775.40
787.38
811.13
854.73
830.96
780.73
844.66
1,055.07
1,099.96
1,037.90
1,042.83
1,038.09
1,009.47
962.83
842.77
917.72
1,074.43
937.04
756.32
a Figures for 1908 from L'Union Postale and are approximate amounts for checking accounts.
NOT'".—On February 1,1910, an international giro service was inaugurated between Germany, Austria,
Hungary, and Switzerland. By means of this service the owner of a check account at a German or a
Swiss check post-office or at the office of the Post-Office Savings Bank in Vienna or Budapest may have
sums transferred from his account to any check account at one or the other of these offices.
HUNGARY.
[Compiled from Magyai Statisztikai Evkonzr.]
Savings a c c o u n t s .
Y e a r e n d e d D e c e m b e r 31—
Offices.
1886....
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908«
2,000
2,990
3,225
3,815
3,828
3,864
3,895
3,907
3,942
3,984
4,019
4,125
4,126
* 4,182
4,205
4,322
4,398
4,365
4,379
4,395
4,399
4,425
Checking accounts.
Depositors.
Deposits.
Average
savings
deposit.
85,517
110,939
129,887
150,810
168,706
188,660
211,330
234,131
257,303
276,565
295,597
314,371
337,936
364,775
389,083
416,328
446,695
484,834
525,818
563,973
607,456
648,652
684,299
$572,683
869,368
1,188,707
1,518,156
1,945,207
2,422,988
3,011,769
3,588,451
4,154,172
4,408,429
4,750,667
4,947,252
5,368,782
5,983,628
6,632,741
7,579,634
8,851,856
10,713,366
12,457,866
13,955,133
16,572,798
18,044,223
18,803,991
$6.69
7.83
9.15
10.06
11.53
12.84
14.25
15.32
16.14
15.93
16.07
15.73
15.88
16.40
17.04
18.20
19.81
22.09
23.69
24.74
27.28
27.81
27.47
a Figures for 1908 from L'Union Postale.
52027°—10-
Depositors.
910
1,417
1,938
2,568
3,181
3,767
4,517
5,244
6,001
6,643
7,222
7,920
8,769
10,312
12,262
13,581
14,928
16,291
17,491
Deposits.
$768,477
1,348,793
1,991,592
2,270,535
2,759,318
2,950,889
3,828,945
4,339,937
4,755,498
5,133,505
6,811,076
7,431,769
8,612,884
9,782,631
10,733,503
13,031,159
14,071,980
13,249,221
14,558,734
Average
checking
account.
$844 48
951.86
1,027.65
884.16
867.43
783 35
847.67
827 60
792.45
772 76
943 10
938.35
982 19
948 66
875 34
959.51
942.65
813.28
832 35
50
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
SWEDEN.
[Compiled from Extrait Du Rapport Au Roi Sur La Situation E t La Gestion De La Caisse D'Epargne
Postale Du Suede.]
Y e a r e n d e d D e c e m b e r 31—
Offices.
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1,575
1,688
1,731
1,808
1,841
1,888
1,942
1,994
2,038
2,138
2,192
2,251
2,312
2,376
2,461
2,549
2,652
2,728
2,799
2,870
2,935
2,982
3,064
3; 124
3,180
Depositors.
79,513
112,724
134,769
152,016
174,747
202,520
237,060
271,540
300,299
325,498
367,337
408,288
451,872
495,383
535,305
556,544
566,805
573,800
577,627
570,686
570,203
567,023
569,155
566,976
560,270
Deposits.
Average
deposit
account.
$221,808
389,995
567,998
773,286
1,246,399
2,273,355
3,488,436
4,358,769
5,228,262
6,275,883
7,964,677
10,311,970
13,328,661
15,572,805
17,161,004
16,062,355
15,131,653
14,532,663
14,449,595
14,601,238
14,849,881
14,648,559
14,498,185
13,582,491
12,441,249
$2.78
3.45
4.21
5.08
7.13
11.22
14.71
16.05
17.41
19.28
21.65
25.25
29.49
31.43
32.05
28.86
26.69
25.32
25.01
25.58
26.04
25.83
25.47
23.95
22.20
BULGARIA.
[Figures from Bureau of Statistics, Department of Commerce and Labor.]
Y e a r e n d e d D e c e m b e r 31—
Depositors.
8,186
17,740
29,290
40,867
53,194
67,795
84,098
101,038
124,007
148,963
175,630
201.956
225,879
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908&
Deposits.
$169,904
434,041
656,841
822,249
989,983
1,371,962
1,643,545
o2,247,661
o3,267,353
o4,465,778
o5,735,866
o6,495,913
o7,108,693
Average
deposit
account.
$107.54
126.77
116.19
104.25
96.43
104.85
101.26
115.26
136.52
155.33
169.22
166.66
178.71
o Including the value of accrued interest on the securities held to the credit of the depositors.
6 From report United States consul-general a t Bucharest dated June 17,1910
EGYPT.
[Compiled from Statistical Year-Book of Egypt.]
Y e a r e n d e d D e c e m b e r 31—
1901
1902
1903
1904
1905
1906
1907
1908 a
Depositors.
6,740
13,295
20,199
29,152
43,424
59,084
74,179
86,728
Deposits.
$234,753
432,275
646,752
906,180
1,190,793
1,636,489
1,967,393
1,986,755
a Figures for 1908 from Bureau of Statistics, Department of Commerce and Labor.
Average
deposit
account.
$34.82
32.51
32.01
31.08
27.42
27.69
26.52
22.91
51
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
PHILIPPINE ISLANDS.
Y e a r e n d e d J u n e 30—
Depositors.
Deposits.
2,676
5.389
8,782
12,717
$255,050
515,997
724,479
824,011
1906a
1907
1908
1909
1910 ( M a y 31)
Average
deposit
account.
$111.77
95.75
82.50
64.87
a First office opened October 1,1906.
COUNTRIES WHICH H A V E DISCONTINUED POST-OFFICE SAVINGS BANKS.
"VICTORIA.
[Merged into Trustee Savings Banks 1897.]
[Compiled from Statistical Register of Victoria.]
Y e a r e n d e d D e c e m b e r 31—
Offices.
31
50
66
73
99
112
123
130
140
159
166
172
185
191
199
209
215
228
253
264
280
300
314
343
370
370
381
384
378
378
380
1865
1866
1867
1868
1869
1870
1871
1872
1873
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897 a
Depositors.
2,126
6,774
11,118
14,356
17,866
21,177
24,804
30,128
34,360
41,521
44,361
46,268
49,233
53,833
59,286
63,339
65,735
70,722
74,846
78,328
82,876
93,168
98,134
104,320
107,671
111,943
122,315
125,042
125,883
129,789
131,774
Deposits.
$75,275
285,620
501,619
808,136
1,184,891
1,360,430
1,720,429
2,644,602
2,937,050
3,003,979
3,173,391
3,032,078
3,163,717
3,679,303
5,308,388
5,598,378
5,022,870
5,594,012
6,140,199
6,165,646
6,844,625
8,580,914
8,714,714
9,713,986
10,137,907
11,044,054
14,403,842
15,020,588
15,223,034
15,526,801
15,409,037
Average
deposit
account.
$35.40
42.16
45.11
56.29
66.32
64.24
69.36
87.77
85.47
72.34
71.53
65.53
64.26
68.34
89.53
88.38
76.41
79.09
82.03
78.71
82.58
92.10
88.80
93.11
94.15
98.65
117.76
120.12
120.93
119. 63
116.93
a Figures for September 30, date on which post-office savings banks were merged into trustee savings banks.
HAWAII.
[NOTE.—The postal savings system ceased to exist in 1897.]
Y e a r e n d e d D e c e m b e r 31—
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
Depositors.
Deposits.
819
1,860
2,641
3,299
3,452
2,583
2,445
2,653
3,596
7,494
$134,883
477,475
909,613
1,013,632
963,354
568,462
509,394
587,401
598,098
730,356
Average
deposit
account.
$164
256
344
307
279
220
208
221
166
97
IV. COST OF ADMINISTRATION OF POSTAL SAVINGS BANKS IN
LEADING COUNTRIES.
UNITED KINGDOM.
[Compiled from official reports of the Postmaster-General.]
•
E x p e n s e of
management.
Y e a r e n d e d D e c e m b e r 31—
Profit.
Average
cost each
transaction.
d.
1861
1862
1863
1864.
1865
1866
1867
1 8 6 8 . . *.
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
]•
,
,
.•
a Includes 9 years' postage.
b Loss.
£20,591
25,401
45,856
49,527
59,451
62,700
61,860
62,060
67,945
69,427
78,404
84,160
99,616
122,325
125,912
152,184
a 448,543
192,280
188,891
200,574
221,653
248,180
248,618
256,402
290,555
288,418
326,990
336,954
326,394
343,614
354,008
367,566
414,557
414,625
429,627
450,938
450,641
473,877
487,025
506,093
526,007
549,140
537,672
527,856
598,925
585,603
c679,678
£35,692
44,413
5,522
4,327
25,791
47,690
19,386
158,888
166,456
301,070
82,850
94,518
126,279
147,117
77,787
125,345
144,879
145,800
123,139
93,795
93,040
64,609
67,002
78,805
72,495
36,050
65,663
51,118
29,922
35,101
3,836 y
16,983
&3,791
6 9,232
&7,019
& 11,711
10,465
26,177
29,809
6 107,403 !
& 112,090
b 88,094
6 119,870
l> 86,247
b 161,443
6.70
5.80
7.70
6.90
6.90
7.00
6.20
5.50
5.50
5.20
5.10
5.10
5.80
6.90
6.90
8.10
11.10
9.70
8.70
6.50
6.60
7.10
6.90
7.00
7.80
7.30
7.70
7.40
6.70
6.80
6.60
6.50
6.70
6.40
6.00
6.10
5.80
5.76
5.73
5.84
5.93
6.12
5.93
5.40
5.40
5.01
5.76
c Includes over £60,000 nonrecurrent expenditures.
B R I T I S H INDIA, a
[From report of Consul-General W. H. Michael, May 18,1910.J
Y e a r e n d e d March 31.
1909
Receipts.
Interest
p a i d depositors.
$1,751,959
$1,446,989
a Established 1882,
52
Cost of
management.
$191,444
Profit.
$113,526
53
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
BAHAMAS."
[Compiled from Report on the Post-Office Savings Bank for 1909.]
Gain.
Loss.
Y e a r e n d e d D e c e m b e r 31—
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902 (6 m o n t h s to J u n e 30)
1903 b
1904 6
1905 b
1906 b
1907 b
1908 b
1909 b
1
£134
591
£69
97
107
113
105
97
108
94
42
101
79
120
72
174
180
201
217
232
199
380
725
2,787
725
D e d u c t losses
S u r p l u s J u n e 30, 1909
2,062
a Receipts from investments, etc., year ended June 30, 1909, $5,543.35; interest credited to depositors,
$3,401.68; interest credited to Bahamas government for advances from treasury, $290.98; balance to surplus, $1,750.69.
6 Year ended June 30.
FRANCE.
[From Caisse National d'Epargne, Rapport, 1907.]
Year.
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
Receipts.
Francs.
1,123,350.05
2,439,324.01
3,684,021.66
5,277,105.35
6,620,207.29
7,755,742.51
9,233,135.61
10,942,568.59
13,733,123.71
16,055,250.02
18,926,105.13
20,378,790.68
21,376,686.50
23,912,703.34
24,989,549.91
26,408,630.88
28,118,111.18
29,349,927.01
31,651,657.12
34,010,389.58
36,837,272.34
35,674,409.04
36,835,80.3.99
39,331,021.50
40,800,284.90
42,889,749.06
43,303,746.00
,
.
..
;
o Loss.
^
Interest paid
depositors.
Cost of m a n agement.
Francs.
775,949.68
1,831,120.44
2,810,053.46
3,995,570.65
5,074,948.05
6,107,771.34
7,233,948. 62
8,676,471.56
10,887,019.23
13,477,178.15
16,417,358.00
15,746,996.99
17,378,358.06
19,591,333.18
18,740,260.05
19,951,159.25
21,082,587.60
22,113,376.88
23,820,102.69
25,619,337.44
27,272,555.13
27,146,674.51
28,108,126.12
30,198,999.78
31,853,320.03
33,783,402.25
33,468,320.00
Francs.
364,245.22
608,203.57
809,131. 66
869,437.19
1,162,387.35
1,254,719.22
1,422,223.44
1.630,117.89
1,945,898.29
2,554,905.65
2,839,971.67
3,158,059.63
3,554,781.81
3,429,094.07
3,329,479.27
3,412,589.45
3,579,234.76
3,653,274.70
3,865,883.17
4,276,325.17
4,431,544.97
4,497,069.21
4,591,284.77
4,790,587.92
6,196,828.16
6,755,236.31
7,538,390.00
b Even.
Profit.
Francs.
ol6,844.85
(&)
64,836.54
412,097.51
382,871.89
393,251.95
576,963.55
635,979.14
900,206.19
23,166.22
<J 331,224.54
1,473,734.06
443,546.63
892,276.09
2,919,810.59
3,044,882.18
3,456,308.82
3,583,275.43
3,965,671.26
4,114,726.97
5,133,172.24
4,030,665.32
4,136,393.10
4,341,433.80
2,750,136.71
2,351,110.50
2,297,036.00
54
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
ITALY.
[ F r o m R e p o r t of General D i r e c t i o n della Cassa dei Depositi e P r e s t l t l . ]
Year.
N e t interest
p a i d depositors.
Receipts.
Lire.
1876
1877
1878
1879
1880
1881
1882
1883
1884 ( J a n u a r y to June—6
months)
1885 &
1886 &
1887 &
1888 6
1889 &
1890 &
1891 &
1892 b
1893 &
1893 ( J u l y to D e c e m b e r )
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
Administration expenses, c
T o t a l expenses.o
981,135.94
1,896,525.21
3,156,976.55
4,116,907.31
5,299,527.78
Lire.
32,780.92
131,480.70
254,245.28
627,049.56
1,237,701.29
1,934,993.29
2,603,679.09
3,318,766.99
237,527.09
411,855.62
685,808.64
935,172.00
1,150,378.05
3,225 711.06
7,662! 367.78
9,043! 797.73
10,616! 026.36
l l , 5 1 l ! 583.54
13,132! 143.01
6,275. 000.60
14,572, 285. 31
15,156, 079.64
16,428, 287.33
17,689, 693.65
18,267, 392.27
20,959, 355.70
21,517, 713.36
21,631, 341.02
22, 865, 471.46
25.048, 539.62
27,272, 467.82
29,250, 780.52
31.049, 289.07
33, 464, 005.66
36,547, 444.82
39,715, 294.31
45,102, 919.63
49,819, 532.99
56,310, 498.11
962. 55
4,711. 956.07
6,429, 598.14
7,097, 238.20
7,710, 193.71
8,256, 647.45
4,354, 332.17
9,413, 944. 46
10,140, 103.46
10,965, 054.90
12,306, 102.85
12,689, 998.02
13,788, 732.93
13, 419, 161.71
14,692, 418.94
15, 472, 998.26
16,890, 001.76
18,379, 976.82
19,211, 175.29
20,117, 098.32
21,959, 962.48
24,323, 536.12
26,141, 399.20
28,999, 336.62
33,003, 587.51
37, 549, 856.66
837, 783.02
1,742, 245.32
2,174 301.16
2,261, 625.17
2,387, 777.08
2,638, 245.28
1,829, 822.95
2,883, 761.25
3,091, 316.78
3,249, 124.43
2,7"- 934.17
4, i n ; 797.14
.30
5,221,
5,392. 236.66
5,453, 340.88
5, 933, 125.04
6, 326, 681.14
6,763, 664.76
7,275, 105.87
7,845', 324.05
8,588, 550.17
6,585, 946.70
8,577, 447.14
9,020, 598.05
8, 846, 876.76
9,748, 072.06
786,899.56
Lire.
330,438.84
a I n c l u d e s a d m i n i s t r a t i o n e x p e n s e s , i n c o m e t a x d e d u c t e d from
income t a x deducted from t h e benefits, and all other expenses.
b Y e a r e n d e d J u n e 30.
cIncluded
with total expenses.
Lire.
76,791.84
88,382.40
92,000.00
121,389.74
181,404.33
301,382.70
408,885.73
481,890.99
462, 435.18
702, 616. 83
1,086,640. 59
942, 523. 41
943, 366.78
968 417. 61
1,012,933.05
1,013,429.95
1,153,351.00
1,230, 130. 00
615, 065.00
1,245, 465. 00
1,260',800.00
1,348,825.00
1,396. 650. 00
1,688, 072. 00
1,565, 942. 50
1,618,650.00
1,762. 400.00
2,030,225. 00
2,353, 975.00
2,537! 960.00
2,874! 620. 00
3,013! 620. 00
3,27l! 135.00
3,468! 305.00
Profit.
Lire.
37,953.82
116,559.29
246,968.30
536,174.62
578,056.22
830,382.74
303, 165. 49
1,208,166.39
439,898.43
1,257,162.99
1,413,612. 75
2,237,250.28
90, 845.57
2,274,579.50
1,924,659. 40
2,214,108.00
2,586, 656.63
1, 459,597.11
1,948, 724.47
2,706, 314.99
1, 485,581.20
1, 459,348.16
1, 831,856.72
2,128, 826.24
2, 764,499.36
3,086, 866.70
2,915, 493.01
5,637",962.00
4,996, 447.97
7,082,
7,969, 068.72
9,012, 569.39
interest accredited to depositors,
BELGIUM.
[ F r o m c o m p t e r e n d u d e la Caisse generate d ' ^ p a r g n e e t d e retraite.J
Year.
1870-1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
Receipts.
o Includes sinking fund
Francs.
29,659,116.65
5,432,494.67
6,076,623.12
5;533,451. 94
5,657,285.02
6,258,114. 67
7,221,380.54
7,833,032.11
8,498,195.63
9,446,112.10
10,764,532.72
11,574,218.11
11,170,186.25
12,263,575.19
13,268,426.60
13,534,985.31
14,880,329.21
16,221,899.56
17,674,914.54
19,655,186.85
22,108,002.46
23,010,429.39
24,213,629.09
23,972,771.62
24,205,678.25
25,277,563.56
27,332,469.88
30,820,916.31
31,594,452.92
Interest paid
depositors.
Cost of m a n agement.
Surplus
(profit).
Francs.
20,853,910.50
4,065,908.08
3,676,971.80
4,003,680.71
4,465,051.88
5,096,354.03
6,093,518.34
6,473,020.95
7,260,838.03
7,896,940.76
8,866,346.47
9,910,408.91
9,657,895.23
10,701,988.33
11,866,739.85
12,166,954.83
13,204,815.28
14,498,843.37
15,814, 783. 51
17,029,434.32
18,395,482. 28
20,219,617.05
22,139,161.03
20,381,478.79
21,405,124.44
22,222,823.16
22,977,205.76
23,985,989.92
25,045,667.29
Francs.
3,274,572.05
403,063.09
321,940.49
348,340.83
386,028.13
437,528.57
526,454.21
568,909.77
639,896.41
703,591.35
710,122.47
0 801,874.50
808,333.21
ol,002,494.17
0983,452.55
900,586. 24
ol,112,036.64
ol,265,404.89
ol,306,200.85
1,272,953.95
1,622,988.17
ol,975,634.35
ol,604,979.44
1,606,876.74
1,608,618.31
2,297,063.49
2,417,162.88
4,633,514.20
4,494,161. 82
Francs.
5,530,634.10
963,523.50
2,077,710.83
1,181,430.40
806,205.01
724,232.07
601,407.99
791,101.39
597,461.19
845,579.99
1,188,063.78
6 861,934.70
703,957.81
&559.092.69
b418,234.20
467,444. 24
b 563,477. 29
6 457,651.30
6 553,930.18
1,352,796.58
2,089,531.81
b 815,177. 99
6 469,488. 62
1,984,416.09
1,191,935.50
757,676.91
1,938,101.24
2,201,449.19
2,054,623.81
b E x c l u s i v e of s i n k i n g f u n d .
N O T E . — A b o v e d a t a r e p r e s e n t r e c e i p t s a n d e x p e n s e s of B e l g i a n S t a t e S a v i n g s B a n k — f i g u r e s for p o s t a l
branch not stated separately.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
55
NETHERLANDS.
[From Jaarcifers.]
Interest
obtained.
Year.
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
Interest
paid
depositors.
Florins.
Florins.
56,940
104,379
148,112
198,903
265,571
348,838
428,802
544,420
684,341
780,836
861,914
1,030,380
1,105,275
1,267,297
1,594,135
1,811,127
2,049,007
2,389,756
2,704,947
2,928,649
3,219,358
3,496,693
3,674,066
4,025,382
4,569,068
5,053,340
5,096,898
35,986
65,711
98,793
138,468
192,611
252,641
318,052
398,586
493,534
571,810
648,142
758,532
844,473
1,035,555
1,229,442
1,453,257
1,672,406
1,903,113
2,072,012
2,261,004
2,413,850
2,664,798
2,925,620
3,183,185
3,434,791
3,591,126
3,868,503
Cost of
management.
Florins.
58,000
55,000
62,000
74,000
82,000
85,000
94,000
102,000
111,000
121,000
126,000
139,000
152,000
177,000
198,000
225,000
366,000
265,000
295,000
325,000
380,000
382,000
415,000
465,000
514,000
562,000
591,000
Profit.
Florins.
a
a
a
a
a
34,046
23,332
24,681
21,565
12,040
2,197
8,750
34,834
69,807
83,026
74,772
119,848
83,802
33,742
139,693
a 8,130
111, 601
191,643
307,935
287,645
423,508
416,895
283,446
328,197
572,277
871,214
a LOSS.
Florin or gulden=40.2 cents.
AUSTRIA.
[Figures for 1883 to 1887 from Report of Director of Austrian post-office savings banks; 1891, from report
of United States consul-general at Vienna, and following years from L'Union Postale. Includes savings
and checking departments.]
Year.
Receipts.
Crowns.
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904.
1905
1906
1907
1908
Expenditures.
Crowns.
Excess.
Crowns.
1,167,058.32
2,297,192.88
1,729,567.80
1,815,385.42
126,455.74
1,034,141.56
1,609,755.82
1,168,342.54
1,040,602.58
1,263,051.32
119,811.98
647,042.88
3,829,800.00
1,768,788.00
1,712,116.00
2,061,012.00
8,876,295.07
9,322,395.67
10,202,756.14
10,673,648.30
10,592,667.09
10,658,974.99
11,539,607.68
14,016,527.13
4,405,123.49
4,859,418.33
5,297,235.05
5,565,693.27
5,068,157.75
5,407,255.89
5,714,360.95
6,589,067.86
4,471,171.58
4,462,977.34
4,905,521.09
5,107,955.03
5,524,509.34
5,251,719.10
5,824,646.73
o7,427,189.27
15,527,258.00
7,428,277.00
8,098,981.00
,
a Of which 6,065,198 crowns profit of check service.
Crown=20.3 cents.
NOTE.—In the check service a fee of 4 heller (0.8 cents) is charged for every transaction and a commission of
one-fourth per thousand for cash withdrawals up to 6,000 crowns, and one-eighth per thousand for all that
part of the withdrawal which exceeds that amount.
56
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
HUNGARY.
[From Magyai Statisztikai Evkonzr.]
T o t a l receipts.
Year.
1891 a
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908 *>
I n t e r e s t Cost of m a n paid
depositors. a g e m e n t .
Crowns.
889,000
1,130,000
1,963,200
1,532,600
1,753,800
1,964,800
2,188,200
2,432,400
2,686,300
2,987,600
3,293,700
3,485,600
3,828,100
4,583,000
5,189,700
6,218,300
6,801,500
7,060,564
„
Crowns.
399,000
500,000
628,000
729,000
695,600
763,800
822,800
878,800
976,300
1,071,500
1,242,500
1,499,700
1,744,000
2,020,800
2,276,300
2,549,700
2,834,100
3,026,645
a Established 1886. Statistics for 1886-1890 not available.
Crowns.
399,200
455,800
517,400
579,600
625,600
722,000
807,700
864,900
918, 400
997,300
1,090,800
1,136, 700
1,269,100
1,401,900
1,615,400
1,811,300
1,881,100
2,077,172
Profit.
Crowns.
90,800
174,200
817,800
224,000
432,600
479,000
557,700
688,700
791,600
918,800
960,400
849,200
815,000
1,160,300
1,298,000
1,857,300
2,086,300
1,956,747
& From L'Union Postale.
Crown=20.3 cents.
SWEDEN.
[From Extrait du Rapport a u R o i s u r la Situation et la Gestion de la Caisse d'Espargne Postale du
Suede.]
Year.
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
Crown=26.8 cents.
a Loss.
T o t a l receipts.
Interest
p a i d depositors.
Crowns.
19,891
53,677
79,473
112,876
164,321
273,930
447,751
574,820
722,310
862,346
1,073,834
1,350,873
1,724,588
2,094,136
2,398,189
2,441,620
2,244,906
2,140,115
2,136,737
2,160,305
2,206,398
2,216,007
2,197,084
2,127,883
Crowns.
14,376
39,110
58,882
81,608
124,481
215,037
379,248
489,608
605,326
732.861
909,914
1,170,895
1,522,533
1,710,855
1,941,844
2,047,554
1,984,846
1,891,353
1,858,812
1,863,597
1,896,737
1,908,546
1,884,567
1,813,123
Cost of
management.
Crowns.
84,661
65,940
70,007
71,900
73,552
73,826
85,490
83,015
103,644
108,776
112,812
136,308
155,708
181,734
200,104
226,490
228,189
216,248
235,008
259,194
283,715
268,572
286,085
288,755
Profit.
Crowns,
a 79,146
a 51,374
a 49,417
a 40,632
a 33,711
a 14,933
a 16,987
2,196
13,339
20,708
51,106
43,670
46,326
201,546
236,240
167,574
31,869
32,512
42,916
37,513
25,945
38,887
26,431
26,005
NOTES ON POSTAL SAVINGS-BANK
57
SYSTEMS.
FINIiANI>.
[From official report on the post-office savings banks, 1908.]
Receipts.
Year.
Interest paid
depositors.
Expenses.
Profit or loss.
marks. Finnish
marks. Finnish
marks. Finnish
marks.
34,091.37
7,480.38
5,626.30
— 32,237.29
24,609.08
25,093.63
13,777.02
- 13,292.47
29,795.05
+ 41,766.84
25,343.09
96,904.98
29,972.88
34,402.56
- 11,548.76
52,826.68
28,730.71
— 9,033.90
56,242.38
36,545.57
28,351.57
86,112. 54
33,606.19
+ 24,154.78
26,390.27
9,511.63
45,441.69
28,563.05
26,676.98
11,649.96
411989.09
26,962.07
26,345.66
29,907.34
— 13,241.43
43,011.57
26,875.64
35,207.12
48,622.91
— 13,459.85
30,127.41
56,876.55
66,891.95
— 20,112.01
40,344.04
77,834.93
98,175.16
— 20,003.81
47,420.98
98,702.22
129,548. 65
— 16,574.55
43,040.22
127,151.68
167,744.16
— 2,447.74
45,488.52
148. 503.00
193,087.95
903.57
50,155.00
154,942.10
203,501.83
1,595.27
60,119.97
176,460.96
220,536.37
- 16,044.56
55,454.97
196,543. 78
243,417.29
— 8,581.46
50,456.72
207,695.84
253,196.99
— 4,955. 57
61,362.74
260,064.56
211,264.43
- 12,562.61
59,977.79
313,582.85
258,912.70
— 5,307.64
59,688.34
282,633.32
345,881.17
+ 3,559.51
Finnish
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
m
„
•
2,999,354.78
Losses from 1887 t o 1903 r e i m b u r s e d t o
t h e b a n k b y g o v e r n m e n t in 1906
Losses from 1904 t o 1906 r e i m b u r s e d t o
t h e b a n k b y g o v e r n m e n t i n 1908
Finnish mark=19.3 cents.
885,475.91
-153,582.95
+125,735.18
26,099.64
3,151,189.60
.. m
2,267,461.82
125, 735.18
+ 26,099.64
2,267,461.82
885,475.91
-
1,748.13
58
NOTES OK POSTAL SAVINGS-BANK SYSTEMS.
PERCENTAGE OF COST OF ADMINISTRATION TO DEPOSITS, ANNUALLY.
[Computed on basis of the balance due depositors at end of year.]
United
Kingdom.a
Year.
France.
Italy.
Belgium.
Netherlands.
Austrian
Hungary, c
Per cent. Per cent. Per cent. Per cent. Per cent. Per cent. Per
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
}
. .
Sweden.
cent. Per
Finland.
cent. Per
cent.
1.21
.75
.91
.75
.73
.64
.53
.45
.44
.40
.40
.39
.43
.48
.46
.52
1.47
.60
.55
.55
.56
.59
.55
.53
.57
.53
.55
.53
.48
.47
.46
.45
.46
.42
.39
.39
.36
.36
.36
.36
.36
.37
.36
.34
.38
.37
.42
• • • & • •
.76
.62
.58
.56
.61
.56
.53
.49
.47
.50
.46
.51
.51
.45
.42
.44
.41
.39
.38
.39
.40
.40
.38
.37
.46
.47
.49
3.14
1.36
.81
.46
.39
.45
.48
.43
b.35
.43
.54
.41
.37
.35
.34
.29
.35
.31
.29
.27
.28
.26
.29
.25
.24
.24
.26
.27
.26
.27
.25
.23
.23
1
2.5l|
1.09
.72
.66
.59
.52
.51
.46
.45
.43
.37
.39
.36
.38
.34
.28
.32
.32
.31
.27
.32
.35
.28 |
.27 1
.26
.36
.36
.66
«.61
#..
6.75
2.72
1.92
1.59
1.28
.95
.84
.73
.63
.57
.52
.50
.47
.47
.44
.39
.59
.37
.37
.38
.40
.37
.37
.38
.39
.39
.40
(d)
.56
2.03
2.04
1.43
(d)
(d)
(d)
(d)
(d)
(d)
(d)
(d)
1.41
(d)
(d)
(d)
(d)
(d)
(d)
(d)
1.30
1.34
1.37
1.32
1.12
1.18
1.10
1.08
(d)
1.35
2.14
1.84
1.78
1.70
1.72
1.70
1.76
1.73
1.67
1.50
1.47
1.32
1.25
1.22
1.21
1.19
1.22
1.26
10.23
4.53
3.30
2.49
1.58
.87
.65
.51
.53
.46
.38
.35
.31
.31
.31
.37
.40
.40
.43
.47
.51
.50
.53
.57
10.07
3.46
2.73
2.28
«.29
2.56
2.78
2.71
2.33
1.94
1.50
1.53
1.55
1.15
1.11
1.16
1.18
1.03
.97
.97
.82
.80
a Canada: Estimated average 0.62 per cent. (See Hearings before House Committee on Post-Office Savings Bank, 1909, p. 70.)
b January to June.
c Includes savings and check service,
d Data not available.
e Percentage of cost of management of Belgian State Savings Bank to postal deposits.
V. R E P O R T S FROM U N I T E D S T A T E S CONSULS ON T H E N A T U R E
A N D O P E R A T I O N OF P O S T A L S A V I N G S B A N K S I N C E R T A I N
FOREIGN COUNTRIES.
INTERROGATORIES CONCERNING POSTAL SAVINGS BANKS
CONSULAR OFFICERS OF THE U N I T E D STATES. 0
SENT
TO
1. When established.
2. Deposits.
3. Number of accounts.
4. Average holding.
5. Rate of interest.
6. Maximum deposit allowed.
7. Minimum deposit allowed.
8. Maximum deposit drawing interest.
9. Is there any limit placed on amount which may be deposited in one week, in
one month, or in one year?
10. Are trustee accounts allowed?
11. Is interest paid on all deposits?
12. Is there any provision for the permanent investment of a depositor's funds when
they reach a certain limit?
13. What disposition is made of deposits?
14. Where are they deposited?
15. Are funds subject to attachment?
16. What limit is placed on percentage of deposits left uninvested?
17. Is there any class favored in rates of interest?
18. How are funds withdrawn? (Describe in detail.)
19. How are losses paid?
20. How are accounts audited and who bears the expense?
21. Do minors open accounts and are they permitted to withdraw without permission of parent or guardian?
22. May a person open more than one account?
23. Is mail pertaining to this business frankable?
24. How are funds of deceased depositors treated?
25. Are the rates of interest made to conform to rates in other savings banks?
EUROPE.
NETHERLANDS.
I have the honor to report the result of my investigation on the
postal savings bank in the Netherlands, and appended hereto,
seriatim, answers to the questions propounded in the department's
dispatch of April 12 ultimo in detail. Any other information likely
to be useful to the Commission, together with literature on the
subject, will also be included in the report:
1. The postal savings bank law was enacted in the Netherlands in
1880, with slight but unimportant changes in 1895.
a Replies to these interrogatories were supplied by U. S. consular officers for use of
the National Monetary Commission.
59
60
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
2. The amount of deposits at the present time is 160,423,090
guilders ($64,490,082.39). I n 1900 the deposits amounted to
84,697,013 guilders ($34,048,199), and they have increased each
year to the amount of about 9,000,000 guilders ($3,618,000) from that
time.
3. The number of accounts at present is 1,462,615, or one account
for every fourth and a fraction inhabitant in Holland. The ratio of
increase in the number of accounts since 1900 is from 829,131 to
1,462,615, and the proportion of inhabitants opening accounts has
increased from 1 out of every 5 in 1904 to almost 1 in 4 at present.
4. The average holdings are at present $44.09, and the holdings by
classes are as follows:
Industrial
Commercial
Agricultural
Hunters and fishers
Professionals
21,252
15, 363
6, 719
271
7, 730
Servants
Unskilled laborers
Retired citizens
Minors
Associations, etc
•
10, 344
3, 219
10, 487
44, 551
966
The amount as given for minors would, of course, not represent a
fair idea of their share of total deposits, as those are generally very
small accounts.
5. The rate of interest is 2.64 per cent per annum.
6. There is no maximum as to the amount which may be deposited
in the postal savings bank, only to the amount capable of drawing
interest.
7. Minimum deposit allowed is 25 Dutch cents (10 cents United
States money); but, for the encouragement of small savings, forms
for a guilder (40 cents United States) are provided free of charge,
with 20 blank spaces, intended for the attachment of a 5-cent ($0.02)
postage stamp. When this book is filled out it may be presented
with the pass book, and the depositor's account is credited with a
guilder, the receiver canceling the stamps and filling the blank form.
Inmates of orphan asylums and school children may obtain blank
forms with 100 spaces to be filled out by attaching 1-cent ($0,004)
postage stamps, which when finally filled out may likewise be deposited. Every effort is made to encourage the children of the public
schools to use this method of saving their earnings.
8. The maximum deposit drawing interest is 1,200 guilders ($480)
for private individuals and 2,400 guilders ($960) for societies and
charitable institutions, except as hereinafter explained such assistance
as is given for the proper investment of sums exceeding the prescribed
amount.
9. There is absolutely no limit as to the amount which may be
deposited in one week, one month, or one year. The only stipulation
is that no more than the prescribed sum shall draw interest.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
61
10. Trustee accounts are allowed, but in their own individual and
unofficial names.
11. Interest is paid on all deposits up to the maximum, beginning
with the 1st and 16th of the month following the date of deposit.
12. There is provision for the permanent investment of a depositor's fund after it reaches the maximum by purchasing shares in
the government debts, as the law was modified in subsequent amendments. This is done in the form of little debt certificates. Subscribers for these certificates must buy at least 50 guilders ($20) before
investments can be made in that manner, and the maximum amount
that can be thus subscribed is 6,000 guilders ($2,400). These certificates pay 3 per cent interest, less some small commissions, making
the rate of interest even a little better than the regular savings bank
rate of 2.64 per cent.
13. The deposits are turned over to the Bank of the Netherlands,
where they are used in all manner of transactions, not distinct from
any other funds which come into the hands of that institution.
Every five days the receivers of deposits report to the minister of
waterstaat (canals, etc.), trade, and industry the amount of receipts
and disbursements, and every ten days balances are struck by the
transfer of such other funds as they are required to transmit. From
the ten-day reports the main office at Amsterdam sends to the director
a statement of the amount of money he has to the credit of the bank
where the individual accounts are kept. The accounts at the bank
are balanced at the end of every ten days, and must agree with the
statements of the post-office.
14. Is answered in 13, or in the Bank of the Netherlands.
15. Funds are subject to attachment. The law of the Netherlands
of 1815 states that all equities under the direction of the government
shall not be subject to attachment, but in December, 1896, this law
was changed so as to exclude the deposits in the postal savings bank.
I t is likely t h a t the law in its original form made the postal savings
bank account a subterfuge for evading the payment of just accounts.
16. There is no limit placed on the percentage of the deposits left
uninvested. At periods of transmission all funds in the hands of the
post-office are turned over to the Bank of the Netherlands, where
they are merged with all other accounts of the bank.
17. There is absolutely no class favored in rates of interest.
18. The first step to withdraw funds from the postal savings bank
is to present the book at some branch of the post-office. If the first
deposit was made at that office the amount requested will be given
at once, after signing certain forms, provided the amount does not
exceed 50 guilders ($20) or is not the entire amount of the deposit.
He can get money likewise at any office to which his book has been
62
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
transferred. If the drawer is unable to write, he indicates the sum
and receipts therefor by a mark. Withdrawals can not be made by
one person, except once in seven days. If the identity of a person
is unknown, the postmasters have a right to demand identification
in the form of witnesses. Payment of larger sums of money and
other extraordinary withdrawals are made only after consulting the
director of the postal savings bank. Some of the other cases in which
the director must be consulted are:
(la) For withdrawal from an office in which the account was not
opened and to which it has not been transferred, i. e., it is possible
to get money in case of necessity at any office but only on above
condition.
(2a) To withdraw the whole account.
(3a) For the withdrawal of the funds of a person who has, by causes
of insanity or other incapacities, lost control over his own affairs.
(4a) For the withdrawal of funds of deceased depositors.
(5a) For money deposited the withdrawal of which depends on
some future condition, such as marriage, loss of position, etc. At
the time of withdrawal, however, proof must be given that the withdrawal is made by the right person.
(6a) I n general for any withdrawals under extraordinary circumstances.
The director who is then consulted in any of these questions is supposed to render assistance within two or three days, but the maximum
of time in which he must act is two weeks. Orders from the director
to pay on an account are good for only four weeks. If the cause for
which the withdrawal was asked is removed before the money is
received, an explanation revoking the order will be honored, without
any loss of interest to the depositor. Where several persons invest
money in the postal savings bank on one book, withdrawals can only
be made by consent of all named in the account.
Withdrawals can also be made by power of attorney given by the
individual depositor if he is anywise disabled from appearing personally and the accounts of societies are generally in the names of
the directors and can be withdrawn only by them or by some authorized attorney properly empowered to act for them. Other cases in
which powers of attorney are required, such as for minors and other
legally unqualified persons to withdraw their funds will be explained
under the head of minor's accounts. I n general the depositor can
withdraw money on his account at any of the offices designated as
the proper one to pay any certain account. The number of postoffices in the Netherlands is such t h a t in the cities any person can
find a place to deposit his savings within a five-minute walk, and in
the rural districts within an hour,
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
63
19. Losses are paid by the Netherlands Government out of the
general treasury, and the deposits are guaranteed by the National
Government.
20. The accounts are. audited by the bank and by the minister of
waterstaat, trade, and industry, the expense is borne by the Government; that is to say, there is a system of dual accounting in which
the postal savings department checks on the accounts of the bank.
These must always agree. The actual accounting of the interest
accruing to the depositors, however, is calculated by a bureau of
accounting of the postal savings bank, which is under the direction
of the administration department of the minister of waterstaat,
trade, and industry, corresponding more or less to our Bureau of
Commerce and Labor. As the Government is responsible for the
losses, if there are any—and at times there have been—it bears, at
least indirectly, the expense of accounting, as it also gets the profits
when there have been any.
21. Minors open accounts but can not withdraw them if their
parents or guardians object; but the objection must be made formally to the postmaster before the child withdraws. So long as
notice is not given by the guardian or parent to the contrary, a minor
may draw on his own account. On the other hand, the parent or
guardian can draw on the account of its ward if it has not yet attained
the age of 12 years without its consent. After the minor reaches the
age of 12 years the parent or guardian can not draw on its account
without its consent. The minor may give his parent or guardian a
written power of attorney to draw, or may go in person to the office
for making this authorization. The object, of course, is twofold, it
prevents the parent or guardian from using the minor's account after
he has reached the age of 12 years and it also prevents the child from
hastily drawing on his own account.
22. A person may open more than one account, but when the sum
total of his accounts reaches 1,200 guilders ($480) they draw no
interest on more than that sum. One person may deposit also in
the names of others, but it is to all meaning and intent of the law
the property of the person in whose name it is deposited, and no
other can draw on the account. I n this respect the law as enacted
aimed at the prevention of paying interest on more than 1,200
guilders to one person, and for that reason it matters not how much
is deposited or in how many different accounts; but it fixes it all by
placing the limit on the amount that will draw interest. I t is obvious,
of course, t h a t few people will avail themselves of the use of the bank
for a maximum sum, so that accounts by one person are not generally numerous, as the object of such plural accounts is destroyed by
the maximum interest-bearing deposits.
64
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
23. Mail pertaining to this business is frankable, provided none
other than official envelopes are used. These are furnished by the
director of the postal savings bank and all correspondence pertaining
to accounts must be inclosed in such a cover.
24. The funds of deceased depositors go to their heirs, if there are
any, provided no will to the contrary was left by the deceased directing other disposition. If there be neither will nor legal heirs, it
escheats to the Government.
25. The rates of interest in the postal savings bank are not made
to conform to the rates of interest in other savings banks. As a
matter of history, when the savings bank was first established in the
Netherlands private savings banks were paying 3 per cent, but since
the establishment of the postal savings system they have gradually
dropped their rates to those of the postal system.
IN GENERAL.
The number of blank forms inclosed herewith give an idea of almost
every transaction which the postal savings bank makes. The success
of the institution is best illustrated by the proportion of the Dutch
citizens who are depositors, and by the fact that private savings
banks have had to reduce their holdings considerably in spite of the
fact that they have generally paid a higher rate of interest than the
postal savings bank. Another way in which it meets its purpose in
an admirable degree is the number of minors who are depositors,
thus teaching the child to save, and making it possible for the saving
of even so small a sum as 4 mills.
D. P. D E YOUNG,
Vice and Deputy Consul.
AMSTERDAM, May
2,
1910.
AUSTRIA.
I have the honor to inclose a report on the subject of Austrian
postal savings banks condensed from a newspaper article on the
postal savings bank, published by the governor of the said bank,
Dr. Schuster v. Bonnott, in the "Neues Wiener Tagblatt" of the
18th instant.
CHAS. D E N B Y ,
Consul-General.
AMERICAN
CONSULATE-GENERAL,
Vienna, Austria, August 25, 1910.
THE AUSTRIAN POSTAL SAVINGS BANK.
By virtue of the law for its foundation, of May 28, 1882, the Austrian postal savings bank was created a savings institution only,
with the object principally to promote a desire among the poorer
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
65
classes to save. For this reason the methods of the postal savings
bank differ from those of other savings institutions. The bank book
is exclusively for the use of the depositor. Only the actual individual
whose signature is recorded in the office can dispose of his money.
The loss or theft of the bank book does not involve the loss of the
savings—a blessing for all those who have no secure place for keeping their valuables. The interests of those who, by reason of their
occupation, have to frequently change their town of residence, are
served by the fact that deposits may be made and payments received
at any post-office in all Austria. Frequent use is made of this arrangement while traveling, in order to obviate the need of carrying large
sums of money about one's person. All printed matter and correspondence are gratis to make possible the saving of even the smallest
outlays. Postal savings can not be mortgaged and are free from
executions, thus carrying out the idea that they shall really be a help
in time of need.
I n order to train in children the desire to save, the so-called school
savings banks have been established. On request the post-office
puts at the disposal of the teachers official forms by means of which
the accumulated savings in the school bank are transferred to the
account of each pupil at the post-office. The number of savings
bank books now far exceeds 2,000,000, with amount of deposit to the
figure of about $45,000,000. There are almost 80 depositors to every
1,000 inhabitants, and the average amount in bank is $21 for each.
The large number of depositors naturally entails a large amount of
business—moneys taken in and paid out—and in the year 1909 this
reached the figure of $1,000,000. The second higher step by which
the saver becomes a capitalist is the "bond book." The postal
savings bank purchases for account of its depositors government
bonds and, if desired, takes care of the same, for which, beyond the
fee for purchase, no charges whatever are made.
The document for these deposits is the bond book. The interest
due thereon is paid in cash to the owner or, as may be desired, placed
to the credit of the depositor in his bank account. Lottery drawings
are also looked after. In this way savings which exceed the legal
figure of 2,000 crowns ($400) and which the depositor does not care
to have at immediate disposal are put to better account in a security
with permanent interest. This branch of the postal savings institution is increasing steadily and is of great importance for the popularization of government securities. At present there are 27,000 bond
books with a total of deposits of $45,000,000. I t may be said that
savings deposits to the amount of $45,000,000 and $46,000,000 in
bonds, together $91,000,000, represent the result of the postal savings
bank as a savings institution.
52027°—10
5
66
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
Soon after opening of the postal savings bank, in the year 1883, its
first director, Dr. Georg Coch, in recognition of an existing need,
created a means whereby depositors were enabled to receive for credit
to their account deposits from third persons and to dispose of their
money by check. The success of this arrangement was so immediate
and great, that by law of November 19, 1887, the check business was
organized as a special service of the post-office, quite apart from the
savings branch. The operation of this business is so simple and so
generally known that a few brief words about it suffice.
On request, and upon a deposit of 100 crowns ($20) the check
account is opened. All payments to the person holding the check
book, made in cash or by money order to the post-office, are placed
to his credit. After each transaction the owner is notified of the state
of his account by an abstract from the same. Disposition of funds to
his credit is made by means of checks which are paid in cash or by
money order. So-called cash checks, in which the payee is not
designated, are paid out at sight to the bearer at the post-office
counter. In the case of checks payable to a designated person, the
payment is made by money order at the residence of the payee.
Holders of accounts can receive or make payments abroad in like
manner as in this country. Such connections exist through the
Austrian post-offices in the Levant, and through banks in Belgium,
Germany, England, France, Italy, and Switzerland.
The great economic significance of this check business of the postoffice does not lie, as believed by many, in a cheap means of sending
money, but, on the contrary, in greatest possible reduction of cash
payments, for which are substituted transfer by book, hence moneyless settlement. Upon arrival of each check, it is first examined to
see if the payee has a check account. If this is the case, the check
is automatically paid by crediting to this account, so-called clearing.
Only when the payee has no account will the money order be resorted to. The postal savings bank has always been partial to this
transfer by book, for which no charge is made, and it has increased
its field of work by connections with other banks, which now include
the most important in Austria, Hungary, Germany, and Switzerland.
During the past year there has been a transfer in this manner of more
than 11,000,000,000 crowns (over $2,000,000,000), a very respectable
amount saved in cash circulation. Just recently the figure 100,000
in check accounts was reached, which represents a credit sum of
353,000,000 crowns (about $70,000,000). The Government itself is
steadily increasing its use of the postal-check service. An illustration of this is the fact that in the year 1909 there were paid in taxes
alone 316,000,000 crowns (over $60,000,000), and that each month
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
67
55,500 crowns (about $12,000) are paid out in pensions through the
postal savings bank.
Banks, industrial and commercial concerns, business men of all
kinds, lawyers, doctors, and numbers of private persons are clients
of the postal bank. Other countries, chiefly Hungary and Germany, also furnish a large contingent.
In the year 1909 the amount of money handled was 25,000,000,000
crowns (about $5,000,000,000), of which more than 11,000,000,000
crowns (about $2,000,000,000) were transferred by clearing. The
amount of bookings was over 56,000,000 crowns (about $12,000,000).
A glance into the offices devoted merely to the check business is
interesting. Fourteen huge apartments serve for keeping the
accounts and settling the checks, while there are numerous smaller
offices where the necessarily exact supervision is exercised. In this
branch of service more than 2,000 persons are employed. The total
receipts of the day must be settled without fail on that same day, and
that in proper time, so that the 40,000 to 50,000 account abstracts
may be dispatched by the evening mail. If it be stated that on some
days there may be more than 400,000 items, of which each one must
be entered and repeatedly verified, it may be imagined what wellorganized, hard, and conscientious work must be performed to avoid
all error.
For interest-bearing investment of the sums represented by the
savings, the purchase of Austrian bonds only is permitted by law,
after the model of the English postal savings institution, so that there
is a considerable stock of such bonds on hand. I t is quite different in
the check business, the deposits for which are naturally subject to
greater fluctuations. Here not only the acquisition of other kinds of
bonds is permitted, but other investments which are easily convertible
into cash, especially current accounts in banks, discounting of notes,
advancing money on valuable stocks, are allowed. I t is easily
understood that the administration of an amount far exceeding
$500,000,000, the careful, profitable investment of the money that can
be spared, then again the daily provision of the requisite, often very
considerable cash amounts, must require severe financial work.
The postal savings bank has, in fact, been obliged for its business in
securities to seek a variety of markets.
This apparatus, though created as means for a purpose, unavoidably became, owing to its growth, of independent importance for
the placing of securities. Of what importance investments easy to
realize upon must be for this institution may be gathered from the
business reports of the postal savings bank, from which it is seen,
how greatly and steadily the expansion proceeds in this direction
68
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
This is doubtless for the reason, principally, that with the colossal
increase in the check business the fluctuations of the deposited balances naturally increase likewise. Last year's balance shows the
sum of 254,000,000 crowns ($50,000,000) for book demands, note
discounts, and loans on securities alone. As the loaning business
is very small the greater share falls to the current account and notediscounting business. On the one hand this has the advantage
that the cash streaming in with the check business does not stagnate,
but is immediately conducted again into the channels of,traffic,
where it is usefully employed. On the other hand the postal savings
bank is thereby brought into active intercourse with the great banking world, and thus excellent relations are established on the basis
of mutual confidence and desire to oblige.
Herein is probably to be found the explanation of the success of
the joint efforts of the postal savings bank and the banks in placing
the bonds of the most recent issue. Thanks to the newly created
organization, the popularization of government securities, so desired
by all patriots, has made a mighty stride forward.
SWEDEN.
Postal savings banks were opened in this Kingdom in 1884. This
institution, which, through the post-office, collects, deposits, and
makes payments (after notice being given), belongs to the State,
which stands surety for the funds deposited.
The administration is placed in the hands of a board of directors,
consisting of the postmaster-general (chairman) and four members,
namely, the chief secretary in the general board of post-office directors, who has in hand the matters concerning the post-office savings
bank; one member appointed by the King; a commissioner of the
State Bank of Sweden, and a commissioner of the national-debt
office.
The amount of deposits are about $14,200,000, and there are
567,000 accounts. The average holding is $22.24. The rate of
interest is 3.6 per cent per annum. The maximum deposit on which
interest is allowed is $540; beyond that deposits draw no interest; but
there is no limit on the amount of money one may wish to put in.
The minimum deposit allowed is 27 cents. In order to facilitate
the collection of quite small amounts, so called, savings stamps of the
value of 2.7 cents are kept for sale, both at the post-office and
by private persons. These stamps are affixed on a card, which,
when the sum amounts to 27 cents, can be deposited in the nearest
post-office savings-bank office. There is no limit on the amount
which may be deposited at any time.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
69
Trustee accounts are accepted only from the government insurance
office and the fishermen's insurance fund. There is no provision for
the permanent investment of the depositor's funds, but such depositor
is generally advised to invest his funds in government securities.
Interest is paid on all deposits from 27 cents up to $540.
The deposits are invested in state bonds (50 per cent); in loans to
communities against their promissory notes (25 per cent); and in
bonds against the surety of mortgages on real estate the remaining
funds (25 per cent). Surplus funds are deposited in the state bank.
The funds of depositors are subject to attachment.
The aim of the post-office savings bank is to keep no funds on hand,
and we can almost say that everything is invested. There are no
favored class in the rates of interest given.
Funds can be withdrawn on a week's notice up to $12.50; from
$12.^0 to $135 two weeks' notice is required; from $135 upward,
four weeks' notice is required. These funds can be withdrawn from
any post-office in the Kingdom. Deposits can also be made at any
post-office. There have been no losses to speak of, and no legislation
has been necessary on that subject. The accounts are audited by the
post-office authorities.
Minors of 15 years can open accounts in their own names and have
the same rights as citizens. Married women can also avail themselves of the post-office savings bank, and their husbands have no
claim to the deposits. A person can only have one account.
The mail pertaining to this business is frankable on the part of the
authorities for those who are agents for the sale of the savings
stamps.
I n the case of deceased depositors, upon proof of heirship the postoffice savings bank will pay over the funds to those legally entitled
to them.
Kates of interest are not made to conform to the rates in other
savings banks. I n this Kingdom the Government does not control
the rate of interest given by the private savings banks. There is a
great competition between the post-office savings banks and the
other savings institutions. Private corporations as a rule pay higher
rates of interest.
The cost of administration of the savings banks is about 0.40 per
cent, calculated in relation to the funds deposited.
The post-office savings bank's important purpose is to compensate
for the absence of private savings banks in the sparsely inhabited
regions of the Kingdom.
E. D. WINSLOW, Consul-General.
STOCKHOLM, SWEDEN, May
11,
1910.
70
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
BULGARIA.
Referring to the department's unnumbered instruction of April 13
(file No. 2569/79), asking at the instance of the National Monetary
Commission of the United States Senate for a report on the postal
savings banks in Bulgaria, I have the honor to report as follows:
1. Such postal savings banks were established April 1, 1896.
2. The deposits for the year 1908 (latest date obtainable) amounted
to 23,458,894 francs. Total amount on deposit at end of same year,
36,832,608 francs.
3. Total number of accounts end of year 1908, 225,879. Number
of accounts opened in the year 1908, 25,315. Number of accounts
closed in the same year, 1,392.
4. Average holdings for the year 1908, 926 francs.
5. Rate of interest, 4 per cent.
6. Maximum deposits allowed, 2,000 francs.
7. Minimum deposit allowed, 1 franc.
8. (Question misunderstood and answer not obtained.) Judging
from answer to question 11, there is no maximum for deposits drawing interest.
9. There is no limit placed on the amount which may be deposited
in one week, month, or year.
10. Trustees accounts are allowed.
11. Interest is paid on all deposits.
12. There is no provision for the permanent investment of a
depositor's funds when they reach a certain limit.
13. Deposits are invested in good securities.
14. They are deposited in the National Bank of Bulgaria.
15. Such funds are not liable to attachment.
16. There is no limit placed on percentage of deposits left uninvested.
17. There is no class favored in rates of interest.
18. Deposits are withdrawn upon giving a receipt. (I asked for
details in regard to this question, b u t the above is the only answer
obtained.)
19. Losses sustained by the savings banks are carried by them.
20. Accounts are audited by the controller of the administration
of the savings banks, and the expense is borne by such administration.
21. Minors are permitted to open accounts and to withdraw deposits without the permission of parents or guardains.
22. One person is not permitted to open more than one account.
23. Mails pertaining to this business are not frankable.
24. The funds of deceased depositors are paid to their personal
representatives.
NOTES OK POSTAL SAVINGS-BANK SYSTEMS.
71
25. The rates of interest are not made to conform with the rates
of other savings banks.
In addition to the facts given above in answer to the questions
contained in the department's communication, the following are the
facts concerning the class of depositors using such savings banks in
the year 1908:
Married men
Single men
Married women
Single women
Adults
Children under 7 years
All minors
In own name
In names of others
8,086
9,088
5,133
3,208
18,585
1,474
6, 730
22,104
3,211
Classification of accounts according to occupations (opened in the
year 1908):
Merchants
Mechanics
Agricultural classes
Fishermen
Laborers
Domestic servants
Professors and school-teachers
Scholars and students
Government officeholders
Military
Members of clergy
Charitable organizations
Commercial and industrial corporations
Literary associations, public libraries, mutual benefit associations
Administrative committees of schools and churches
Public institutions
Housewives
Miscellaneous
ROLAND B.
1,019
4,027
3,456
41
1,168
2,177
834
1,542
1,812
791
122
38
12
93
208
271
5,400
830
HARVEY,
Consul-General.
BUCHAREST, ROUMANIA,
June 17, 1910.
FINLAND.
Replying first to the questions set forth in the department's instructions, I would state as follows:
1. I n 1887.
2. I n 1908 there were 7,425,841.45 finmarks, equal to $1,433,187.39.
3. I n 1908, 58,826.
4. Average holdings; 126.20 finmarks, equals $24,356 (a finmark
equals 1 franc).
72
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
5. Four per cent at present.
6. Maximum deposit allowed. One thousand finmarks ($193).
7. One finmark (19.3 cents).
8. Is there any limit placed on the amount which may be deposited
in one week? No. I n one month? No. In one year? One thousand finmarks ($193).
9. Yes.
10. None.
11. Yes.
12. None.
13. The board of management invests the deposits, giving preference as follows: (a) Finnish state loans, (6) mortgages, (c) municipal bonds, id) Kussian state loans, and (e) private banks. (See
pages 16 and 17 of "Postsparbanken.")
14. (See pages 16 and 17 et seq., as above.)
15. Yes.
16. None; funds left uninvested are placed with the private banks.
17. No.
18. The depositor presents his account book and gives written
notice of intention to withdraw as follows: Ten days for 100 marks
or less, thirty days for amounts from 100 to 500 marks, and sixty
days for all amounts above 500 marks. These periods may be
lengthened in case postal communications are bad. For a second
withdrawal within the same period an additional fifteen days' notice
is required.
19. The Government guarantees the investor against loss. No sinking fund is kept for this purpose. Losses would simply be included
in the government budget.
20. Government auditors are appointed and the Government bears
the expense.
21. Minors can open accounts. They can not withdraw without
permission until 15 years of age.
22. No.
23. Yes.
24. Just the same as if in the hands of a private bank. The
administrator takes charge of the estate when authorized by the
courts to do so.
25. The rates are from 1 to 1J per cent lower than those of private
banks.
Referring to the number of accounts (3), I was informed that during
the last ten years the number of accounts had increased threefold.
In the last year's accounts a decrease is noted, which is explained by
the strikes and the political disturbances.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
73
The central office is at Helsingfors, and all accounts are kept and
audited there. No employee is permitted to speak of the accounts or
investments or deposits to any person not connected with the bank.
Deposits in small sums are encouraged by the sale of depositors'
stamps (like the sample inclosed), and school children are especially
encouraged to habits of thrift.
The general reputation of the bank and its operation seems quite
satisfactory. They claim that the central office is not overloaded
with the detail of the accounts. Finland has a population of a little
less than 3,000,000, and these are in some regions in the interior quite
sparse indeed, and the communications are infrequent.
The details of the office management have been simplified lately by
the introduction of the card-catalogue system of keeping depositors 7
accounts, thus displacing the cumbersome books formerly employed.
I t is proposed to make it possible for depositors to realize upon
their accounts wherever they may be in Russia. There is no objection to foreigners becoming depositors.
I am transmitting herewith under separate cover an official report
in Swedish (Postsparbanken), with several other inclosures in Swedish
and Finnish, which this office can not translate.
JACOB E.
CONNERS,
American
S T . PETERSBURG, RUSSIA, May
11,
Consul.
1910.
ASIA.
JAPAN.
[From Consul-General Thomas Sammons, Yokohama, Japan.]
1. The postal savings service was established in Japan May 2, 1875.
2. The aggregate amount of deposits was 126,813,413 yen ($63,153,080) at the end of February, 1910.
3. The number of accounts was 10,196,090 for the same period.
4. The average deposit per individual is 12.44 yen ($6.22).
5. The rate of interest is 4^ per cent per annum.
6. The maximum deposit is 1,000 yen ($498), but the deposits of
public organizations, shrines, temples, or schools, and individual or
collective deposits of funds for the public welfare, are allowed without limitation.
The authorities of the department of communication propose to
double the maximum of the money to be deposited in the postal savings bank, which is 1,000 yen at present. The proposal will be presented at the next session of the Diet.
7. The minimum deposit is 0.10 yen (5 cents).
74
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
8. The interest on amounts exceeding 1,000 yen ($498) can be
regulated by a departmental ordinance, but at present they draw
interest at the usual rate of 4J per cent.
9. The maximum deposit per account is limited as described in
paragraph 6, but no limits are placed on the amount which may be
deposited in a week, month, or other stated period of time, except in
the case of savings by postage stamps, which shall not exceed 1 yen
(50 cents) in any month.
The savings by postage stamps are usually deposited by children.
Three different forms for I, $, and 1 cent stamps, respectively (represented by J, 1, and [2 sen stamps), are provided for this purpose.
These when full are registered in the depositor's savings book at the
post-office. The stamps on the forms are canceled and returned to
the depositor after being recorded at the postal savings bank. (Two
sample forms are inclosed herewith.) These forms are similar to an
ordinary post card, with squares for 20 stamps on the reverse side.
One stamp, of the denomination to be used, Is printed in one of the
squares, and the depositor pays for this stamp, that being the price
for both stamp and card.
10. Trustee accounts are not allowed, but a system for joint
accounts is established.
11. Interest is paid on all deposits exceeding 0.10 yen (5 cents).
12. If a savings account exceeds 1,000 yen ($498), the postal
savings bank informs the depositor of this fact, and if the account is
not thereupon reduced to the maximum limit the bank purchases
national loan bonds with the funds in excess of 1,000 yen ($498),
and holds the bonds under proper management.
13 and 14. All deposits are placed in the deposit section of the
department of finance, which invests the greater part of them in
national loan bonds, while the rest are invested in the hypothec or *
colonization debentures, or used in the circulating capital of local
public bodies, through the hands of the hypothec, agricultural and
industrial, or colonization banks.
15. The funds can be subject to attachment.
16. No limit is placed on the percentage of deposits left uninvested.
17. No one class is favored in rates of interest.
18. Depositors can withdraw their funds either in part or in
whole, as is most convenient for them, and according to two methods—
the " o r d i n a r y " and the "special." Orders and receipts for both
methods are kept at the bank.
"ORDINARY'-
METHOD.
(a) Partial withdrawal of funds must be preceded by a signed
and sealed application of the depositor giving.necessary information
and addressed to the postal savings bank. The amount withdrawn
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
75
is of course duly recorded in the savings book, and the .executed
order is returned by the post-office to the postal savings bank.
(6) Total withdrawal of funds necessitates the sending of a formal
application to the post-office, together with the savings book of the
depositor, for which a receipt is issued. On the receipt of the application the postal savings bank compares it with the record on their
ledger, and with the initial application which opened the account.
After verifying the application, the amount to be withdrawn is
entered on the ledger, together with the accumulated interest, and
a duplicate order for the same is sent to the applicant and to the
post-office where the money is to be refunded. The applicant is
entitled to close his account after signing and sealing the order and
presenting it at the post-office, where it is compared with the application received from the bank—with especial reference to the amount
of deposit, and the number and mark of the savings book.
:
' SPECIAL "
METHOD.
Depositors who hold savings books which have been examined by
the bank may withdraw their funds upon the presentation of their
book at any post-office. However, those not examined according to
paragraph b above, can only withdraw their funds from the identical
office where the original deposit was made. Withdrawals by the
"special" method are in no instance allowed to exceed 30 yen per
day or 100 yen per month.
Upon request for a "special" withdrawal, the post-office compares
the seal used in the receipt form with that in the savings book, and
after identifying the applicant as the owner of the book, the money
is refunded and the receipt together with the savings book, if the
account has been closed, is forwarded to the postal savings bank.
19. Losses are paid by the national treasury.
20. Settlement and inspection of savings accounts is looked after
by the postal savings bank, and the expense relating to the same is
borne by the national treasury.
21. Minors can open accounts and are permitted to withdraw them
without the consent of parent or guardian.
22. One person can not open two or more accounts unless the
deposits are for one or more of the following purposes:
(a) Public organizations, shrines, temples, or individual or collective deposits of funds for the public welfare.
(b) Contracted savings.
(c) Time savings.
(d) Joint savings.
23. Mail pertaining to this business is free.
24. Funds of deceased depositors are turned over to the legal heir
or successor to the estate of the deceased.
76
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
25. The rate of interest is promulgated by the imperial ordinance,
according to the general condition of financial circles, or the interest
given by other savings banks. The rate, once decided upon, is not
changed suddenly, even though there may be some change in the
rate of interest on the money market.
I n addition to the above, there is attached to this report an exhaustive editorial review of this subject, which appeared in the Japan
Herald, published at Yokohama, on the 14th and 15th instants.
THOMAS SAMMONS,
Consul' General.
YOKOHAMA, JAPAN,
July 20, 1910.
FORMOSA.
1. The postal savings service of Formosa was established in 1895.
I t had its beginning in the military occupation of the island when the
Japanese army was engaged in quelling guerilla warfare subsequent
to the annexation.
I t s original service was field postal service with only two offices.
I n a short time the number was increased to seventeen, having for
depositors only soldiers and those engaged in military operations.
I n August, 1896, regular post-offices were established, and the
postal savings department was opened to the public generally.
Postal savings banks are regulated in accordance with the " l a w
for postal savings," and it is applicable alike to Japan and Formosa.
The business is performed as an official province by the bureau of
communications of the Formosan Government, and by the postoffices throughout the island.
The post-offices forward to the bureau of communications each
day's accounts of this service, which are duly registered in the original
book of that bureau.
2-4
Statistics for postal savings in Formosa.
of Average
Total popuDepositors. Amount
per
deposits. depositor.
lation.
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
5,847
10,966
14,697
22,520
27,669
33,866
41,145
50,836
56,833
63,332
70,152
78,879
84,010
90,895
$114,233
201,413
242,906
279,489
322,613
327,991
381,757
453,523
432,703
554,626
702,401
886,466
900,941
950,350
$19.54
18.36
16.53
12.85
11.66
9.68
9.28
7.98
6.61
8.76
10.02
11.24
10.72
10.45
Unknown.
Unknown.
Unknown.
2,846,108
2,931,098
3,004,751
3,030,076
3,079,692
3,160,054
3,193,808
3,223,968
3,252,589
3,285,681
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
77
5. The alteration of rates of interest per annum are as follows:
Per
cent.
1896
1898
1904
1909
4.2
4.8
5.4
4.2
These alterations have been made by the Government after careful consideration of financial conditions.
6. The maximum amount that may be deposited by an individual
is 1,000 yen, but a corporation or an association specially chartered
by the Government and temples and schools are permitted to
deposit a larger amount than this maximum.
7. The minimum amount that may be deposited is 0.10 yen.
8. Any amount that is legally allowed to be deposited can draw
interest.
9. There is no limit placed on the amount which may be deposited
in one week, one month, or one year, b u t deposit in postage stamps
in one month by one person is limited to 1 yen.
*
10. Any person, regardless of age, position, or occupation, can
become a depositor. In case of a corporation, association, school,
or temple, etc., the depositor must be the representative or manager
thereof.
11. Interest is paid on all deposits, except on an amount less than
0.10 yen, but not for the month in which deposit is made or for the
month it is drawn out.
12. If the deposit reaches the maximum amount, the depositor
will be notified to draw out the excess, or to invest the excess in
official bonds or negotiable documents, specially provided by the
Government. If the depositor applies to the post-office to purchase
any bonds, the bureau of savings in Japan will attend to this service.
13. The receipts from the postal savings and from the postal money
orders are integrated at every post-office in Formosa as well as in Japan,
and go to the central savings in Japan; but they are entirely excluded
from the general revenues and expenditures.
In case there be any surplus after balancing of these two accounts
the surplus will be sent to Japan. Should the disbursements exceed
the receipts a complemental amount will be forwarded from the central bureau in Japan.
The amount gathered at the central bureau of savings from all
parts of Japan and Formosa is transmitted to the bureau of deposits,
imperial treasury. This bureau uses the money for current expenditures of national affairs.
14. At every post-office in the island.
15. The writ of attachment must be served on the bureau of communications.
78
NOTES ON POSTAL SAVINGS-BANK
SYSTEMS.
16. This local bureau does not know.
17. No other than stated.
18. There are four ways that funds may be withdrawn:
(a) Ordinary, (b) urgent, (c) specially urgent, and (d) extraordinary.
Ordinary.—The depositor must make formal application to the
bureau of communications through the post-office. The bureau will
transmit by post a refunding certificate to the applicant who signs
and presents it to the post-office where payment is made. There is
no limit to this amount.
Urgent.—On the presentation of the pass book at the post-office
the depositor can draw out a fixed sum. But this amount shall not
exceed 50 yen a day or 200 yen a month. The post-office for this
payment must be the office where the deposit is made. I n case the
amount stated in the pass book is certified by the bureau of communications the depositor can be paid at any post-office.
Specially urgent.—This is another way of immediate payment. If
the depositor gets the permission of the bureau of communications
he can draw out any amount, at any time at the post-office specified
by the bureau.
Extraordinary.—The extraordinary way is predicated upon some
unusual disaster, such as earthquakes, floods, fires, etc. At such
times the depositor has immediate access to his savings, and he can
receive his deposit without regard to ordinary regulations. In case
the depositor has lost his pass book or seal the post-office will communicate with the bureau of savings to ascertain the amount, at
official expense, and the amount will be paid at once.
19. Losses are paid from the national treasury when arising from
the negligence or the intention of the postal authorities. The
liability of the postal savings department rests upon the decision of
the bureau of communications.
20. The deposits and the withdrawals are recorded in the pass
books, which are at all times examined and compared with the
original book in the bureau of communications.
The books at the post-office are inspected by an official sent from
the bureau. The expense of this service is borne by the national
treasury.
21. Minors, as well as others suffering under legal disability, are
allowed to become depositors. However, the depositor whose signature in his pass book is accompanied with the signature of another
must have the accompanying signature when he draws out his deposits.
22. No; but by special permission he can have two pass books.
23. No fee or other charge.
24. I n accordance with the civil law the legal representative has
the right to succeed to the savings. I n case there be no successor,
the deposit goes into the national treasury.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
79
25. On the whole the rates are the same as other savings institutions, but a little lower than the rates of banks.
The total number of post-offices where postal savings are received
is 133 in 1909. I n 1896 the number was only 29.
The native, Formosa Chinese, has been disinclined to avail himself
of the postal savings service. But he is gradually* overcoming his
fear or prejudice, deep seated as it is. Out of a population of some
3,200,000 natives only 30,100 are patrons of the postal savings, with
their deposits reaching $198,585. The Japanese, on the contrary, is
almost invariably a patron of this service. Out of a population of
85,000 Japanese 60,795 are depositors, with savings amounting to
$751,765.
SAMUEL C.
REAT,
United States Consul,
TAMSUI, FORMOSA,
August 20, 1910.
INDIA.
1. Established April, 1882.
2. The amount of deposits is 152,300,000 rupees (approximately
$50,766,666).
3. The number of accounts is 1,318,632.
4. The average holdings are 115.53 rupees (approximately $38.50).
5. The rate of interest is 3 per cent on call deposits and 3 \ per
cent on fixed—that is, 3 per cent on sums not to exceed 2,000 rupees
deposited by an adult and 1,000 rupees deposited by a minor.
6. The maximum deposit allowed is 5,000 rupees (approximately
$1,666); 1,200 rupees (approximately $400) in one year.
7. The minimum deposit allowed is 4 annas (approximately 8
cents). No fraction of an anna received by the bank.
8. The total amount which may be deposited in any one official
year, from April 1 to March 31, inclusive, may not exceed 1,200
rupees, of which not more than 200 rupees may remain at call or
subject to six months' notice of withdrawal, or partly at call and
partly subject to six months' notice of withdrawal. The excess
above 200 rupees, together with any further sum at the depositor's
credit which he may wish to invest, if it is not less than 10 rupees,
will be invested for him in government securities. The total amount
which a depositor may have at any time, whether at call or subject to
six months' notice of withdrawal or invested, exclusive of interest for
the current year, is 5,000 rupees in the case of an adult and 4,000
rupees in the case of an account opened on behalf of a minor by his
relative or guardian, provided t h a t out of these total amounts of
5,000 and 4,000 rupees not more than 2,000 rupees in the case of an
adult and 1,000 rupees in the case of a minor may remain at call or
subject to six months' notice of withdrawal.
80
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
9. A depositor may deposit money at the post-office at which his
account stands as often as he wishes, so long as the prescribed yearly
and maximum limits are not exceeded.
10. No trustee accounts allowed, but a guardian may deposit for
a charge.
11. Three per cent on all deposits held at call and 3 i per cent on
deposits requiring six months' notice of withdrawal.
12. A depositor's funds, at his request, may be invested in government securities and in government promissory notes.
13. Deposits are held as call deposits or fixed deposits on interest
or invested as directed by depositor in government security or notes.
14. The funds are deposited in the post-office where the account is
kept, or passed for better security to the general post-office.
15. The names of all depositors are kept absolutely secret, so that
it would be difficult for an attachment to issue. While I have no
authority at hand from which to quote, my opinion is that the
difficulties would be so great that hardly any creditor would undertake an attachment proceeding.
16. My answer to No. 9 will suffice as an answer to interrogatory
No. 16.
17. No class is favored in rates of interest.
18. A depositor may withdraw money once a week in the usual
way.
19. So far as I am able to discover, there have been no losses
and none are likely to occur.
20. Accounts are audited by persons designated by the postmastergeneral and the expenses are borne by the government, but are presumably covered by profit accruing out of deposits to the government.
21. Minors are allowed to make deposits in their own name and
to withdraw the money deposited the same as if they were adults.
If the money has been deposited by a parent or guardian, the minor
can not withdraw it without permission of the same. The same is
true of women, who are allowed to deposit their own money in their
own name and to withdraw it without permission of the husband,
and a woman who has made deposits while unmarried is allowed to
withdraw the money without the interference of her husband after
she is married.
22. A person may not open more than one account for himself,
but he may open as many accounts as he likes on behalf of others.
23. The mail pertaining to this business is not frankable. Stamps
are used by the branch savings banks, which are supplied them by
government. The individuals who write to the bank, of course,
furnish their own stamps.
24. Funds of deceased depositors are disposed of by probate of will
or by the postmaster-general, who may become administrator or
distribute the deposits as he deems just and right.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
81
25. The rates of interest are fixed by law, and are not made to
conform to the rates of other banks, although, of course, the prevailing
rates of interest allowed by banks on fixed and call deposits will have
more or less to do with the rate fixed by the Government.
I append to this report, in duplicate, 14 pages taken from the
Indian Postal Guide® for April, 1910, which contains in full everything pertaining to post-office savings banks in India, with the
exception of data taken from the " Annual report on the post-offices
of India for the year 1908-9," which is the latest issue of this report.
According to this report the savings-bank transactions of the year
covered by the report, as compared with those of the previous year,
1907-8, show 1,318,632 active accounts in existence on March 31,
1909, showing a net increase of 55,869, or 4.42 per cent. The total
amount to the credit of depositors at the close of the year exceeded
152,300,000 rupees (approximately $50,766,666) and was 500,000
rupees (approximately $166,666), or 33 per cent, more than the
balance at the close of the financial year 1907-8. The deposits
and withdrawals, exclusive of all transfers, decreased for the year
over 8,600,000 rupees and 4,900,000 rupees, respectively, while the
interest paid increased by nearly 23,000 rupees (approximately
$7,666). The 1,318,632 active accounts were composed as follows:
Amount.
Item.
Number.
Rupees.
U. S.
dollars.*
6,825,000
2,275,000
5,950,000
1,983,333
517
1,325,000
441,666
160,365 26,450,000 8,816,666
1,082,761 111,750,000 37,250,000
Security deposit accounts
Public accounts
Regimental and other conjoint accounts.
Minors' accounts
—
Ordinary accounts
66,033
8,956
a Approximately.
The above figures show that 94.27 per cent of the accounts and
90.72 per cent of the total balance of 152,300,000 rupees (approximately $50,766,666) represents savings of private persons. Only
6,343 of these accounts, or 51 per cent, as compared with 6,384, or 53
per cent, in the previous year, were deposits subject to six months7
notice of withdrawal, the deposits in the remaining accounts being
at call. The number of accounts held by natives of the country
represents 91.22 per cent of the total number open at the close of the
year. The largest number of accounts for the year were held by (1)
persons of no occupation or whose incomes were derived from others,
(2) the professional class, and (3) the domestic class.
The number of government promissory notes purchased from the
post-office was 3,107 of the nominal value of 1,642,500 rupees
(approximately $547,500), as compared with 3,607 of the nominal
o Not printed.
p2027°—10
6
82
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
value of 1,931,000 rupees (approximately $643,666) in the previous
year. The number of government promissory notes sold was 745 of
the nominal value of 539,000 rupees (approximately $179,666), as
compared with 675 of the nominal value of 414,000 rupees (approximately $138,000) in the preceding year. The nominal value of the
government promissory notes held under the custody of the comptroller, post-office, at the close of the year under review on account
of depositors in the post-office savings bank was 5,759,300 rupees
(approximately $1,919,766), as compared with 5,151,800 rupees
(approximately $1,717,266) on March 31, 1908. The value of securities in the custody of the comptroller, post-office, in the year under
the 3J per cent loan was 5,702,700 rupees (approximately $1,900,900),
and in the 3 per cent loan 56,600 rupees (approximately $18,866).
During the year under report 1,401 investment certificates for fractional amounts of government promissory notes of the nominal value
of 391,257 rupees (approximately $130,419) were purchased, as compared with 1,473 investment certificates of the nominal value of
358,006 rupees (approximately $119,335) purchased in the previous
year. The number of investment certificates sold was 697 of the
nominal value of 156,902 rupees (approximately $52,300), as compared with 656 of the nominal value of 83,535 rupees (approximately
$27,845) sold in the preceding year.
An estimate of the financial result of the working of the savings
bank is given below:
Amount.
Amount.
Expenditure.
Receipts.
Interest at 3J per cent per
annum on the balance of
the deposits
Total
Rupees.
Dollars.**
5,255,878
1,751,959
5,255,878
1,751,959
Interest actually paid to depositors
Estimated cost of managing
the bank
Total
Rupees.
Dollars.**
4,340,968
1,446,989
574,334
191,444
4,915,302
1,638,434
o Approximately.
W M . H. MICHAEL,
Consul-General.
CALCUTTA, INDIA, May
18,
1910,
CEYLON.
The postal savings banks, of which there are 166 offices in the
island, were opened for the first time in 1885. According to information obtained from the postmaster-general at Colombo, the number
of depositors' accounts open at the end of the year 1909 was 79,704,
and the amount at credit of depositors totalled to 2,447,583 rupees.
Average holdings were 30.71 rupees.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
83
Interest calculated yearly at the rate of 2.40 rupees per 100^ rupees
per annum is allowed on every complete 10 rupees deposited, and is
computed from the first day of the calendar month next following
the day on which a sum of 10 rupees has been deposited or on which
the deposits of a less amount have been made up to a sum of 10
rupees up to the first day of the calendar month in which moneys
are withdrawn. The interest thus calculated is at the rate of 2 cents
(Ceylon currency) per calendar month for every sum of 10 rupees.
The interest is calculated up to December 31 in every year, and is
then added to and becomes part of the principal money. The rates
of interest are not made to conform to the rates in other savings
banks. No class is favored in rates of interest.
Deposits of not less than 25 cents (Ceylon currency) are received
from any depositor at any post-office savings bank, provided the
deposits made by such depositor in any year ending December 31
do not exceed 300 rupees, and provided the total amount standing
in such depositor's name in the books of the postmaster-general does
not exceed 1,500 rupees exclusive of interest. When the principal
and interest together standing to the credit of a depositor amount
to the sum of 2,000 rupees all interest ceases so long as the same funds
continue to amount to the said sum of 2,000 rupees.
Every depositor on making a first deposit is required to specify
his Christian name and surname, occupation, and residence to the
officer of the postmaster-general appointed to receive the deposit,
and is made to sign the following declaration:
DEPOSITOR'S BOOK.
Place
No
I,
, of
, do hereby declare to the postmaster-general that I am desirous
on my own behalf to become a depositor in the post-office savings bank. I do further
hereby declare that I am not directly or indirectly a depositor in any other post-office
savings bank in the island; and I do hereby also testify my consent that my deposits
in the said post-office savings bank shall be managed according to the regulations
thereof.
Witness my hand, etc.
Signed by the said depositor in the presence of me—
If it is found that the above declaration or any part thereof is
untrue, the depositor who has made the same shall forfeit and lose
all right and title to his deposits.
In case a depositor dies leaving a sum of money in the post-office
savings bank which (exclusive of interest) exceeds the sum of 1,000
rupees, the same may be paid to the executor or administrator on
the production of the will or letters of administration of the estate
and effects of the deceased depositor to the postmaster-general.
In the event that a depositor dies before the age of 7 years the
money is paid on a month's notice to the personal representative or
84
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
relatives of such depositor in the same manner as of a deceased
depositor.
Deposits may be made by a trustee on behalf of another person
in the joint names of such trustee and the person on whose account
money is so deposited, but repayment of same, or any part thereof,
is not made without the receipt or receipts of both of the said parties,
or the survivor, or the executors or the administrators of such survivor, whose receipt or receipts, either personally or by agent appointed
by power of attorney, which power of attorney may be executed by
an infant of or exceeding the age of 14 years, are alone a valid discharge, except in case of insanity or imbecility of the party on whose
behalf the deposits were made, when the postmaster-general may,
on proof of the fact to his satisfaction, allow repayment to be made
to the trustee alone.
The following declaration is made in the case of such deposits:
DEPOSITOR'S BOOK.
Place
No
I do hereby declare to the postmaster-general that I am desirous of becoming a
depositor in the post-office savings bank as the trustee of
, of
, and I do
further declare on behalf of myself and also on behalf of the said
that we are not
either jointly or severally, directly or indirectly, depositors in any other post-office
savings bank in the island.
Witness my hand, etc.
Deposits are made by or for the benefit of any person, under 21
years of age, and repayments may be made to such minor after the age
of 7 years in the same manner as if he were of full age.
In case of minors under the age of 7 years, the declaration must be
made by one of the parents or a friend on behalf of the minor.
The several sums deposited in the Ceylon post-office savings banks
are invested at interest in securities of the Government of the United
Kingdom, government of India and Ceylon, and such other British
colonies and protectorates as are approved of by the governor in
council. All sums so invested and the securities thereof may be called
up, sold, or otherwise disposed of from time to time as the governor
in executive council may deem fit. Present investments are in Ceylon
government 4 per cent stock, Indian government 3 J per cent stock,
Queensland government 3J per cent stock, Canadian government 3
per cent stock, New Zealand government 4 per cent stock, Transvaal
government 3 per cent stock, and Straits Settlements 3J per cent
stock.
There is no provision for the permanent investment of a depositor's
funds when they reach a certain limit. Deposit funds are subject to
attachment.
It is at the discretion of the postmaster-general to place the limit
on percentage of deposits left uninvested.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
85
When a depositor wishes to withdraw the whole or part of the sum
deposited by him he makes application for same to the postmastergeneral in the following form:
I do hereby give notice that I wish to withdraw the sum of
rupees from
my deposit account bearing the above numbers in the books of the post-office savings
bank, and I request that a warrant may be issued for the above-named sum, and made
payable to me at the
post-office.
Signature.
Address.
Occupation.
The signature of the depositor to the notice of withdrawal must be
attested by the postmaster of the station at which the depositor is a
resident. If the depositor is not known to the postmaster, his signature must be attested by a justice of the peace, manager of a bank,
clergyman or minister of the Christian religion, a qualified medical
officer, superintendent of an estate of an acreage of 200 acres or over,
mudaliyar of the district, or notary public. When he has properly
filled up this form the depositor forwards it by post as if it were an
ordinary letter. Mail pertaining to this business is frankable.
On receipt of this application the following warrant for the amount
required, payable at the office named, is sent to the depositor:
DEPOSITOR'S BOOK.
Place
No
SAVINGS BANK BRANCH,
GENERAL POST-OFFICE,
Colombo,
, 191..
Warrant No
To the Postmaster of
Pay
, of
, the sum of
on production of his deposit book, and on
his satisfying you that he is the person entitled to the same, and charge the amount to
this department.
Entered
Examined
Controller, S. B.
By the same post the postmaster at whose office the warrant is
made payable is advised of the issue of the warrant. This warrant
is presented by the depositor at the post-office named therein, together
with the depositor's book, in which the postmaster enters the amount
repaid and attests the entry with his signature and the date stamp of
his office. The postmaster takes a receipt from the depositor on the
warrant for the amount repaid to him.
Notice, not exceeding one week from date of its receipt, must be
given for withdrawal of sums of 50 rupees and under 500 rupees,
and not exceeding ten days for sums of 500 rupees or more.
86
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
Repayments are made only to the depositor in person. When a
depositor through illness or other good cause, though a resident at the
place at which payment is required, can not attend personally, payment is made to the bearer of an order under his hand, signed in the
presence of a justice of the peace, manager of a bank, clergyman or
minister of the Christian religion, or qualified medical officer. If the
depositor be resident abroad, his signature must be verified by some
constituted authority of the place in which he resides.
The colonial secretary, the controller of revenue, and the postmaster-general for the time being are trustees of all the post-office
savings banks. I t is their duty from time to time to receive and
examine accounts, to invest all surplus funds of the post-office savings
banks, either in approved security in their joint names, or to retain
the same in deposit in a bank to be selected by them in their joint
names, and from time to time to change investments at their discretion, and realize such of these funds as may be required for the purpose of the bank.
The postmaster-general is required to furnish the trustees immediately after the end of every month with an account duly signed by
him of all post-office savings bank funds and securities.
Each postmaster intrusted with the control of a savings bank is
required to render a daily cash account to the postmaster-general,
together with full particulars of all savings bank business transacted
during the day.
No cash balance may be retained by any postmaster without
special permission from the postmaster-general.
As soon as possible after December 31 in each year, the postmastergeneral is required to send to the colonial auditor an account duly
attested by himself. The post-office savings bank bears the expense
of auditing. Losses are charged to profit and loss account.
The colonial auditor causes the account to be checked with the
books in the custody of the postmaster-general, and thereupon certifies to its correctness or otherwise, and also certifies that the account
of each depositor has been made up and the interest duly allotted to
each, and he transmits this report to the colonial secretary to be laid
before the governor.
The Ceylon post-office savings bank continues to maintain steady
progress, and it may be of interest to the Monetary Commission to
peruse inclosure No. l, a showing the business for the last ten years,
also the balance sheet on December 31, 1909, inclosure No. 2.°
W M . C. MAGELSSEN,
American
COLOMBO, CEYLON,
June 22, 1910.
a Not printed.
Consul.
NOTES OK POSTAL SAVINGS-BANK SYSTEMS.
87
STRAITS SETTLEMENTS.
1. Established in 1879.
2. Amount of deposits, $671,027.75 ($380,981.37 gold).
3. Number of accounts, 4,267.
4. Average holdings, $157.26 ($89.29 gold).
5. Rate of interest, 3 per cent.
6. Maximum deposit allowed, $1,500 ($851.64 gold).
7. Minimum deposit allowed, $1 ($0,568 gold).
8. Maximum deposit drawing interest, $1,500 ($851.64 gold). The
minimum deposit drawing interest, $5 ($2.84 gold).
9. Limit placed on the amount which may be deposited in one
year, $500 ($283.88 gold).
10. Yes.
11. Yes.
12. No.
13. Deposits are invested in the same way as trustee funds—that
is, in first-class securities.
14. Deposits may be invested locally up to one-third of the total
amount to be invested. The remainder is invested in England or.in
other colonies.
15. Yes.
16. There is no prescribed limit, but it is not usual to retain $7,000
or $8,000 ($4,000 or $4,500 gold) in the current account.
17. No.
18. At head offices, deposits are payable on demand. A depositor
who wishes to withdraw money from his account signs a withdrawal
form and his bank pass book and attends personally at the savings
bank to receive his money. If he can not attend personally, he gives
a power of attorney. At suboffices the depositor signs a withdrawal
form and a warrant is sent to the subpostmaster from the head office
authorizing him to pay to the applicant on his signing the pass book.
19. Losses would be made good by the officer in fault.
20. Savings-bank accounts are audited by the auditor-general of
the colony at the expense of the government. No part of this is
debited to the bank.
21. A minor is allowed to open an account in his own name and
can withdraw money from that account without the authority of his
parent or guardian. If, however, the account is opened on behalf
of a minor withdrawals can only be made by the parent or guardian.
22. A person may only open one account in his own name, but he
may open accounts on behalf of other people; a government or
municipal servant may also open an account in the name of his
department and himself as security for the performance of his duties.
23. Correspondence on savings-bank business may be franked.
24. If a depositor dies, leaving in the government savings bank a
sum of money not exceeding $500 ($283.88 gold), and if probate of
88
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
his will or letters of administration of his estate is not produced to
the postmaster-general within three months after the death of the
said depositor the postmaster-general may pay the said sum of money
to any person appearing to him to be entitled to receive it or to
administer the estate of the deceased and such person shall not by
reason of having received such sum, be deemed to have acted in contravention of section 18 of " T h e stamp ordinance, 1885."
The deposits of noncommissioned officers and soldiers of the British army who die intestate, or become insane or otherwise incapable
of managing their affairs, will be made over, on application, to the
president of the committee of adjustment.
25. There are no other savings banks in the colony.
FEDERATED MALAY STATES.
1. Established April 1, 1907.
2. Amount of deposits, $490,508.83 ($278,510.91 gold) December
31, 1909.
3. Number of accounts, 4,536 December 31, 1909.
4. Average holdings, $108.14 ($61.40 gold) December 31, 1909.
5. Rate of interest, 3 per cent per annum.
6. Maximum deposits allowed, $2,000 ($1,135 gold) with maximum
including interest of $2,500 ($1,419 gold).
7. Minimum deposit allowed, $1 ($0.58 gold).
8. Maximum deposit drawing interest, $2,000 ($1,135 gold).
9. Yes; $500 ($284 gold) per annum.
10. No.
11. Yes, on $5 ($2.84 gold) or over.
12. No.
13. All money so deposited with the director, posts and telegraphs,
shall be carried to a separate account, and all sums withdrawn by
depositors or parties legally authorized to claim on account of depositors shall be repaid to them out of such moneys, through the office
of the director, posts and telegraphs.
14. The moneys received under this enactment, or so much of the
same as may be from time to time available, shall be invested in
securities to be selected by the director, posts and telegraphs, and the
financial commissioner, Federated Malay States, subject to the
approval of the resident-general; and a separate and distinct account
shall be kept by the director of all investments and sale and a balance
sheet of such account from the 1st day of January to the 31st day of
December in every year shall be laid before the resident-general not
later than the 31st day of March in every year.
15. Yes.
16. None. The amount to be invested is left to the discretion of
the manager of the bank.
17. No.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
89
18. Any depositor wishing to withdraw the whole or part of the
sum deposited by him must make application for the same to the
director in the form shown in Appendix D . a I n this form the depositor
must specify the number of his pass book, the name of the office at
which the first deposit was made, the sum he wishes to withdraw, his
occupation and residence, and the post-office at which he wishes to
receive money. On receipt of this application a warrant in the form
shown in Appendix E a for the amount required, payable at the office
last named, shall be sent to him by post. By the same post the postmaster at whose office the warrant is made payable shall be advised
of the issue of the warrant. This warrant must be presented by the
depositor at the post-office named thereon, together with his pass
book and index card. The postmaster shall enter the amount repaid
in the pass book and strike a fresh balance and attest the entry with
his signature and the dated stamp of his office. The postmaster shall
take a receipt from the depositor on the warrant for the amount
repaid to him, which receipt is not chargeable with stamp duty.
19. From the general revenue.
20. (a) By the government auditor; (6) the government bears the
expense.
21. Yes.
22. No.
23. Yes.
24. If a depositor should die leaving a balance in a savings-bank
account not exceeding $1,000 ($568 gold), and if probate of his will
or letters of administration of his estate be not produced to the
director within three months of the death of the depositor, the
director may, in his uncontrolled discretion, pay the said balance to
any person appearing to him to be entitled to receive it or to administer the estate of the deceased.
Balances in excess of $1,000 ($568 gold) can only be paid on production of probate or letters of administration unless otherwise
ordered by the resident-general, who has discretionary power to dispense with such evidence in cases where he is of opinion that to require
it would cause hardship and that to dispense with it would involve
no appreciable risk. If the balance in excess of $1,000 ($568 gold) be
that of an account on behalf of a minor the discretionary power may
be exercised even if the condition of hardship be not established.
25. There are no other savings banks in the Federated Malay
States.
D. MILTON FIGART,
Vice and Deputy
SINGAPORE, STRAITS SETTLEMENTS,
June 16, 1910.
a Not printed.
Consul-General.
90
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
DUTCH E A S T I N D I E S .
1. The postal savings bank in the Dutch East Indies has been
established since July 1, 1898.
2. Amount of deposits in bank on December 31, 1909, were:
All classes of Europeans
All classes of natives
Chinese, Arabs, and other orientals
Total
$2, 505,123. 76
521, 965. 78
93, 259. 95
3,120, 349. 49
3. Number of accounts on December 31, 1909, were:
Europeans
Natives
Chinese, Arabs, etc
32,997
35,093
3,119
Total
71, 209
4. Average holdings were:
Europeans
Natives
Chinese, Arabs, etc
Average
$75. 92
14. 87
29. 90
43. 82
5. Rate of interest paid, 2.4 per cent per annum.
6. There is no limit to deposits allowed.
7. The smallest amount received as a deposit is $0.10.
8. Maximum deposit drawing interest is $1,000.
9. There is no limit placed on amount which may be deposited in
one week, one month, or one year.
10. Trustee accounts are allowed.
11. Interest, as mentioned above under paragraph 5, is paid on all
deposits.
12. There is no provision made for the permanent investment of
depositor's funds when they reach a certain limit, but the depositors
are helped to deposit their funds to any other bank of their choice.
13 and 14. Deposits are turned into the treasury of the Netherlands India for discount of three months' acceptances issued by the
vendu department, interest 3 per cent at Batavia national debt at
Amsterdam, average interest 3.30 per cent; other first-class funds
at Amsterdam with average interest 3.68 per cent; loans on stocks
(three months) with average interest 4 per cent at Batavia; loans
on stocks at Amsterdam with average interest 2.35 per cent.
15. Funds on deposit are subject to attachment.
16. All deposits are invested.
17. There are no classes favored as to rates of interest allowed, all
receiving the usual rate quoted.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
91
18. Funds are withdrawn at the post-offices, maximum $40 within
four weeks, when depositor is known and his name is registered.
Bank book must be produced and signature of depositor be put to
entry. Natives, Chinese, and Arabs, who are unable to write their
signature, have to produce a medal belonging to their bank books
and have to answer questions as to their place of birth, parents,
employer's name, etc.
For other payments an order from the director of the postal savings
bank is required; also when the full amount of deposit is withdrawn.
Orders for $200, good for one year, can be given to depositors who
live long distances from Batavia. Orders can also be asked for and
transfers made by telegraph.
19. Losses are paid by the employee of bank found responsible,
but if it is impossible to place the responsibility such losses are
debited to bank's balance.
20. Accounts are audited under government control and at government's expense.
21. Minors, also married women without the permission of their
husbands, are allowed to open accounts and withdraw their deposits
without permission of other parties.
22. A person may open more than one account, but the maximum
amount allowed on all accounts is $1,000.
23. Mail matter pertaining to savings bank business is not frankable. The savings bank allows the postal authorities $0.04 per
annum for each depositor.
24. Funds of deceased depositors are paid to the heirs of such
depositors upon furnishing satisfactory proof of their claims to the
director of the bank.
25. The rates of interest paid by the postal savings bank are considerably lower than rates paid by other banks.
B. S. RAIRDEN,
American
BATAVIA, JAVA,
Consul.
June 15, 1910.
AFEICA.
CAPE COLONY.
1. Postal savings banks were established in Cape Colony January 1,
1884.
2. The balance due to depositors March 31, 1910, was $10,147,504.
3. The number of accounts open on March 31, 1910, was 102,644.
4. The average amount due in each account at the same date was
$98.86.
5. Three per cent interest is paid on deposits.
92
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
6. The maximum deposit allowed is $486.65 net in any one year,
and an accumulated deposit of $2,919.90.
7. The minimum deposit accepted is Is. (24 cents).
8. The maximum deposit on which interest is paid is $2,919.90.
9. No limit is placed on amounts accepted on deposit weekly or
monthly. Not more than $486.65 can be deposited in one year,
exclusive of withdrawals.
10. Trustee accounts are allowed.
11. Interest is paid on complete pounds sterling for complete
calendar months only; i. e., a deposit bears interest from the first day
of the month next following the receipt or completion of a pound
sterling, and ceases on the last day of the month preceding a withdrawal.
12. Permanent investments up to $4,866.50 can be made through
the ordinary account of a depositor in savings-bank certificates of
$486.65, each bearing interest at 3 | per cent. Such certificates are
repayable upon three months' notice, or, in cases of urgency and
subject to government approval, on payment of a fee of $2.43 for
each certificate. Certificates are issued and paid at par. The balance
on March 31, 1910, was $3,637,222.
13 and 14. Surplus funds are transferred to a post-office savingsbank account at the treasury, which bears interest on the floating
balance at the rate of 2f per cent computed on the daily total. The
surplus funds of the bank are invested in Cape Colony government
stock or treasury bills.
15. Funds are subject to attachment by order of court.
16. A small working balance is retained by the postmastergeneral in his savings bank account, the amount depending on the
fluctuation of transactions.
17. No class is favored in rates of interest.
18. Funds are withdrawn, as follows:
(a) By post: A "notice of withdrawal" form is filled in by the
depositor and forwarded to the head office, Cape Town, where the
signature is compared with that on the declaration form completed
by the depositor at the time of the opening of the account; if the
signature is correct, the form is passed on to the ledger clerks for
ledger entries; then, after examination, a warrant and an advice
form are prepared and dispatched—the former to the depositor and
the latter to the postmaster at the paying office.
(b) By telegraph: A "notice of withdrawal" form is completed
by the depositor and handed to the postmaster, who, after satisfying
himself as to the identity of the applicant and ascertaining, by examination of the deposit book, that sufficient funds are available in the
account to meet the application, forwards a reply-paid telegram to
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
93
the head office which, after examination of the ledger account,
authorizes payment to be made. Upon subsequent receipt of the
paid warrant at the head office, the depositor's signature is compared with that on the declaration form.
(c) By special warrant at the general post-office, Cape Town, on
one hour's notice of withdrawal being given and on payment of a
fee of Is. (24 cents). The treatment in this case is the same as (a)
above, except that the notice of withdrawal form is handed by the
applicant over the counter and that both warrant and advice forms
are sent by the head office to the local postmaster. This procedure
is possible owing to the head office and the paying office occupying
the same building.
19. Losses are paid by parliamentary appropriation or vote.
20. The savings bank staff comprises both accounting and audit
officers, the final returns being forwarded to the controller and
auditor-general who also causes an independent inspection of the
head office records and accounts to be made occasionally by one of
his officers. The cost of auditing is borne by the Government.
21. Minors are permitted to open accounts and make withdrawals;
but " n o withdrawals are permitted until minors have attained the
age of seven years when the accounts may be operated upon independently of parent or guardian."
22. No person may open more than one account and depositors
must sign a declaration (specimen of which is sent herewith) when
opening an account stating that they are not interested directly or
indirectly in any other account.
23. Mail pertaining to postal savings-bank business passing between
the head office and depositors is frankable.
24. In cases of funds of deceased depositors if the amount is under
$243.32, the post-office, with the consent of the attorney-general,
effects the distribution thereof; if over $243.32, letters of administration must be obtained from the master of the supreme court, the
amount being paid to the executor nominated therein. I n both
cases a return showing the payments made is rendered to the master.
25. The rates of interest are not made to conform to the rates in
other savings banks. Government may vary the rate of interest;
but in the case of interest on certificates no reduction can be made
until after three months' notice given in the Government Gazette.
An arrangement was introduced in 1908 for the transfer of accounts
to and from the United Kingdom and the other South African colonies. Considerable use of this facility is being made by the public,
as will be seen from the following figures relating to the transactions
during the financial year ended June 30, 1909.
Number of accounts transferred
Amount transferred
1,331
$343,200
94
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
A number of specimen forms used in connection with savings-bank
business, together with a return of the transactions up to March 31
last ; and a statement showing the classification of depositors according to the latest statistics are forwarded herewith, a
SOUTHERN
RHODESIA.
1. Postal savings banks were established in southern Rhodesia
January 1, 1905.
2. The amount of deposits December 31, 1909, was $321,370.
3. The number of accounts is 1,549.
4. The average holding is $127.74.
5. The rate of interest paid on deposits is 2\ per cent. A proposal is under consideration for giving 3 per cent on sums exceeding
$486.65.
6. The maximum deposit allowed is $486.65.
7. The minimum deposit allowed is 5s. ($1.22).
8. The maximum deposit drawing interest is $2,433.
9. The maximum deposit is $486.65, whether in one sum or in an
aggregate for the year.
10. Trustee accounts are allowed.
11. Interest is paid on all deposits up to a limit of $2,433.
12. There is no provision for permanent investment of a depositor's funds when they reach a certain amount.
13 and 14. The funds of the bank are invested in trustee stocks.
The scrip representing the stocks purchased is held partly in London,
England, and partly in Salisbury, Rhodesia.
15. The funds are not subject to attachment.
16. A working balance of $1,703 is in force. Funds in excess of
t h a t amount are invested in round sums of about $4,866.50.
17. No class is favored in rates of interest.
18. Withdrawals are made by means of a notice on a form, of which
a specimen is attached. Withdrawals can also be made by telegraph,
as provided by section 34 of the regulations.
19. Losses arising from defalcations of post-office servants are
made good from the civil-service guaranty fund, to which all officers
of the department are required to contribute. No other losses have
yet been incurred.
20. The accounts are audited department ally and the expense is
paid from the profits of the bank, but annually an independent
audit is made by an officer of the treasury, for which no charge is
made.
a Not printed.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
95
21. Minors are allowed to open accounts, and after the age of 7
years may operate on the account without permission of parent or
guardian.
22. No person may open more than one account.
23. Mail pertaining to postal savings-bank business is frankable.
24. When the funds of a deceased depositor do not exceed $243
the postmaster-general may pay to the next of kin. When funds
exceed $243 they are dealt with under letters of administration.
25. The rate of interest paid was fixed on the same basis as that in
force in the United Kingdom, but as the bank has been working
successfully for fiye years, it is proposed to raise the rate of interest,
as mentioned in reply to question 5 above.
G E O . L.
FOSTER,
Vice- ConsvU-Oeneral.
AMERICAN
CONSULATE-GENERAL,
Cape Town, South Africa, June 17, 1910.
TRANSVAAL,
TRANSVAAL POST-OFFICE SAVINGS BANK.
1. January 1, 1893.
2. The total amount to the credit of depositors is now £1,748,000
($8,506,642). During the last completed financial year of this department (from July 1, 1908, to June 30, 1909) £1,367,747 ($6,656,140) was deposited, and in the same year £1,318,574 ($6,416,840) was
withdrawn.
3. About 65,000.
4. A little under £27 ($131).
5. Three per cent.
6. The maximum deposit is £100 ($486) at one time and £500
($2,433) in all, without interest. The officers of a society fund or
club, after due approval by the postmaster-general, may make deposits
without restriction either as to the amount deposited in one year or
the total amount deposited.
7. The minimum deposit is Is. (24 cents).
8. The maximum deposit drawing interest is £600 ($2,019), interest compounded into principal being included to make up this
amount. (See 6.) But in the case of deposits by trustees of a society,
etc., interest is allowed on all deposits without restriction as to the
amount of capital bearing interest.
9. The limit placed on amount which may be deposited is £100
($486) in a year; no limit for shorter periods, in which deposits are
subject only to the yearly limit.
10. Yes.
96
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
11. Yes; until the total amount to credit reaches the maximum of
£600 ($2,919) (see 8), when interest ceases until the amount to
credit has been reduced by withdrawals below this maximum.
12. No; but it is under the consideration of this administration
to provide by law for the issue of usavings-bank certificates" of the
value of £100 ($486) each, which would bear interest at a slightly
higher rate than is paid on current account balances. This interest
would be carried, as due, to the credit of the ordinary current accounts
concerned.
13. They are, in the first place, remitted with all other departmental
receipts from post-offices to the general post-office. Thence they
are remitted to the department of finance for investment. The investment is in the hands of the minister of finance, who acts on the
recommendations of " t h e investment board," on which the postal department is not represented. This board at present consists of the
secretary for finance, the register of deeds, and the master of the
supreme court.
14. (a) In securities guaranteed by the Imperial Government or
by the government of any British colony; (6) approved stock or
debentures of any municipality or other local authority established
in British South Africa; (c) loans to Transvaal municipalities subject to the approval of the minister for the interior; (d) fixed
deposits with approved banking institutions.
15. Yes; it may be added that the department has been held by
a court of law to be liable for repayment to the depositor, when it
had already paid a forger.
16. No fixed percentage. The investment board is kept acquainted
with the probable course of business and liquid funds are held to
meet it.
17. No.
18. A depositor goes to any post-office and fills up Form 8 attached.
This is sent free by post to the general post-office in an envelope also
provided free. A warrant is sent from the general post-office to the
depositor, and an advice to the office at which repayment is requested.
The depositor gives a receipt for the amount on the warrant, and the
signature is compared with that in the depositor's book, which signature has been written upon the opening of the account. The
amount is entered as a withdrawal in the book.
Withdrawals may also be made by telegraph on payment of 2s.
($0.48), the charges for the necessary telegrams. Form No. S. B. 43,
attached, is in this case prepared by the postmaster, a telegram is
sent officially by the postmaster in an approved manner, and on
receipt of telegraphic authority from the chief officer the amount is
paid and a receipt taken on the Form S. B. 43.
NOTES OIST POSTAL SAVINGS-BANK SYSTEMS.
97
At the general post-office only, on payment of a fee of Is. ($0.24),
immediate withdrawals" may be made. The system is the same
as for ordinary withdrawals, but as all records of the bank are in the
building, these cases are dealt with immediately by all officers concerned, in consideration of the special fee.
19. There has in no year been a loss on the working of the bank.
Should there be, it would be a charge on the general revenue of the
country.
Losses on any depositor's account, as in the case of forgery, have
been met from general revenue.
20. By the staff of the auditor-general, which is maintained by the
general revenue of the country.
21. Minors may open accounts. If 7 years of age, minors may
open accounts and make deposits without the consent of parent or
guardian. If under 7 years of age, a minor can not open an account,
but it may be opened by a parent or guardian on behalf of such
minor, or as trustee of such minor. If opened by a parent or guardian
as trustee, both signatures are required on withdrawals after the
minor reaches the age of 7. An account opened on behalf of a minor
under 7 can be operated on only by the minor himself or herself, and
after reaching the age of 7.
22. Not in his own name, but as trustee of a society, etc., or on
behalf of a minor, he may be interested in any number of accounts.
23. Yes.
24. In various ways, given at length in section 15 of proclamation 33.
25. No. The rate is fixed to secure that there shall be no loss after
taking into account the interest earned on the investment board's
investments and the working expenses of the bank.
u
ADDITIONAL DETAILS.
Withdrawals by person other than the depositor.—This is allowed only
on presentation of a power of attorney, duly stamped. The signature of the depositor on such form must be attested by certain specified persons; e. g., in the case of illness the medical attendant may
certify it.
Deposits by married women.—These are repayable only to women.
Transfers of deposits to other post-office savings banks.—These are
allowed between the post-office savings banks of South Africa and
also to and from the United Kingdom. No charge is made unless it
appears to the postmaster-general that the transfer is made simply
to avoid ordinary banking charges, when a percentage may be
deducted.
52027°—10
7
98
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
Frauds,—Nearly all cases of fraud on the bank arise in connection
with the "immediate withdrawal" system. (See 18.) A book is
stolen from the depositor, which contains his signature, and before
the loss is discovered and reported the thief can forge the depositor's
name to a withdrawal notice and receipt and obtain the money. On
the whole, the immediate withdrawal system is held to be of doubtful
usefulness. A really thrifty depositor rarely wishes to make one.
They are made when money is wanted to waste.
niiterate depositors,—Persons who can neither read nor write are a
source of much trouble. I t is a question whether finger-print records
should not be insisted on in such cases in place of signatures.
MILTON B. K I R K ,
Vice-Consul.
AMERICAN CONSULATE,
Johannesburg, South Africa, June 20, 1910.
ORANGE R I V E R COLONY.
1. Established October 1, 1897.
2. On June 30, 1909, amount of deposits was £1,416,005 7s. 5d.
($6,890,989.80).—[Total deposited. Ed.]
3. The total deposits made were 6,831.
4. Average holdings, £22 13s. 6d. ($110.34).
5. Three per cent.
6. The maximum deposit allowed is £100 per annum ($486.65),
£500 in all ($2,433.25).
7. The minimum deposit allowed is Is. ($0.24).
8. The maximum deposit drawing interest is £500 ($2,433.25).
9. See No. 6.
10. Yes.
11. Yes.
12. No.
13. Administered by the treasury.
14. Funds department, treasury.
15. Only on an order from the high court.
16. No limit.
17. No.
18. The depositor files an application for withdrawal and receives
a warrant of withdrawal, signed by the bank. Repayment is made
when this warrant is presented at the post-office counter for payment.
19. By treasury. No losses have yet occurred.
20. By a permanent auditor from the audit department at the
expense of the State.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
99
21. Accounts may be opened in the names of minors. Withdrawal
may be made after the age of 7 is attained with consent of guardian
or parents only.
22. No.
23. Yes.
24. Repayment is made to executors in the estates of deceased
persons on production of letters of administration issued by the
master of the high court, or to any person the master of high court
may appoint for the purpose.
25. No.
A. E . FlCHARDT,
American Consular Agent.
AMERICAN CONSULAR SERVICE,
Bloemfontein,
May 28, 1910.
SIERRA L E O N E .
The following information relative to the management, rules, etc.,
of the Sierra Leone post-office savings bank, with its branches at
each of the district post-offices in the colony, applies to the postoffice savings banks, in their general management, in the other
British colonies:
1. Established in 1882.
2. Amount of deposits is £81,780 19s. 8|d. ($397,455.59), inclusive
of interest up to December, 1908.
3. Number of accounts, 5,640.
4. Average holdings, £14 10s. ($70.47).
5. Two and one-half per cent on each complete pound ($4.86) per
mensen—that is, interest is not paid on a fraction of $4.86, nor on
a complete pound ($4.86) for a fraction of a month.
6. Maximum deposit allowed is £500 ($2,430), exclusive of
interest allowed.
7. Minimum deposit allowed is Is. (24J cents).
8. Maximum deposit drawing interest, £500 ($2,430).
9. Limit placed on the amount which may be deposited in one
year, £100 ($486).
10. Yes.
11. Yes.
12. No. Deposits are invested in bulk, as often as possible in
securities yielding interest, as the secretary of state (London) may
name.
13. Deposits are paid into the colonial treasury (and used as
stated).
14. I n the bank of British West Africa (private institution) for the
colonial treasury.
100
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
15. No.
16. No limit.
17. No.
18. Any depositor wishing to withdraw the whole or a part of his
deposit is required to give two clear days notice to the colonial postmaster-general.
19. Losses are paid by the colonial treasury and debited against
this (the bank) department in the annual savings bank account.
20. By the local auditor acting for the auditor-general, London.
The expense is borne by the colonial government (by the bank).
21. Deposits may be made by or for the benefit of any person under
21 years of age, and payment shall be made to such minor after the
age of 7 years in the same manner, as if he were of full age. I n case
of a minor under the age of 7 years, the declaration must be made by
one of the parents or a friend of the minor.
22. No; but a person may be a trustee in any number of accounts.
23. Only between post-offices (in the colony). When savings
bank pass books are transmitted by inland post to the general postoffice at Freetown for audit or examination, such transmission is
allowed post free.
24. If under £50 ($243), they are, when no will or letters of administration are produced or are producible, paid to the next of kin
of deceased, or widow, or relative, at the discretion of the postmastergeneral. If over £50 ($243), only to the executor or administrator
on production of probate of the will or letters of administration.
25. So far as known to this department, the rates of interest paid
by this colony are the same as are paid by the savings banks of the
United Kingdom and the British West African colonies.
Furnished to this consulate by the acting colonial postmastergeneral and manager of post-office savings bank, through the honorable colonial secretary.
Words in parentheses are explanations made to the consul after
preparation of report by the manager of bank.
W. J. YERBY, American Consul.
SIERRA L E O N E , June 8, 1910.
GOLD COAST COLONY.
1. By the treasury in 1888 and transferred to the post-office on
January 1, 1905.
2. Amounts of deposits, £24,715 ($120,237.47) in 1909.
3. Number of accounts, 2,165 in 1909.
4. Average holdings, £11 ($53.51) in 1909.
102
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
6. The maximum deposit allowed is £200 ($975.60), but only £40
($195.12) can be deposited in one year, except that friendly societies
and associations may exceed this limit, and, subject to the limit, a
depositor may, in addition to the £40 ($195.12) named, deposit in
any year ending December 31 any sum or sums for the purpose of
replacing in whole or in part withdrawals made the same year.
(See Rule V, 1898.)
7. The minimum deposit is Is. (24.39 cents).
8. Maximum deposits drawing interest is $975.60, except for friendly
societies.
9. The only limit placed for deposit is $195.12 in one year.
10. Trustee accounts are allowed and also joint accounts.
11. Interest is paid on all deposits except those made by government departments.
12. There is no provision for permanent investment of a depositor's
funds, but a transfer of account can be made at a depositor's request
and expense to the post-office savings bank in England.
13. The accumulated deposits are generally invested in England in
securities approved by the secretary of state for the colonies, but the
governor in council has authority under the law to invest locally or
elsewhere.
14. All accounts are kept at the general post-office and the funds
are under the control of the postmaster until invested. Before
investment they are deposited locally in the Bank of Nassau.
15. To the best of my knowledge and in the opinion of the postmaster there is no law under which funds in the post-office savings
bank can escape attachment in the regular course of the law,
although there is a section in the act which says:
No person engaged in carrying out this act shall disclose the name of any depositor
or the amount which may be deposited or withdrawn by any depositor except to such
person or persons appointed to assist in carrying this act into execution.
16. There is no limit fixed by law or rule on percentage of deposits
left uninvested, but generally deposits are allowed to accumulate to
the amount of $1,500 before being invested. The postmaster can
always get advances from the treasury when needed.
17. No class is favored in rate of interest.
18. The withdrawal of funds is regulated by rules, copies of which
are inclosed. a
19. The government is responsible for deposits; in case of error in
accounts the officer paying is responsible for loss.
20. Accounts are audited at the government's expense by the
government's auditor.
21. Minors are allowed to open accounts if over 7 years, and under
16 they can withdraw funds and give receipts. Minors over 16 can
a Not printed.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
101
5. Two and one-half per cent.
6. Five hundred pounds ($2,430).
7. One shilling (24J cents).
8. Five hundred pounds ($2,430).
9. Two hundred pounds ($972) in any one year.
10. Yes.
11. Yes; except on fractions of £ 1 .
12. No.
13 and 14. Part invested in guaranteed securities and the balance
deposited with colonial treasury.
15. Yes; subject to the approval of the attorney-general.
16. There is a fixed interest of 2 | per cent. (?).
17. No.
18. A three-days' notice is required on a form provided for the
purpose.
19. Written off against savings-bank revenue or colonial revenue,
if necessary.
20. By the colonial audit staff at government expense.
21. Yes; but no withdrawal allowed during minority before attaining age of 7 unless sanctioned by the postmaster-general.
22. No.
23. Yes.
24. Upon the probate of the will or letters of administration.
25. Not necessarily.
The above information was furnished to this consulate upon request
by the colonial secretary of the Gold Coast Colony (British).
JOHN B. KING,
Vice and Deputy Consul.
SIERRA L E O N E , W E S T AFRICA.
NORTH AND SOUTH AMERICA.
BAHAMAS.
1. There is one postal savings bank in the Bahamas. This was
established by act of assembly in 1885.
2. The total amount of deposits from February 1, 1886, to June 3,
1909, as per returns herewith, £141,486.0.3 ($690,175.62).
3. On June 3, 1909, there were 2,179 accounts, including 306 dead
and unclaimed accounts.
4. The average holdings from 1886 to 1909 varied from about $38
in 1886 to $66 in 1907; taking the balance due depositors at the end
of each year, the average holdings for the entire period 1886 to 1909
would be about $50.
5. The rate of interest has always been 2\ per cent.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
103
control their deposits. Deposits made by or for minors under 7
years of age may be paid to father, mother, or guardian under proper
application.
22. No person can have more than one account in his own name or
that of any other person.
23. The mail pertaining to this business is frankable.
24. Funds of a deceased depositor leaving a will are subject to the
ordinary legal methods as part of the deceased's estate. Rules 23 to
27 of 1898; also rules 8 to 10 of 1899, deal with funds of depositors
dying intestate.
25. The rate of interest has remained unchanged since the establishment of the savings bank, although private banks have within the
last year been paying 3 per cent in this department.
F. M.
NASSAU; N E W PROVIDENCE,
MENENDEZ,
Vice and Deputy Consul.
June 7, 1910.
CURASAO.
Obeying instructions in Department of State dispatch to me of
April 12; 1910; I have the honor to embody in this my report on postal
savings banks in Curacao, West Indies, detailed answers ; seriatim,
to the twenty-five questions propounded in said dispatch, as follows:
1. The postal savings-bank system now in operation in this
colony, embracing the islands of Curacao, Bonaire, Aruba, St. Martins
(half), St. Eustatius, and Saba, was established and went into operation April I, 1905.
2. January 1, 1910, the deposits amounted to fl62,012 ($64,805).
3. Number of accounts, 3,439.
4. Average holdings, f47.13 ($18.85).
5. Rate of interest, 2.4 per cent.
6. Maximum deposit allowed. No limit.
7. Minimum deposit allowed, f0.25 (10 cents).
8. Maximum deposit drawing interest, f 1,000 ($400). Exception
made of charitable institutions acknowledged by government. Interest paid on f2,000 ($800).
9. No.
10. Yes.
11. On f5 and multiples thereof only; not on fractions of f5.
12. No.
13. Through the Netherlands Postal Savings Bank, with which
this bank has an account, its deposits are mainly converted into securities of Dutch municipalities, paying 3 J to 4 per cent.
104
NOTES ON POSTAL SAVINGS-BANK SYSTEMS,
14. I have difficulty in comprehending this question. I t seems a
repetition of No. 13. Surmising that "deposited" may mean " r e ceived/ 7 I answer: Deposits are received at the one only postoffice in each island; also at substations, of which there are two in
Curacao and one each in Bonaire, Aruba, and Saba. All other offices
remit to the general post-office in Curasao, having accounts therewith; each substation with its principal office. The Curacao office,
as intimated in answer to No. 13, remits to the Netherlands Bank.
15. Yes.
16. None.
17. None except charitable institutions, as stated in answer to
No. 8.
18. A bank book is issued to each depositor, in his or her own
name. The amount can only be withdrawn when the book is presented. No amount less than 10 cents (f0.25) can be withdrawn.
Amounts are paid back on presentation of receipts, written in ink,
in presence of a bank employee. I n case the depositor can not go to
the bank an employee may be sent to his house. Only the depositor
or his duly authorized agent, who can write, can withdraw money.
The authorization must be in writing, in ink, and be kept in the bank.
Persons who are by law authorized to withdraw money for a depositor
do not need other authorization. These are: The father; the mother,
who is also a tutor; the tutor of a minor who has not attained the age
of 16. After that age the authorization of a court of justice is necessary. There are no probate courts. When a depositor has lost the
administration of his properties, his legal representative may withdraw money. Persons withdrawing must state the capacity in which
they act before they sign. If the person withdrawing money is not
known, he must sufficiently identify himself. Requests to withdraw
money of deceased depositors must be made in writing in their bank
books. The request to withdraw and the receipt must be signed by
the person entitled to withdraw or by his agent. At Williamstad
and at the principal offices in all the islands sums of f25 ($10) or
less are paid on sight whenever bank is open; at the other offices,
three days after request is made. From the same account not more
than f25 can be demanded in any one week. To pay from f25 to
f500 ($10 to $200), the bank may take one month; for larger sums,
six weeks. The bank may take seven days to ascertain if the person
claiming a deposit is entitled to it.
These rules are not strictly
observed, and they may be changed. Usually money is paid when
desired.
19. By the government. I t guarantees depositors.
20. Accounts are audited by the administrator of finances and two
members of the court. They receive no other remuneration than
their regular salaries.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
105
21. Yes, when the consent of parents or guardian is understood.
They may, however, intervene, but seldom do so.
22. Yes.
23. Yes.
24. They are paid, usually in a brief time, to the legitimate heirs,
ascertained by the court.
25. No. The Netherlands Postal Savings Bank pays 2.64 per cent;
a private savings bank in Curasao pays 3 \ per cent.
These answers embody about every fact pertaining to the Postal
Savings Bank of Curasao that seem to me of interest.
I t should be added that the bank is deemed eminently successful.
I t must be remembered that the population of the six islands is only
53,000, of whom fully seven-eights are former negro slaves or their
descendants, and that whites and blacks alike are with few exceptions
distressingly poor. The markets of all the nations are closed against
their products, those of the mother country included. Nobody
can produce anything and pay the duty necessary to gain it admittance into any country on earth. The climate is so dry that little
could be produced anyway. Men do not average to earn over 30
cents a day; the best white mechanics only 80 cents a day. Women
do not average 15 cents a day. A respectable white woman has
nothing whatever to do. Her male relatives must keep her. A few
teach; that is the only opening. All these conditions considered
I submit that the amount saved by these poor people in a little over
four years is very substantial; the fact that they have saved so much
is an eloquent argument in favor of the system.
Since the above paragraph was written my vice-consul suggests
that this bank was inaugurated at the time of a business crisis in
the colony; the time was opportune to make it more than ordinarily
in favor; the private savings bank suffered somewhat in consequence.
He believes that a part of these deposits will ultimately drift back to
the private bank, which is sound, and pays a much higher rate.
But with this allowance the bank is still a substantial blessing.
Accompanying this report I have the honor to transmit eleven
printed documents,^ in Dutch, pertaining to the organization of
the bank and its operation, namely:
1.
2.
3.
4.
5.
6.
7.
8.
Regulations for the employees.
Annual Report, 1909, and Balance Sheet.
Bank Book.
Regulations for the Board of Auditors.
Law Establishing the Bank. P . B . No. 43, 1904.
Amendments to the law. P . B . 44, 1904.
Supplementary Law. P . B . No. 45, 1904.
Supplementary Law. P . B . No. 5, 1905.
<*• Not printed.
106
NOTES OK POSTAL SAVINGS-BANK SYSTEMS.
9. Time of Commencing Operation. P. B. No. 6, 1905.
10. Supplementary Law. P . B . No. 21, 1906.
11. Supplementary Law. P . B . No. 38, 1907.
Respectfully submitted.
E L I A S H.
CHENEY,
American
GUEACAO, W. L,
May
7,
Consul.
1910.
B R I T I S H GUIANA.
Postal savings banks were established in British Guiana in 1889.
The amount to the credit of depositors at the end of the year 1908
was $405,743.88, and the number of accounts, 13,606.
The acting postmaster-general, in his report for 1908, which is the
latest published report, says:
New accounts.—On January 1, 1908, there were 12,421 accounts on the books of the
bank, new accounts to the number of 5,307 were opened, 3,686 were closed, and 436
transferred to the dormant ledger, leaving at the close of the year 13,606 current
accounts, an increase of 1,185 on the year's work.
Increase of balance at credit.—The amount at credit of depositors at the commencement of the year was $391,422.12. The deposits totaled $347,815.06, and interest
allowed on closed accounts and capitalized in current accounts, $9,894.83. The sum
withdrawn, including amount transferred to dormant ledger, was $343,388.13, leaving
at credit of depositors at December 31, 1908, the sum of $405,743.88, showing an
increase of $14,321.76 as the result of the year's operations.
Transactions.—The deposits and withdrawals during the year numbered 27,399 and
20,773, respectively, showing an increase of 2,628 on the figures for 1907.
At the close of the year East Indians had on deposit $180,326;
Portuguese, $32,484; Chinese, $4,088; and Creoles and others,
$187,918, showing an increase of $6,533 to the credit of East Indians
and $7,420 to Creoles and others. The estimated population of
British Guiana on December 31, 1907, was 304,549, of which 127,326
were East Indians, 117,798 negroes, 15,293 Europeans and other
whites, 2,312 Chinese, and the balance mixed.
The average holdings will be better understood by referring to the
following analysis of amounts at credit of depositors, which has been
extracted from the postmaster-general's report, viz:
Depositors.
Under $5
From $5 to $10
From $10 to $50
From $50 to $100...
From $100 to $200..
From $200 to $500..
From $500 to $1,000,
Exceeding $1,000...
Total
i
7,526
1,365
2,976
795
527
290
96
31
13,606
Amount.
$8,521.02
9,304.90
68,788.12
54,701.58
69,115. 06
89,258.54
62,780. 20
42,346.36
404,815.78
NOTES OK POSTAL SAVIHGS-BANK SYSTEMS.
107
Interest at the rate of 3 per cent per annum is paid on deposits up
to $500, and upon deposits in excess of that amount at the rate of
$2.40 per cent per annum.
The maximum deposit allowed, including interest, is $1,500 and
the minimum deposit received is 24 cents. The maximum deposit
drawing interest is $1,500. No limit is placed on the amount which
may be deposited in a week, a month, or a year.
Deposits may be made in the name of one or more persons as trustee
or trustees for another person, whose name shall also be entered in
the title of the account.
Interest is paid on all deposits over $4 and up to $1,500.
There is no provision for the permanent investment of a depositor's
funds when they reach a certain limit.
Deposits are invested in government bonds, principally of the
British colonies. These deposits are in the hands of the postmastergeneral and deposited in the local banks until turned over to the
receiver-general for investment.
Funds are not subject to attachment, nor can the pass books be
used as security.
There is no limit placed on percentage of deposits left uninvested.
No class is favored in rates of interest.
The rules relative to the withdrawal of funds are as follows:
No withdrawal may be made of a less amount than 24 cents, b u t a depositor may
at any time withdraw and receive the whole amount deposited, with the interest
then due and payable thereon or any sum that may be due and payable to him for
interest upon his deposits, although such interest may not amount to 24 cents or a
multiple thereof.
Any depositor who wishes to withdraw the whole or any part of the sum deposited
by him shall make application to t h e postmaster-general in the prescribed form, a
printed copy of which may be obtained at any post-office savings bank.
I n such form the depositor shall state the number of his pass book; the name of the
office or other distinctive letters or marks printed on the cover of such pass book;
the sum h e wishes to withdraw; his occupation and residence; and the post-office
savings bank at which he wishes to receive the money.
On receipt of such application b y the postmaster-general, a warrant for the amount
required, payable at the office named therein, shall forthwith be sent to the applicant
by post. Such warrant shall be in the prescribed form.
T h e warrant shall be presented at the post-office named therein, together with the
passbook.
The paying officer shall enter the amount repaid in the depositor's pass book, and
attest the entry with his name and the date stamp of his office.
The paying officer shall take a receipt on the warrant for the sum therein specified
from the person therein named, or any person authorized b y him (as provided b y these
regulations) to receive t h e said sum, and such receipt shall be a valid discharge to
the postmaster-general for t h e sum specified in the warrant.
A warrant shal^be presented b y t h e person named therein, or b y some person duly
authorized b y him to receive the sum specified in the warrant.
Any authorization b y a depositor for payment to another person on his behalf shall
be in the prescribed form, a printed copy of which may be obtained at any post-office
savings bank.
108
HOTES ON POSTAL SAVMGS-BANK SYSTEMS.
Any depositor desirous of saving time in t h e withdrawal of money may, on p a y m e n t
of the cost thereof, require the postmaster of the district to notify the postmastergeneral of such withdrawal b y telegraph, b u t in every such case it shall be necessary
for t h e depositor to forward t h e usual written notice of withdrawal.
The additional regulations relative to the withdrawal of funds
are as follows:
7. (1) An application to withdraw money deposited in the joint names of two or
more persons shall be made b y all such persons or b y t h e survivor among such
persons.
(2) T h e postmaster-general may require proof of survivorship to his satisfaction.
(3) The warrant issued on such application shall be made out in the names of the
applicants and their receipt shall be a good discharge to the postmaster-general for
the sum stated in the warrant.
8. (1) An application to withdraw money deposited in the name of one or more
persons as trustee or trustees for another person shall be made jointly b y all the persons named in the title of the account or b y the survivor amongst such persons.
(2) The postmaster-general may require proof of survivorship to his satisfaction.
(3) The warrant issued on such application shall be made out in the names of the
applicants and their receipt shall be a good discharge to the postmaster-general for
the sum stated in the warrant.
9. (1) An application to withdraw money deposited in the name of a friendly
society or of the trustees or any officer of a friendly society shall be made b y a trustee
of such society or the treasurer, steward, or secretary or any other officer of such society.
(2) The postmaster-general may require proof to his satisfaction that the applicant
occupies the position he claims to occupy.
(3) The warrant issued on such application shall be made out in the name of the
society or of its registered trustees for the time being or of its treasurer for the time
being, if authorized b y the rules of the society to receive the moneys of the society,
and the receipt of such trustee or treasurer (as the case may be) shall be a good discharge to the postmaster-general for the sum stated in the warrant.
10. (1) An application to withdraw money deposited in the name of the trustees
or treasurer of any charitable society shall be made b y the persons rilling the offices
of treasurer, steward, or trustees for the time being.
(2) The postmaster-general may require proof to his satisfaction that the applicants
occupy the position they claim to occupy.
(3) The warrant issued on such application shall be made out in the names of the
applicants and their receipt shall be a good discharge to the postmaster-general for
the sum stated in the warrant.
11. When an application for the withdrawal of money is made b y more persons than
one, the applicants may request that the sum to be withdrawn m a y b e paid to any one
or more of them to the exclusion of the others, and in such case the warrant shall be
made out in the name of the person specified in such request, and his receipt shall be
deemed to be the receipt of all the applicants.
12. The postmaster-general shall in no case be responsible for the misapplication b y
any friendly society, charitable society, or any trustees, officer, or representative of
any such society of any sum paid to such society, b y trustees, officer, or representative.
Losses are paid by the local government from the general revenue
of the colony.
Accounts are audited under the direction of the auditor-general,
who is paid by the local government.
Minors over 14 years of age are allowed to open accounts, and they
are permitted to withdraw without permission of their parents or
guardians.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
109
Only one account is allowed to be opened by a person, whether
an adult or a minor.
The mail pertaining to the savings banks of British Guiana is
frankable.
I n regard to the withdrawal of the funds of deceased depositors,
ordinance No. 6 of 1889 provides that—
Where any depositor dies leaving a sum of money which, together with the interest
thereon, does not in the whole exceed $150, it shall be lawful for the receiver-general,
in case he is satisfied that no will was made and left by such deceased depositor, to
pay and divide the same to and among the heirs ab intestato of such deceased
depositor.
Where any sum not exceeding $150 is so paid to or divided among any persons who,
at the time of such payment appear to be the heirs ab intestato of any deceased intestate depositor, the payment of any such sum of money shall be valid and effectual
with respect to any demand of any other person as heir ab intestato, or as the lawful
representative of such deceased intestate depositor, against the funds of the savings
bank or against the receiver-general or the government of the colony: Provided,
nevertheless, That any such heir or representative shall have remedy for any such
money so paid as aforesaid against any person who may have received the same.
Payment of any money to any person appointed executor of any deceased depositor
by virtue of any will duly recorded in the registrar's office, and appearing to be in
force as the last will of such deceased depositor, shall be valid and effectual with
respect to any demand of any other person as the lawful representative of such depositor against the funds of the savings bank or against the receiver-general or the government of the colony: Provided, nevertheless, That any such representative shall have
remedy for any such money so paid as aforesaid against any person who may have
received the same.
The rate of interest is fixed by the government and is not made to
conform with any other savings banks.
There is no doubt t h a t the establishment of postal savings banks
in British Guiana has been of great service to the laboring classes,
especially in the country districts. The laborer and the small wageearner are enabled to deposit their savings without any trouble,
expense, or loss of time, and have the additional satisfaction of knowing t h a t they are perfectly safe.
ARTHUR J.
CLARE,
American
Consul.
GEORGETOWN, GUIANA, June <§, 1910.
DUTCH GUIANA.
[From notes furnished by Consular Agent Henry L. Hirschfeld, Paramaribo, Dutch Guiana.]
The colonial postal savings bank was established in Dutch Guiana
on April 1, 1904. I n December, 1909, the deposits amounted to
$313,698.56, and the number of accounts for that year to 8,761.
Average holdings for 1909 were $35.80. The rate of interest is
2.4 per cent per annum.
110
1STOTES ON POSTAL SAVINGS-BANK SYSTEMS.
There is no limit on the maximum deposit allowed. The minimum
deposit allowed is 40 cents, which is the minimum amount that can
be withdrawn.
The maximum deposit drawing interest is $600 for general depositors. For unions, societies, and corporations, complying with certain stipulations made by the local government, the maximum
amount is $1,200. No limit is placed on the amount which may be
deposited in a week, a month, or a year.
Trustee accounts are allowed. Interest is paid on all deposits
ranging from $2 to $600. There is no provision for the permanent
investment of a depositor's funds when they reach a certain limit.
Deposits are invested in property mortgages, government and
municipal bonds in Dutch Guiana and the mother country. These
deposits are placed in the colonial treasury until investments are
made.
Funds are subject to attachment. No limit is placed on the percentage of deposits left uninvested. No class is favored in rates of
interest.
Funds may be withdrawn on any day with the exception of Sundays, Mondays, and Saturdays by the depositors in person, or by
written authority, and properly signed receipts made in the presence
of the paymaster (?). In case a depositor can not write, his mark
must be attested by two witnesses who can write, and who are
known to the officer.
Losses are paid from a reserve fund, but should that not be sufficient the loss is borne by the local government.
The accounts are audited by a committee appointed by the Government, and the expenses for auditing are paid by the Government.
Minors are permitted to open accounts and to withdraw funds
without permission of their parents or guardians, provided such
parents or guardians do not object.
A person may open more than one account, but can not draw
interest on more than $600 on either one or more accounts.
The mail pertaining to the postal savings banks in Dutch Guiana
is frankable.
Funds of deceased depositors are paid to the legal heirs by instructions of the court, after the claims have been proved.
The rate of interest is fixed by the Government and is not made
to conform with the rates in other savings banks.
ARTHUR J. CLARE,
GEORGETOWN, B R I T I S H GUIANA,
American
June 16, 1910.
Consul.
KOTES ON POSTAL SAVINGS-BANK SYSTEMS.
Ill
BRAZIL.
I am inclosing herewith a memorandum in which is outlined the
system of postal savings bank decreed by the present Government
under general authority given it by the last Congress of Brazil.
I t should be explained, however, that the system so far is receiving
no practical application or development, the Government contenting
itself with having established the system without the necessary
machinery for operating it. An}^ material development of the s}^stem
will be promptly reported.
GEORGE E. ANDERSON,
Oonsul-General.
Rio
DE J A N E I R O , May
6,
1910.
BRAZIL'S POSTAL SAVINGS-BANK SYSTEM.
I n the law for the reorganization of the post-office department of
the Government of Brazil which was decreed in November, 1909,
provision was made for an elaborate postal savings-bank system, but
no steps have as yet been taken by the Brazilian Government to give
the system practical operation. Brazil has had nothing of the kind
heretofore, and the system authorized is in fact purely theoretical.
The postal service of the country had needed reformation for several
years past, however, as has been reported in dispatches from this
consulate-general based upon official reports of Brazilian officers,
including the several presidents, and it was planned to make the
reformation complete when finally it was accomplished. As a part of
this modernizing process, provision was made for a savings-bank
system in the new law, although it was clearly understood that it
might be some time before practical operations under such system
could be had, and although there had been and is now no popular
movement toward or interest in such a system here. Since it is
purely theoretical and is based upon no experience whatever here,
past or present, the Brazilian law probably contains little that may
be of interest or advantage to Americans in a practical way, but as a
theoretical plan the system should be given attention.
The Brazilian postal savings-bank law has more to do with local
bank regulations than with general conditions in the institution or
with the disposition of savings funds. The entire system is placed,
so far as its general banking features are concerned, upon the basis
of other savings banks in the country organized under federal law.
Apparently loans are to be made by the postal savings-bank officers
as by officers of other savings banks, the earnings of the bank to go
112
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
into the federal treasury. All deposits and transactions are based
upon the guaranty of the Federal Government. There is to be a
central office under the control of the post-office department with
branch offices at such points in the country as may be selected, not all
post-offices to be included in the list. Deposits from 100 reis ; the
equivalent of about 3 cents, to a conto of reis (Rs. 1,000$) or the
equivalent of about $300. Interest is allowed on sums between 1
milreis, or about 30 cents, to a conto of reis, or about $300, at the rate
of 4 per cent per annum compounded the 1st of January. An account
is kept with each depositor, the latter having a bank book in which
his deposits are entered and also witnessed by adhesive stamps to the
proper value canceled when entry is made. Deposits may be withdrawn upon notice of ten days for sums up to $150; twenty days for
sums between $150 and $300; and thirty days on sums above the
latter limit. Such withdrawals may be made from any office of the
system without additional procedure or any expense. Deposits are
received from any person, including minors and married women;
but minors and married women can not withdraw deposits without
the consent of husbands or parents or guardians. Deposits are confidential except to husbands, parents, or guardians, as above indicated.
They also are not subject to attachment or sequestration. I n addition to the provision that funds from deposits may be handled on
the basis of other savings-bank funds, it is provided that they may
be loaned to popular banks or rural loan associations which may
have the approval of the president of the country in t h a t regard,
and it is also provided that if the depositor so wishes his funds may
be invested in national bonds of the country, but at his own expense.
No further provision is made, however, as to the investment of funds,
the auditing of accounts, the funds of deceased depositors, the payment of losses, or any other details of the business, the head of the
post-office department being empowered to establish regulations
covering such matters. Up to the present time the post-office
authorities have announced no such rules or regulations or have taken
no steps to establish the business.
The full text of the portion of the postal-service law governing
postal savings banks is as follows:
SECTION XIV.—Concerning savings banks.
ART. 249. The post-offices properly authorized to do so by the post-office department will operate as branches of a central savings bank, with the guaranty of the
Union.
ART. 250. The director-general (postmaster-general) will superintend the operation of the savings bank, deciding all the questions and procedure with respect
to it.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
113
ART. 251. The post-office department will keep the general account of the deposits
and will audit the bank books and will represent the Government in its relations
with depositors.
ART. 252. Each depositor will have a running account in which will be entered
the deposits and withdrawals and the interest that may become due and also a bank
book in which such transactions also will be entered.
ART. 253. Deposits in money can not be less than 100 reis (about 3 cents) nor more
than a con to of reis (about $300).
ART. 254. The sums deposited will be witnessed in the bank book b y adhesive
stamps of equal value which will be sold for that purpose in the post-offices or in duly
authorized places.
ART. 255. The sums deposited will earn annual interest of 4 per cent compounded
by means of a stamp entered in January of each year, fractions of hundreds of reis
being disregarded.
§1. Interest will be counted from the first day of the month following that in which
the deposit is made.
§2. No interest will be allowed a depositor who settles his account within thirty
days of the deposit.
§3. Sums less than 1 milreis (about 30 cents) and over a con to of reis (about $300)
will not draw interest.
ART. 256. Upon the request of the depositor the amount of his deposit can be converted into bonds of the public debt, the expense of the transaction being subtracted
therefrom.
ART. 257. The partial or complete repayment of the deposit will be made to the
depositor or his legal representative by means of the presentation of the bank book
with previous notice of ten days for sums less than Rs. 500$ ($150); twenty days
for sums between that and Rs. 1,000$ ($300); and thirty days for sums exceeding
Rs. 1,000$ ($300). However numerous may be requests for withdrawals for the same
bank book the limits of notice established in this article shall not be exceeded.
ART. 258. The amounts deposited as well as interest not claimed shall revert to the
national treasury at the end of thirty years.
ART. 259. The limitation of deposits as well as the rate of interest provided for in
article 253 can be changed only by legislative act.
ART. 260. The sums derived from deposits can be employed in loans to popular
banks or rural credit associations ('"bancos populares eu caixas ruraes de credito")
of unlimited liability properly authorized by the Government.
ART. 261. The post-office called upon to pay a withdrawal may have recourse to
the aid of the money-order funds.
ART. 262. T h e repayment of a deposit can be made in any post-office with a savingsbank department without any expense to the depositor.
ART. 263. T h e bank books will be personal and will indicate all necessary facts
for the identification of the depositor. I n case of loss a duplicate may be issued in
accordance with the cautions offered in the regulations.
§1. The bank books will have printed upon the cover an epitome of the regulations
directly affecting depositors; its leaves will be in squares of the dimensions of the
deposit stamps, so that there may be no confusion as to entries.
§2. The bank books shall have on the inside of the cover a space for the signature
of the owner and when the latter can not write that circumstance shall be stated.
ART. 264. Deposits may be received from minors, and married women which may
be repaid to them except when such repayment is opposed by fathers, guardians, or
husbands.
ART. 265. I t is forbidden for employees to give any information respecting depositors or deposits to any one b u t their superiors.
52027°—10
8
114
KOTES ON POSTAL SAVINGS-BANK SYSTEMS.
ART. 266. The Government may issue bank books to bearer when judged convenient, provided that bank books to bearer can be sent by mail only as registered
mail with declared value.
A R T . 267. The person in whose name an account is opened is considered the depositor or owner of a bank book whether the account is opened by the person himself
or b y any other person independent of a power of attorney.
A R T . 268. Bank books not signed will be considered as issued to bearer and will
be paid to whosoever presents them unless the depositor is declared to be a minor.
ART. 269 I n no case does the post-office assume any responsibility for the loss or
theft of or any accident to a bank book.
ART. 270. Bank books can not be the object of sequestration, penalty, or pledge
nor will claims for payment upon them be accepted except under the provisions of
article 257.
ART. 271. Employees charged with dealing with withdrawals are responsible for
payments improperly made.
ART. 272. To open an account the person interested shall present a deposit stamp
of proper amount which will be entered and canceled and stamped with the date.
ART. 273. Bank books are not transferable by indorsement. There shall be permitted in them neither inscriptions of any sort outside of the rules, nor marks, tracings, erasures, or flourishes. Any book noted in such conditions will be taken up
and the account closed if the depositor can not give a satisfactory explanation.
ART. 274. Accounts opened for the benefit of minors of less than 16 years of age
should indicate the name of the father or guardian of the minor.
ART. 275. Conditional deposits will not be received.
ART. 276. Settlements of accounts can be made at any time in the offices duly
authorized, which must give notice to the central office of the number and series of
the bank book and the total amount paid.
ART. 277. I n the settlement of an account the depositor shall pay the cost of the
bank book.
ART. 278. Sums deposited in agencies and branches will be collected monthly in
the treasuries of the offices to which they are subordinate. Such offices will report to
the central office, for ultimate disposition, the balances on hand from such sources.
ART. 279. Balances on hand in the post-offices which may not be applied in accordance with article 260 will be deposited in the federal treasury which will restore them
under the same conditions and rules as are established for savings banks.
ART. 280. Interest, profits, and benefits arising from loans made with postal savingsbank deposits shall be collected annually in the federal treasury for account of the
interest paid depositors.
A R T . 281. The director-general (postmaster-general) will issue instructions necessary for the establishing of the postal savings-bank service.
A fact which should be noted in connection with the proposed
service the above law outlines is that the interior towns and cities
of Brazil are now and always have been without banking facilities
as such are known in the United States. Banks are replaced, under
the best circumstances, by commercial houses which receive money
for account of customers and pay it out upon order, more or less
informal, in line with customs of many years ago when the bulk of
the business of the country was that of planters dealing with their
factors. Even in country near Rio de Janeiro much of the transfer
of money in the interior is through orders upon Eio de Janeiro houses
or banks.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
115
No announcement has been made by the Government as to when
the postal savings-bank system will actually be put into operation.
The 4 per cent interest allowed on deposits may be said to average
1 per cent less than the current rate allowed for time deposits by
Rio de Janeiro banks.
AUSTRALASIA.
N E W ZEALAND.
NEW ZEALAND POST-OFFICE SAVINGS BANK.
1. Established February 1, 1867.
2. Amount of deposits on January 1, 1910, £12,666,897 17s. 5d.
($61,561,123).
3. Number of accounts on January 1, 1910, 359,714.
4. Average holdings, £35 4s. 3d. ($171.35).
5. Three and one-half per cent per annum on amount at credit of
an account up to £300 ($1,459) and 3 per cent per annum on the
amount in excess of £300 ($1,459) up to £600 ($2,918).
6. No limit.
7. One shilling (24 cents).
8. Six hundred pounds ($2,918), except in case of the accounts of
friendly, charitable, and provident societies, trades unions, and other
similar bodies, where the interest-bearing deposits are unlimited.
9. No.
10. Yes.
11. See answers to questions 5 and 8.
12. No.
13. Deposits are principally invested in New Zealand.
14. Government securities.
15. Yes; but only by order of the supreme court.
16. No limit.
17. See answer to question 8.
18. Repayment of deposits is made on demand at the chief postoffice and by warrant at suboffices in each postal district.
19. (a) Shortages in cash, by officer at fault; (b) defalcations, by
the state; (c) payment on forged signatures, generally by the state,
sometimes recovered or collected from officer where carelessness is
proved.
20. By inspecting officers belonging to the post and telegraph
department.
21. Yes; by infants of 7 years of age and upward, and withdrawals
can be made without permission of parents or guardians. Deposits
may be made on behalf and in name of an infant under 7 years of age
116
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
by one of the parents or by any other person. No withdrawals in
such cases are permitted until the minor reaches the age of 7 years.
22. No.
23. No charge for postage is made to depositors when communicating on savings-bank business.
24. The amounts at credit of deceased depositors are paid to their
legal representatives on production of probate of will or letters of
administration. When the balance at credit of an account is less
than £100 ($486) payment is made to the next of kin upon declarations of identity, etc., being furnished.
25. No.
MANAGEMENT.
For postal and telegraphic and also savings-bank purposes, New
Zealand is divided into 17 districts, and in each district one of the
larger centers is constituted a chief office. Every post-office authorized to transact savings-bank business is under the supervision of
the chief postmaster in charge of the chief office of the district in
which his office is situated, and all accounts are rendered through the
chief office. The head office in the capital city is not an office at
which savings-bank business is transacted with the public, and no
ledgers are kept there. I t is the central accounting and auditing
office to which all accounts are rendered, and from which all instructions issue. The system at each of the chief offices is similar to that
adopted in most British countries, having only one head office for
savings-bank purposes. Sets of ledgers (now being gradually superseded by the card system) are kept at each of them and quarterly
and annual balances are prepared in the customary manner.
Every post-office savings-bank office renders an account, including
statements of deposits and withdrawals, to the head office (through
the chief office) four times during each month—that is to say, for all
transactions falling within the periods 1st to 7th, 8th to 15th, 16th
to 23d, and 24th to end of month. Chief offices account to the head
office daily, and on receipt of the periodical accounts from their suboffices they prepare and forward to the head office an account for
the period, in which the transactions of both suboffice and chief office
are combined. In like manner the head office prepares a combined
account of the transactions in each of the districts for every period
of one-fourth of a month, and thus ascertains the balance of deposits
over withdrawals, or vice versa, for each period.
An authorized reserve balance is fixed for every post-office savings
bank office and when the cash in hand exceeds that amount the surplus
is remitted to the chief office by suboffices, and to the head office by
chief offices. When the probable payments, ascertainable from
notices of withdrawals lodged, indicate that additional cash will
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
117
be required, application is made by suboffices to the chief office from
whence a remittance is sent. The reserve balance retained at a chief
office is fixed at a figure suitable to the probable requirements. When
the cash balance at a chief office requires replenishment, by arrangement with the bank at which the government account is kept, a
chief postmaster is authorized to draw on the postmaster-general at
sight up to a fixed limit, and such drafts are honored by the local
bank when lodged for collection. I n the event of an amount in
excess of the limit being required, or another draft before a former
one has been presented to the postmaster-general, a credit is arranged
by telegraph from the head office through the head office of the
bank and its local branch.
A depositor may deposit or withdraw money at any post-office
savings bank in the district in which his account is open, but if he
removes to another district he is required to apply for transfer
(on a printed form called a " Notice of transfer v ) to the chief office,
and enclose his pass book. The action taken is to treat the account
as about to be closed and make the usual entries in the pass book
and ledger, including interest due to the end of the previous month.
A certificate of transfer is then prepared and is, together with the pass
book and the original declaration, forwarded to the postmaster at the
place to which the depositor wishes his account transferred. On
receipt thereof the postmaster opens a new account in the name of
the depositor, and on satisfactory proof being furnished (usually a
comparison of the signature of the applicant with that on the declaration) the new pass book is handed to the depositor.
The chief office of the district where the account was originally open
discharges it from his ledgers by entering the transaction in his statement of withdrawals and the total of all such transfers for the day in
his daily cash account as a debit under the heading notices of transfers. The postmaster in the new district enters particulars of the
transaction in his statement of deposits and takes credit in his daily
cash account under the heading certificates of transfer. I n the case
of a suboffice the certificate of transfer is forwarded to the chief office
as a remittance and falls into the next daily cash account prepared
there, under its proper heading.
As these certificates and notices reach the head office they are
compared with the relative entries in the statements and at the end
of each month are paired and a balance struck of the amount of those
outstanding. The total amount outstanding should agree with the
difference between the total of notices and certificates entered in the
whole of the daily cash accounts for the Dominion, after making the
necessary adjustments with the amount outstanding at the end of the
previous month. The failure of an office to promptly forward and
118
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
enter in the accounts one of the documents is checked by the system
of pairing, and any irregularity in pairing, by the monthly balance.
Transfers from one district to another are not permitted until the
account has been open for a period of three months in the district from
which transfer is required.
At the end of each year after balancing the ledgers and completing
the entries in the ledger summary, the balance due to each depositor
is set out in a new ledger summar}^ to be used during the ensuing year,
and the completed one is forwarded to the head office, when the totals
of the columns are checked, the totals of balances due to depositors
at the commencement of the year checked with those shown in the
previous ledger summary, and the totals of deposits and withdrawals
compared with the totals of the statements received from the offices
in the district.
The totals shown in the ledger summaries for each district must
agree with the totals shown during the year by a head office summary
of the statements of deposits and withdrawals, which has also been
previously checked with the balanced periodical accounts.
The pass book relating to every account closed is forwarded to
the head office in support of the entry in the statement of withdrawals,
and on arrival the balance shown therein as a credit at the end of the
previous year is compared with the balance shown in the ledger summary. This arrangement provides a complete head office check
on the accounting phase of the system of keeping the accounts of
depositors in a number of sets of ledgers at different offices.
As a check on the general savings bank system, savings bank inspectors visit each office at least once a year and remain for several weeks,
during which the entries in a large number of the pass books, selected
at random, passing through the office, are compared with those in
the ledgers.
The system briefly sketched here has been in operation for a great
many years and has worked with extreme smoothness.
Accompanying this will be found a set of forms used in connection
with savings bank business in this Dominion, together with a ledger
summary and a copy of the rules and regulations wherein a fuller
explanation will be found of the system of transfer from one district
to another and also of a system whereby a depositor temporarily
away from the district where he permanently resides may operate
on his account. The system permits withdrawals to be made at each
chief office on demand. I t has during forty years' experience proved
an efficient safeguard against fraud, having been singularly free from
embezzlement and defalcations.
J.
G.
WARD,
Prime Minister and Postmaster-General of New Zealand.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
119
N E W SOUTH W A L E S .
I have the honor, in response to the department's instructions
of April 12, 1910 (file No. 2569/79), to report that a postal savings
bank, as such, is not conducted by the Government of this State, the
postal arrangements of Australia being in the hands of the Federal
Government. There is, however, a New South Wales government
savings bank, of which particulars, as below, have been obtained, the
department's questions being followed in numerical sequence.
1. The bank was first established in 1871, but in 1906 an amending
act (inclosure 1) was passed by the legislature of the State by which
the control of the bank from January 1, 1907, was vested in three
commissioners appointed by the governor in council. Under this act
" t h e bank shall be administered, governed, and managed by the
commissioners."
The business of the bank is carried on in two separate and distinct departments, viz, (a) the savings bank department, and (b)
the advance department. All transactions and accounts relating to
each such department are kept separate from those relating to the
other department, and no money belonging to either department
can be used for the purpose of the other department, and no liability
incurred in respect of any such department can affect the other
department or the funds thereof. Under the act the commissioners
are empowered to establish branches and agencies for the receipt of
deposits and the repayment of same with interest thereon. The
commissioners may, subject to such terms and conditions as may be
agreed upon between the governor and the governor-general, establish branches and agencies of the bank at post-offices. The postoffice being under the control of the Federal Government, and the
bank being a state institution, work performed by postmasters and
their assistants on behalf of the bank, is paid for by an annual commission based on the amount of the transactions at each office. As
savings-bank agents, the postmasters are subject to the orders and
instructions issued under the authority of the commissioners, but in
other respects the postal officials are federal servants and are not
controlled by any of the state departments.
2. The amount at credit of depositors' accounts at December 31
last was £13,303,420 17s. ($64,684,625). The amount of deposits
for 1909 was £10,641,418 3s. l i d . ($51,717,292), and the number of
deposits 853,716. The amount of repayments during the same year
was £9,810,093 5s. lOd. ($46,677,053) and the number of repayments
613,561.
3. The number of open accounts at December 31 was 334,381,
being to the population a proportion of 1 in 5.
120
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
4. The average amount to credit of each depositor at the end of
1909 was £39 15s. 8d. ($193.35). The average of the deposits for
that year was £12 9s. 4d. ($60.59) and of the repayments £15 19s. 9d.
($77.70).
5. The rate of interest on accounts of ordinary depositors is 3 per
cent per annum, but accounts of friendly, charitable, or other societies or institutions not carried on for the purpose of trade or profit
are allowed interest at the following rates: On balance up to £500
($2,430), 3 per cent; on balance from £501 to £3,000 ($2,435 to
$14,580), 2J per cent; on balance from £3,001 to £10,000 ($14,585
to $48,600), H per cent; over £10,000 ($48,600), nil.
6. No statutory limit is placed on the amount of deposits, but the
practice is to limit ordinary accounts to £500 ($2,430) and friendly
society accounts to £10,000 ($48,600).
7. The minimum deposit is Is. (24 cents).
8. The interest-bearing limit in ordinary accounts is £500 ($2,430).
For accounts of friendly, charitable, and other societies or institutions not carried on for the purpose of trade or profit, see answer
No. 5.
9. No limit is placed on the amount which may be deposited in one
week, one month, or one year. (See answer No. 6.)
10. Trustee accounts are opened under, section 38 of the act, and
the commissioners are specially protected by the following proviso:
But the bank shall not be liable in respect of the performance of any trusts relating
to a trust account; and the receipt of the trustee shall be sufficient discharge to the
commissioners for any payment from any such account, provided that the commissioners
may, if they deem it advisable, require the signature of both the trustee and the
cestui que trust before any payment is made.
Since minors under the age of 12 years can not open accounts in
their own name, trust accounts are largely availed of for opening
accounts under these conditions.
11. Interest is paid on all deposits exceeding £ 1 ($4.86) up to the
limits mentioned in clauses 5 and 8.
12. No such provision.
13. Clause 47 of the act (see inclosure No. 1) sets out the provisions
with regard to the investment of funds.
14. If referring to investments, see answer to No. 13.
15. Moneys are not subject to attachment—the bank being considered to be a crown department which can not be garnisheed.
16. See answer to No. 13.
17. No differential rates of interest are at present fixed with regard
to ordinary depositors, but clause 39 (1) of the act allows the commissioners to fix such differential rates by regulation. For friendly
societies and similar institutions, see answer to No. 5.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
121
18. If application to withdraw an amount is made at the branch
where the account is kept, an order form, specimen attached, 0 is
signed by the depositor and handed in with the pass book when the
amount is immediately paid, provided, of course, that the signature
is correct. If the amount is required to be withdrawn at a post-office,
an agency form of withdrawal, specimen attached, 0 is completed and
lodged at the post-office from where it is forwarded to the branch at
which the account is kept, to be marked for payment. This branch
deals with the applications immediately and posts them back by
return mail.
A special concession has lately been granted to depositors whereby
amounts not exceeding £ 2 ($9.72) per day can be withdrawn, without
notice, at any branch or agency throughout the state, provided the
pass book is produced and the depositor can be identified to the
satisfaction of the paying officer. This concession is being largely
availed of by the depositors, to whom it is proving a very great
convenience. The risk, of course, lies in impersonation, but this is
guarded against by the strict requirements in the matter of identification.
Depositors in urgent need of money may also withdraw by telegraph sums not exceeding £10 ($49) per day, upon payment of a fee
varying from Is. (24 cents) to 2s. (48 cents) to cover the expense of
telegrams to and from the issuing bank. The same requirements in
the matter of identification and production of pass books are insisted
on as in the case of payment without notice.
19. Postal officials transacting savings bank duties are guaranteed
by the Federal Government for £200 ($9,720) each in respect of
such duties, and in the event of defalcation the bank is covered up to
the amount of such guaranty; over that sum the loss has to be borne
by the bank. The bank's own officers are placed under a guaranty
for sums varying with the responsibility of their positions.
20. The accounts are audited by the bank's own inspectors and
the final accounts and balance sheet by officers from the state auditorgeneral's department. Savings bank accounts at the post-offices
are inspected by examiners paid by the bank. No charge is made
by the state audit office for the audit performed by them, such audit
being carried out under sections 29 and 30 of the act.
21. No accounts are opened for minors under the age of 12 years,
^but over that age they may open accounts and draw money from
same without reference to their parents or guardians. (See also
answer to No. 10 for trust accounts for children under 12 years old.)
22. I n addition to an account in his own name a person may open
bona fide, under section 38 of the act—
(a) Accounts in his own name in trust for other persons.
a
Not printed.
122
NOTES OK POSTAL SAVINGS-BANK SYSTEMS.
(6) Joint accounts with different persons.
(c) Accounts on behalf of different friendly, charitable, or other
societies or institutions not carried on for the purpose of trade or
profit.
Persons desirous of opening such accounts are required to sign a
statement as to the bona fides of same.
23. The bank being a state department has to pay postage just
the same as any other state office. The postal department is controlled by the Federal Government, and performs no work for the
state free of charge.
24. Clause 42 of the act provides for the payment of the balance
to credit of a deceased depositor who dies intestate when same does
not exceed £100 ($486); if the balance exceeds that sum letters of
administration must be taken out. In cases where the depositor
leaves a will the testamentary disposition must be proved before
payment can be made to the executor. In small cases, however, the
commissioners waive production of probate, although no statutory
power is conferred upon them to do so.
25. No. There is another savings bank in the state giving 3J per
cent on deposits up to £200 ($972). This is not a state institution.
I have the honor to be, sir, your obedient servant,
H E N R Y D. BAKER,
Vice- Consul-General.
SYDNEY, AUSTRALIA,
June 30, 1910.
WESTERN
AUSTRALIA.
1. The government savings bank of the State of Western Australia
was established as The Post-Office Savings Bank in September, 1863.
2. The amount of deposits held for depositors at the close of the
day's business June 30, 1910, was, savings bank proper, £3,390,142
($16,498,126), schools £5,389 ($26,225); total £3,395,531 ($16,524,351), plus twelve months' interest now being added.
3. The number of accounts open, 77,165 plus 6,942 for schools.
4. Average holdings: Savings bank proper, £43 18s. 8d. ($213.79);
schools, 15s. 6d. ($3.77).
5. Rate of interest, 3 per cent.
6. Maximum deposits allowed, £1,000 ($4,866.50).
7. Minimum deposit allowed, Is. (24 cents), excepting the s c h o o l
savings bank department where deposits from Id. (2 cents) but not
exceeding 5s. ($1.21) at one time, are accepted.
8. Maximum deposit drawing interest, £1,000 ($4,866.50).
9. There is no limit below £1,000 ($4,866.50) placed on the amount
that may be deposited within any specified period. The full amount
£1,000 ($4,866.50) can be lodged on one deposit.
10. Trustees' accounts are allowed.
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
123
11. Interest is paid on every complete pound sterling up to but not
exceeding £1,000 ($4,866.50).
12. There is no provision for the permanent investment of a depositor's funds when they reach a certain amount.
13. The deposits are invested in accordance with the provisions of
section 27 of the act either at fixed deposit with any one of the incorporated banks in the State of Western Australia, or loaned to the
agricultural bank, or for the purchase of government securities of the
state and debentures issued by any local authority upon first mortgage of any lands in the state provided that not more than £5,000
($24,332.50) shall be lent on any one such mortgage at a rate of interest of not less than 5 per cent.
14. The funds are deposited in one of the incorporated banks in
Perth.
15. Depositors 7 funds are subject to attachment.
16. While there is no fixed percentage of the uninvested deposits
retained for current requirements of the bank, the colonial treasurer
makes it a rule to have, if possible, at call at least one-tenth per cent.
The savings bank funds are guaranteed by the government and are
made a charge on the consolidated revenue.
17. There is no class favored in rates of interest.
18. At head office in Perth and Fremantle (Fremantle being in
direct communication with head office) deposits up to the full amount
plus interest may be withdrawn on demand. At the larger country
offices, viz, Kalgoorlie, Boulder, Coolgardie, and Geraldton, the
maximum amount payable on demand by producing the passbook,
without reference to head office, where all depositor's accounts are
kept, is £10 ($48.66). At all other agencies the maximum is £2
($9.73), but for larger sums up to the full amount at credit plus
interest notice of withdrawal must be given on a special form,
which must be forwarded to head office, where the signatures are
examined, and if all is in order the accounts are debited and the
notices with check for payment attached are remitted per return
mail to office of application. In urgent cases if the depositor's
signature is registered at an agency or branch, notice of withdrawal may be accepted—all charges being prepaid by the applicant—and transmitted per telegraph to head office where, after the
account has been debited, authority to pay is telegraphed back and
the payment made from cash on hand. If the signature is not registered locally, application on the special forms may be forwarded
by post, and, if in order, authority to pay is telegraphed back at
applicant's expense; the agent will then, as above, make the payment from cash on hand. The foregoing are the principal methods
of withdrawal. The manager may, in all or any cases where he
124
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
thinks fit, demand one month's notice for sums to be withdrawn, not
exceeding £50 ($243.32), and three months' notice for sums exceeding that amount. The latter is a wise provision in cases of emergency, i. e., stolen monies deposited, financial scares, etc.
The accounts of registered friendly societies may be operated on by
check without the production each time of the passbook.
19. Losses are charged against the profit and loss account, excepting when through carelessness the officials have to pay.
20. The accounts are audited by the state auditor-generaPs staff
at audit department's expense.
21. Minors may open accounts in their own names and receive
payment of their deposits without reference to their parents or guardians, notwithstanding their minority. They may also have an
account at the school they are attending, where deposits of Id.
(2 cents) are accepted.
22. A person may have as many accounts as he pleases, provided
that the aggregate at his credit does not, with interest when added,
exceed £1,000 ($4,866.50). The multiplicity of accounts, however,
is discouraged.
23. All mail matter and telegrams on savings bank business to and
from agents (officers of the postmaster-general's department) are
subject to the ordinary rates of postage; inward to head office payable on delivery at Perth and outward from head office postage
must be prepaid.
24. Funds of deceased depositors, if exceeding £100 ($486.65),
are paid only to the executors or administrators on production of
probate of the will or letters of administration. If the balance is
less than £100 ($486.65) and if no probate of will or letters of administration have been granted, at the expiration of two months from
the date of death the manager will act in accordance with section 19
of the act by first inserting the necessary newspaper advertisements
calling attention of creditors of the deceased (if any) that he intends
to distribute the estate in his hands at a given date. If no claims are
received, payment is made to the person or persons entitled by law
to receive the money.
25. The rate of interest is not in any way influenced by the savings
banks in the other States of the Commonwealth. There is only one
savings bank in Western Australia.
To the foregoing information it should be added that experience
has convinced the officials of the savings bank that the deposit-slip
system as practiced in their bank is as speedy as the best nonslip
systems, in addition to providing indisputable documentary evidence
as between the bank and its depositors when disputes arise. " Disputes have occurred which were on every occasion speedily and
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
125
satisfactorily settled," said the acting premier of Western Australia,
" b u t I venture to state that had the nonslip system been in use the
bank's officers would have been placed in an unenviable position."
Deposit slips are bound in books of 100 forms with a butt. Each
slip is numbered and each branch and agency has its own series
numbered up to 100,000. These slips are checked before issue and
the agent has to acknowledge their correctness on receipt. The
cashier's clerk, on a list provided for the purpose, records daily
against each office the numbers of slips received—for example, 1 to
50 and 51 to 64—with the amount of deposits represented. Thus
from day to day is checked the serial order of all inward vouchers;
the absence of a slip is immediately detected and an explanation
demanded. The fact of the slips being numbered has led to the
discovery of embezzlement and has made stealing so difficult that it
has proved a most effective check.
Pass books are issued only from the head office and the five large
state-managed offices before mentioned to depositors; therefore
when a person makes his first deposit outside of head office and the
offices named he is given a first deposit receipt on which is printed
in red lettering the instruction t h a t if a pass book is not received
within fourteen days application therefor must be made direct to
the manager at head office. Officials are forbidden to fill in the
particulars of a deposit on a slip for a depositor. That must be done
by the depositor in person or at his request by some other person not
connected with the bank; officials merely issue the slip with the
name and number of depositor's account recorded thereon. All else
must be done by the depositor or his agent.
Where the work is heavy, as in head office, a junior clerk prepares
and issues the slips to depositors who complete them and with the
money hand them to the receiving officer adjoining, who checks the
deposits as recorded on the slips with the cash and makes the necessary entries in the pass books. The slips, when passed to the ledger
keepers for posting, have in addition to all else recorded on them the
balance as last recorded in the pass books; consequently a constant
check as between pass books and ledgers is maintained.
The card ledger and specimen signature card systems have superseded the bound books wherever practicable. They answer admirably and save an immense amount of labor, which in a book system
becomes imperative through having to transfer surviving accounts
out of old ledgers.
The school penny savings bank system is a branch department of
the savings bank, which has, during the short time of its existence,
succeeded beyond the most sanguine expectations, and, " there is no
doubt whatever," said the manager of the bank, " t h a t it will be a
great factor in solidifying the character of our nation in the near
126
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
future." The Spokane system (American) has been selected from all
others as the most simple, economical, and effective.
A study of the instructions as contained in the end of the book of
act regulations and instructions will make the working of the system in all its details perfectly clear, practically every stroke of the
pen being outlined for the guidance of new and inexperienced postoffice officials at the agencies.
J O H N F.
JEWELL,
American
AMERICAN
Consul.
CONSULATE,
Melbourne, Australia, July 20, 1910.
NOTE.—On the 29th of September, 1906, the new consolidation act came into force,
with which the title of the bank became altered from " T h e Post-Office Savings Bank "
to " T h e Government Savings B a n k . " The principal additions to and improvements
on previous legislation are:
1. The admission of all societies or clubs as depositors.
2. Provision for accounts in joint names.
3. The abolition of the annual deposit limit.
4. The extension of the interest-bearing limit.
5. The extension of the maximum amount that may be received and remain at
credit of a depositor's account, from £600 to £1,000.
6. The extension from £50 to £100 payable to deceased depositor's relatives without
administration for probate.
7. The power to enter into reciprocity with the savings banks in other States and
countries.
8. Provision for the establishment of a penny savings bank system at schools, etc.—
[From annual report of the manager for year ended June 30, 1907.]
TASMANIA.
1. The post-office savings bank was established in 1882, but in 1901
the government of the Commonwealth of Australia assumed control
of the post-office in Tasmania. The state savings-bank act, 1901,
was passed, which provided for the continuance of the post-office
savings bank as a state savings bank in Tasmania.
2. Amount of deposits, £615,047 ($2,993,126.22).
3. Number of accounts, 21,491.
4. Average holdings, £28 12s. 4d. ($139.26).
5. Rate of interest, 3 per cent per annum.
6. Maximum deposit allowed, £300 ($1,459.95).
7. Minimum deposit allowed, Is. ($0.24).
8. Maximum deposit drawing interest, £250 ($1,216.62).
9. No limit, except as shown in answer to question 6.
10. Yes.
11. Yes; on all deposits from £ 1 ($4.86) to £250 ($1,216.62).
12. Yes. Depositors may invest their money at fixed deposit on
the following scale, but no amount under £50 ($243.32) can be so
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
127
placed: One year at 2§ per cent per annum; two years at 2f per cent
per annum; three years at 3 per cent per annum.
13. Surplus deposits over withdrawals are invested in government
securities.
14. All moneys deposited are paid into the treasury to the credit
of an account opened in the treasury, entitled " T h e state savingsbank account."
15. Yes; by a garnishee order or an order of the supreme court of
Tasmania.
16. No limit is placed by law on percentage of deposits left uninvested, but in practice amounts above £10,000 ($48,665), which is the
working balance of the bank, are invested.
17. No; there being only one rate, viz, 3 per cent.
18. Funds are withdrawn by check at chief office and by agency
withdrawal form at agencies. The depositor at chief office presents
savings-bank check, correctly filled in and signed, at signature
counter. Signature, etc., examined and passed at this counter. The
check and bank pass book are taken to ledgers, where balance shown
by pass book is checked, initialed by ledger keeper, and passed to
check clerk, who quotes previous balance, initials, and forwards to
teller, who pays. At agencies, withdrawal form is made out, balance
quoted, etc., signed, and sent to chief office, where signature is checked,
amount noted and passed in ledgers, entered in record, and returned
to agent at post-office to take receipt and pay. Sample withdrawal
forms for chief office and agencies are inclosed.
19. All losses are paid out of consolidated revenue.
20. Accounts are audited by the government auditor and the
expense is borne by the government.
21. Minors are permitted to open accounts, and, at the discretion of
the actuary, to withdraw without the permission of parent or guardian. All orders signed by minors must be attested by one witness.
22. Persons can only open one account in their own name, but they
may also have a joint account with another person, and also a trust
account if executor of an estate.
23. No; but special rates have been made by the postal authorities
which will carry a state savings-bank packet up to 4 ounces for Id.
(2 cents) to any part of the State. All envelopes must bear the
actuary's signature before posting.
24. I n cases where funds of deceased depositors do not exceed £50
($243.32) and probate of the will or letters of administration are not
taken out, the treasurer is authorized by state savings bank act to pay
and divide such funds after two months at his discretion to the
widow or among the relatives of the deceased depositor, or in payment
of deathbed or funeral expenses, or to the person or persons who
128
NOTES ON POSTAL SAVINGS-BANK SYSTEMS.
would have been entitled at the depositor's death to his personal
estate under the law for the time being in force relating to the distribution of the personal estate of intestates. I n cases where the
amount at credit is over £50 ($243.32), probate of will or letters of
administration must be taken out, and the amount shall only be paid
to the executor or administrator or curator of intestate estates on
production of probate letters of administration or an order to
administer.
25. No.
H E N E Y D.
BAKER,
American Consul at Hobart and temporarily
Vice-Consul-General at Sydney.
SYDNEY, AUSTRALIA, May
31,
1910
I . - P O S T A I i S A V I N G S B A N K S O F T H E B R I T I S H EMPIRE.
AUSTRALASIAN
ASIA.
AFRICA.c
AMERICA.
UNITED KINGDOM.
1. W h e n established.
2. Deposits
3. N u m b e r of accounts.
4. Average holding
1801..
$781,794,533 (1908)
$01,561,123 (1909)
11,018,251
359,714
570.95
$171.35
W E S T E R N AUSTRALIA.
N E W SOUTH W A L E S A
N E W ZEALAND.
1871. ( N e w South Wales h a s trustee
a n d government savings b a n k s : t h e
latter previous t o federation of t h e
Australian States were worked i n
conjunction w i t h t h e post-offices.)
1S82..
'The Government Savings B a n k , es-'
tablished in 1871, was reorganised b y
an a c t passed i n 190G, b y which it
was placed under 3 commissioners.
I t s business is carried on in t w o separate departments—the savings-bank
d e p a r t m e n t a n d t h e advance departm e n t ^ t h e former of which receives
a n d invests deposits a n d p a y s interest on a m o u n t s not exceeding £500,
while t o t h e latter has been handed!
over t h e administration of t h e state
system of loans to agriculturists for-1
merly vested i n a n advance t o settlers' board. Branches for t h e receipt of deposits are attached t o t h e
various post-offices t h r o u g h o u t t h e
State, f F r o m Statesman's Yearbook, 1909.1
1909. Deposits, $64,684,625; depositors, 334,381; average account,
, $193.35.
Act 9, Parliament of Tasmania, Nov.'
7,1901, places t h e state savings b a n k
u n d e r control of treasurer, extract
from which follows:
" W h e r e a s t h e government of t h e
Commonwealth of Australia has assumed t h e control of t h e postoffice
i n Tasmania; a n d w h e r e a s i t i s expedient to provide for t h e continuance
of t h e post-office savings banks as a
state b a n k i n Tasmania: Be it enacted * * * A b a n k to be k n o w n
as t h e State Savings B a n k is hereby
established, a n d shall b e u n d e r t h e
control of t h e treasurer."
N O T E . — I n Statistical Abstract for
British Colonies s t a t e savings banks
of T a s m a n i a were designated as
post-office savings banks priorto 1907.
Deposits (1909), £2,993,126; depositors,
. 21,491; average account, $139.26.
On Sept. 29, 1900, t h e newi
Consolidation A c t came
i n t o force w i t h which t h e
title of t h e bank became
altered from " T h e PostOffice Savings B a n k " to
" T h e Government Savl ings B a n k . "
$16,498,120 (June 33,1910)..
77,165..
$213.79.
BRiTisn I N D I A .
TASMANIA.
1882..
CEYLON.
1885.
STRAITS S E T T L E M E N T S .
F E D E R A T E D MALAY STATES.
1879..
CANADA.
BAHAMAS.
BRiTisn G U I A N A .
1868..
1889 .
1885.,
$50,766,666(1909)
$794,135(1909).
$380,981 (gold) (1909)
$278,510 (gold) (1909)
$45,190,484(1909)
$411,360 (1908)
$139,390 (1909)
1,318,632
79,704
,
4,207
,
4,536
155,895
13,606
2,179
$38.42
$9.90
,
589.29 (gold)
,
$61.40 (gold)
$289.88
$30.23
$63.97
,
CAPE OP GOOD H O P E .
1893. ( P a r t of South African
Republic annexed to British Crown Sept., 1900.)
1897..
1882..
1905.
1905. (Established b y t h e
treasury i n 1888; t r a n s ferred t o t h e post-office
J a n . 1,1905.)
$5,927,592 (1908)
£807,678 (1908)
$321,370(1909)
$120,237 (1909).
1,549
2,165.
102,644
55,105
0,826
$389,057 (1908), exclusive of
interest.
5,640
$98.86
$107.57
$118.32
$68.98..
$127.74
$53.51.
2J per cent.
$10,147,504 (Mar. 31,1910)..
3 per cent (1910) fixed b y
governor i n council.
3 per cent (fixed b y governor i n coun- 3i per cent (3 p e r cent a t
call).
cil from t i m e t o time; shall n o t b e
less t h a n 2£ per cent).
2.40 per cent (on every complete 10 rupees deposited).
3 per c e n t .
3 per cent.
3 per c e n t .
3 per cent on deposits u p to 2fc per cent..
$500; 2.40 per cent on deposits In excess of $500.
3 per c e n t . ,
3 per cent.
3 per cent (fixed from t i m e to
time b y executive, not t o
exceed 5 per cent).
2J p e r c e n t . ,
2J per cent.
N o s t a t u t o r y limit. I n practice ordin a r y accounts limited t o £500 a n d
friendly societies t o £10,000.
£1,000 ($4,806.50).
£300 (Sl,459.45)
A d u l t s , 5,000 r u p e e s
($1,622.16); minors, 4,000
rupees ($1,297.73).
2,000 rupees ($648.86), i n cluding interest.
$851.64 ( g o l d ) .
$1,419 (gold), including Interest.
$3,000(1897).,
$1,600 including i n t e r e s t . . . J $975.60.,
£600 ($2,919.90), principal
a n d interest (securities
excepted).
£600 ($2,919.90); friendly societies m a y deposit witho u t limit.
£500 ($2,433.25).
£500 ($2,433.25), exclusive of
Interest allowed.
£100 ($486.65)
1 shilling (24J cents).
1 shilling (24§ c e n t s ) .
1 shilling (24$ c e n t s ) .
1 shilling (24$ cents)
4 a n n a s (8.1 c e n t s ) .
25 cents Ceylon currency
(8.1+ cents United States
currency).
56.8cents (gold).,
58 cents ( g o l d ) .
l shilling (24J c e n t s ) .
1 shilling (24J cents)
l shilling (24§ cents)
1 shilling (24J cents).
1 shilling (241 c e n t s ) .
5 shillings ($1.22).
1 shilling (24J cents).
£200 (not applicable t o
friendly societies, etc.).
£600, except in case of cert a i n societies.
£500. F r i e n d l y societies u p to £10,000. £1,000..
£250
A d u l t s , $648.86;
$324.43.
minors,
1,500 rupees ($486.65), exclusive of interest.
$851.64 ( g o l d ) .
$1,135 ( g o l d ) .
$3,000.
$1,500.
$975.60, except for friendly
societies.
£600.
£500
£500.
£500
£500
£500.
Limited to £50 in one year or
£200 altogether from one
depositor; charitable a n d
provident societies a n d
p e n n y or school b a n k s
m a y deposit beyond t h e
usual limit.
No
No.
No
No
N o t more t h a n 1,500 rupees
i n a n y one year. ( L a w
J u n e 27,1910.)
L i m i t e d t o 300 rupees
($97.33) i n any one calend a r year.
Limited t o $283.88 (gold)
per a n n u m .
L i m i t e d t o $283.88 (gold)
per a n n u m .
Deposits from one person
m u s t not exceed $1,000 in
a n y fiscal year except In
special cases (Increased
from $300 i n 1896).
N o t more t h a n $195.12 i n
one year.
L i m i t e d t o £100 i n a n y one
year (societies e x c e p t e d ) .
L i m i t e d t o £100 i n one year. Limited t o n o t more t h a n
£100 In one year..
Limited t o £100 p e r a n n u m
L i m i t e d to £ 1 0 0 p e r a n n u m . Limited t o £200 in any one
year.
Yes.
Yes.
No; b u t a guardian m a y
deposit for a charge.
Yes..
No.,
Yes.
Yes
Yes; also joint accounts
Yes.
Yes.
Yes.
Yes.
Yes; on a m o u n t s over $4
a n d u p t o $1,500.
Yes; except those m a d e b y
government departments.
Yes; u p t o limit specified for
each account.
Yes; u p to limit specified for
each account.
Yes; u p to limit specified for
each account.
Yes; u p t o l i m i t specified
for each account; not paid
on a fraction of £ 1 .
Yes; u p to a limit of £500. Yes; u p to limit specified for
each account, b u t n o t on
fraction of £ 1 .
None; except t h a t a transfer
of account m a y be made
to post-office savings b a n k
In England.
Permanent i n v e s t m e n t s u p
to £1,000 can b e m a d e i n
savings-bank certificates.
No.
No.,
5. B a t e of interest..
2\ per c e n t .
3i p e r cent on a m o u n t a t 3 p e r cent o n deposits u p t o £500;
from £501 t o £3,000, 2J p e r cent;
credit of an account u p t o
from £3,001 t o £10,000,1J per cent;
£300, and 3 per cent on t h e
over £10,000, none.
a m o u n t in excess of £300
u p t o £600.
6. M a x i m u m deposit allowed.
£200 ($973.30), including accumulated interest, b u t
additional deposits m a y
be received for investment
i n government stocks, annuities, or i n life insurance.
Nolimit
7. M i n i m u m deposit allowed.
1 shilling (241 cents)
8. M a x i m u m deposit drawing interest.,
9. I s there a n y limit placed on a m o u n t which m a y be deposited i n one week, in one m o n t h , or in one year.
! 1 shilling (241 cents)
10. Are trustee accounts allowed.
Yes
11. I s interest paid on all deposits.,
Interest ceases after deposits
and a c c r u e d I n t e r e s t
a m o u n t t o £200.
Yes; u p t o £600 for individual depositors. (See 5
a n d 8.)
Yes; on all deposits exceeding £ 1 u p
to limit mentioned i n 5 a n d 8.
Yes; o n every complete
p o u n d sterling u p to limit
specified for each account.
Yes; u p t o limit specified for each account.
Yes; 3 per cent on deposits
held a t call a n d 3J on deposits requiring 6 m o n t h s '
notice.
Yes; u p t o l i m i t specified
for each account.
Yes; u p t o l i m i t specified Y e s ; on #2.84 (gold) or over
for each account, b u t n o
u p t o l i m i t specified for
interest paid on s u m s u n each account.
der $2.84 (gold).
N o t paid on accounts over
$1,000.
12. I s there a n y provision for t h e permanent investment of
a d e p o s i t o r s funds w h e n t h e y reach a certain limit.
Yes; m a y be invested in government stock, annuities,
or life insurance.
No.,
No..
No.,
Yes; for a m o u n t s over £50
Y e s ; m a y b e i n v e s t e d In
government s e c u r i t i e s
and in government
promissory notes.
No.
No
No.,
N o ; t h e government Is al- N o .
w a y s in need of funds, and
p a y s same rate of interest
required of private investors.
13. W h a t disposition is m a d e of deposits.
R e m i t t e d to head office for
reduction of national debt.
P r i n c i p a l l y invested i n gove r n m e n t securities.
Invested i n national securities of N e w
South Wales or of a n y other State
in t h e Commonwealth, debentures
specified, etc.
Invested either a t fixed deposit w i t h a n y one of t h e
incorporated b a n k s i n
V e s t e r n Australia, or
loaned t o t h e Agricultural
B a n k , or for t h e purchase
of government securities.
Invested i n government securities.,
Invested i n g o v e r n m e n t
cash balances (Journal
R o y a l Statistical Society,
1897).
I n v e s t e d i n securities of t h e
governments of t h e United
K i n g d o m , I n d i a , and Ceylon, a n d s u c h other British colonies as a r e a p p r o v e d of b y t h e governor
i n council.
Invested i n s a m e w a y as
trustee funds—in
firstclass securities.
Deposited w i t h
director
posts a n d telegraphs a n d
carried to a separate account.
R e m i t t e d t o t h e postmastergeneral a t O t t a w a .
I n v e s t e d i n government
b o n d s , principally of t h e
British colonies.
Generally invested i n a p proved securities i n England, b u t may be invested
locally b y governor i n
council.
Invested i n g o v e r n m e n t R e m i t t e d t o d e p a r t m e n t of
finance for investment.
stock a n d treasury bills or
in such m a n n e r as t h e governor will approve or require.
14. Where are t h e y deposited.
Sent t o postmaster-general,
w h o t u r n s funds over t o
national d e b t commissioner.
P a i d into t h e public account
t o t h e credit of t h e public
t r u s t fund.
Uninvested funds deposited i n t h e
government treasury a n d i n b a n k s
of issue i n t h e State a t call or short
notice a t interest.
W i t h t h e colonial treasurer.. W i t h t h e government, t o t h e credit of
t h e State Savings B a n k account.
Deposited i n t h e post-office
where t h e account i s
k e p t or passed t o t h e
general post-office.
I n v e s t e d b y t h e trustees
(colonial secretary, controller of r e v e n u e , a n d
postmaster-general) or deposited i n a b a n k selected
b y t h e m i n their joint
names.
Deposits m a y b e invested
locally u p t o one-third total a m o u n t t o b e invested, r e m a i n d e r invested in
E n g l a n d or i n other colonies.
Invested In securities selected b y director posts
a n d telegraphs and^ t h e
financial
commissioner
subject t o approval of t h e
resident-general.
Paid over to receiver-general
of Canada, w h o credits
t h e m to post-office savings
account.
Deposited in t h e local banks
u n t i l t u r n e d over t o t h e
receiver-general for in vestment.
Before investment a r e deposited i n t h e B a n k of
Nassau.
W i t h t h e s t a t e , in a separate
account.
15. Are funds subject to a t t a c h m e n t .
Postmasters n o t allowed t o
disclose names of depositors.
Y e s ; b u t only b y order of
t h e supreme court.
No..
Yes.
Yes.
No..
Yes
Yes..
Yes.
No
No
No law u n d e r which funds
can escape a t t a c h m e n t .
None .
15 per cent held in treasury or in b a n k s
a t call or short notice.
Left t o discretion of colonial
treasurer, as a rule, r e t a i n s a t call a b o u t o n e t e n t h p e r cent.
None b y law; b u t i n practice a b o r t
£10,000.
Percentage uninvested a t
t h e discretion of postmaster-general as to l i m i t .
None.
None.
A n a m o u n t in gold and Canadian securities equal t o
10 p e r cent of deposits
m u s t b e held b y minister
of finance uninvested.
None .
No.
N o ; n o t as t o o r d i n a r y depositors.
(See 8.)
N o ; except t h a t large accounts receive a lower
rate. (See N o . 5.)
16. W h a t limit Is placed o n percentage of deposits left uninvested.
Invested
in
securities.
guaranteed
Administered b y t h e treasury.
P a i d i n t o t h e colonial treas- I n v e s t e d In trustee stocks.
u r y for i n v e s t m e n t t n securities yielding interest
as t h e Secretary of S t a t e
( L o n d o n ) m a y name.
With the state.
W i t h t h e s t a t e , In a separate
account.
I n t h e B a n k of British W e s t
Africa for t h e colonial
treasury.
Yes.
Yes..
Only o n a n order from t h e
high court.
None; b u t generally about
$1,500 uninvested.
S m a l l w o r k i n g balance r e t a i n e d ; left t o discretion of
postmaster-general.
N o fixed percentage .
No limit.
None.
F u n d s in excess of a worki n g balance of £350 a r e i n vested i n r o u n d s u m s of
a b o u t £1,000.
No..
No..
No..
No..
No-
No.
No.
B y giving notice t o postmaster—7 d a y s ' notice for Nassau a n d 2 m o n t h s ' for a n
out island required, b u t
m a y b e waived. Friendly
societies paid on demand.
W r i t t e n d e m a n d m a d e on
prescribed form, u p o n receipt of which postmastergeneral s e n d s depositor
authority to withdraw,
for presentation a t t h e
bank.
W r i t t e n d e m a n d m a d e on
prescribed form a n d forwarded topostmaster*general, w h o sends depositor
a u t h o r i t y t o w i t h d r a w for
presentation a t b a n k .
Written application o n form
prescribed made t o postmaster-general, who sends
a u t h o r i t y t o withdraw t o
depositor for presentation
at bank.
Required to give 2 clear
d a y s ' notice t o colonial
postmaster-general.
B y means of a formal notice;
c a n also l>e m a d e b y telegraph.
A 3 d a y s ' notice is required
on a form p r o v i d e d for t h e
purpose.
B y t h e government.,
B y parliamentary approp r i a t i o n , on v o t e .
By the government.
By treasury.
P a i d b y colonial treasury
a n d debited against t h e
bank In t h e annual savings-bank account.
Losses from
defalcations
m a d e good from a civilservice g u a r a n t y fund.
N o other losses h a v e y e t
been Incurred.
F r o m savings-bank r e v e n u e ,
or colonial r e v e n u e if necessary.
T h e scrip representing t h e
stocks purchased is held
partly in London a n d
p a r t l y i n Salisbury, R h o desia.
Uninvested funds deposited
w i t h colonial treasury.
Yes; subject to t h e a p p r o v a l
of t h e attorney-general.
No..
No.
No-.
No
B y check a t chief office; b y withdrawal form a t agencies.
Must present pass book
w i t h application properly
filled i n a n d signed.
Notice o n prescribed form
attested b y local p o s t m a s ter forwarded t o p o s t m a s ter-general. W a r r a n t r e t u r n e d p a y a b l e a t postoffice t o depositor i n person. S u m s over 50rupees
require from 7 t o 10 d a y s '
notice.
A t head offices p a y a b l e on
d e m a n d ; a t suboffices depositor signs a w i t h d r a w a l
form a n d a w a r r a n t is
sent to suboffice from head
office authorizing p a y ment.
Notice on prescribed form
m a d e t o director; warr a n t returned t o applican t
b v post, p a y a b l e a t local
^ce.
Depositors m a y w i t h d r a w Notice on prescribed form
m a d e t o postmaster-gentheir funds a t a n y office of
eral. W a r r a n t r e t u r n e d
deposit upon complying
t o applicant p a y a b l e a t
w i t h certain rules. A depost-office named, therein.
positor or h i s representat i v e m a y w i t h d r a w all or
p a r t of h i s deposit without unnecessary delay.
B y t h e government o u t of t h e consolidated revenue.
B y t h e government o u t of O u t of t h e consolidated fund of t h e
\,he consolidated revenue
government.
fund.
N o losses; n o n e likely t o
occur.
Losses charged t o profit Losses m u s t b e m a d e good
a n d loss account.
| b y t h e officer a t fault.
F r o m t h e general r e v e n u e . . . B y t h e government (total
loss, 1866 to 1882, reported
to be $6,517.17).
B y t h e local g o v e r n m e n t
from t h e general r e v e n u e
of t h e colony.
B y b a n k ' s o w n inspectors a n d b y
s t a t e auditor-general's d e p a r t m e n t ,
t h e latter being p a i d b y t h e State.
B y staff of S t a t e AuditorGeneral a t expense of
Audit Department.
B y government auditor a t expense of
government.
B y representatives of t h e
postmaster-general. P a i d
b y government from profi t s of t h e postal savings
banks.
B y colonial auditor, a r . l expense b o r n e b y post-office
savings b a n k .
B y auditor-general of colony
at expense of government.
B y t h e government auditor
a t government expense.
Monthly reports are m a d e to
auditor of public accounts;
a n a n n u a l report to Parliament.
U n d e r direction of t h e au- B y t h e government's auditor
ditor-general, who i s p a i d
at government expense.
b y t h e local g o v e r n m e n t .
B y savings-bank staff a n d
b y auditor-general a t gove r n m e n t expense.
B y t h e staff of t h e auditorgeneral a t expense of t h e
state.
B y auditor from a u d i t dep a r t m e n t a t expense of
state.
B y local a u d i t o r acting for
auditor-generai (London).
Expense b o r n e b y t h e
bank.
B y t h e d e p a r t m e n t , a n d exp e n s e p a i d from profits of
the bank. Annual audit
b y t h e treasury, for w h i c h
n o charge Is m a d e .
B y t h e colonial a u d i t staff c t
government expense.
Yes; a n d repayments m a y
b e m a d e t o such minor
after age of 7 years as if of
full age.
Yes; a n d can withdraw
w i t h o u t permission of pare n t or g u a r d i a n .
Yes.
Yes; if over 10 years of age.
If u n d e r 10 years, m a y b e
opened i n n a m e of minor
b y parent or friend, b u t
can n o t be w i t h d r a w n until child is 10 years old.
Minors over 14 m a y open
accounts a n d w i t h d r a w
funds w i t h o u t permission
of p a r e n t or g u a r d i a n .
Yes; if over 7 years. If over
16, m a y control their deposits.
Yes; a n d m a y m*.ke w i t h d r a w a l s after t h e age of
7 years.
Yes; a n d m a y m a k e w i t h - Yes; a n d c a n m a k e withdrawals after age of 7 years.
drawals after t h e age of
7 years.
Yes; a n d after age of 7 y e a r s
m a y deposit a n d w i t h d r a w funds as if of full
age.
Y e s ; a n d after age of 7years
m a y deposit a n d w i t h d r a w funds w i t h o u t permission.
Yes; and m a y withdraw
after t h e age of 7 years.
No; not in his own name,
b u t h e m a y open accounts
on behalf of other people.
No..
No
No...
No
No
Not in his own name, b u t
as trustee.
No..
N o ; except as trustee
No.
No.
Yes.
Yes-
Only between post-offices i n
colony. Pass books, for
a u d i t , passed free to general post-office a t F r e e town.
Yes.
U n d e r £50 paid t o n e x t of
k i n . Over t h a t s u m r e quires production of p r o bate of will or letters of
administration.
S u m s n o t exceeding £50
p a i d t o n e x t of k i n .
Larger s u m s dealt with
u n d e r letters of administration.
U p o n producing t h e probato
of t h e will or letters of administration.
S a m e as paid b y savings
banks In United Kingd o m and t h e West African
colonies.
F i x e d on s a m e basis as t h a t
i n force i n U n i t e d K i n g d o m . P r o p o s i t i o n to raise
t o 3 per c e n t u n d e r consideration (1910).
No.
18. H o w are funds w i t h d r a w n (describe i n d e t a i l ) .
Makes
application
on O n d e m a n d a t chief postoffice a n d b y w a r r a n t a t
printed form a n d forwards
suboffices i n each postal
same t o postmaster-gendistrict.
eral i n London; receives
i n return a w a r r a n t payable a t a n y post-office savings b a n k specified i n t h e
application for a m o u n t required; since J u l y , 1905,
s u m s of £ 1 or less m a y b e
w i t h d r a w n w i t h o u t notice.
Paid on d e m a n d a t b r a n c h where t h e
account i s k e p t . Application forwarded for w i t h d r a w a l a t a postoffice. £ 2 can b e w i t h d r a w n w i t h out notice a t a n y agency i n S t a t e .
N o t over £10 m a y b e w i t h d r a w n b y
telegraph.
F u l l a m o u n t m a y b e withd r a w n on d e m a n d a t H e a d
Office ( P e r t h ) a n d F r e m a n t l e , £10 is t h e limit
of d e m a n d withdrawals a t
t h e larger country offices
a n d £ 2 a t all other agencies. Larger sums require
formal notice.
19. H o w are losses paid..
O u t of t h e consolidated fund
of t h e United Kingdom or
out of t h e growing produce
thereof.
B y government b u t of con*
solidated fund.
20. H o w are accounts audited, a n d who bears t h e expense.. Annually b y commissioners
for auditing public accounts; paid out of money
received under a u t h o r i t y
of t h e postal savings-bank
act; deposit books m u s t be
sent i n once a year for
checking u p .
B y inspecting officers of t h e
post a n d telegraph d e p a r t m e n t ; paid for out of earnings of t h e bank.
21. B o minors open accounts, a n d are t h e y permitted t o
w i t h d r a w without permission of parent or guardian.
Minors m a y open accounts, Yes; a n d after age of 7 years
m a y withdraw funds withand if over 7 years of age
out permission.
m a y w i t h d r a w i n same
m a n n e r as one of full age.
Yes; if 12 years of age .
Yes; a n d permitted to withd r a w after reaching t h e
age of 12 years.
Yes.
Yes.
22. May a person open more t h a n one account..
No; except as trustee for
another, a n d i n case of
friendly societies.
Y e s ; a s t r u s t e e joint account a n d on
behalf of friendly, etc.. societies.
Y e s ; provided aggregate
does n o t exceed £1,000.
N o t m o r e t h a n one In their own n a m e ,
b u t m a y also open a joint account
a n d a t r u s t account.
N o ; n o t i n h i s o w n n a m e . . N o ; except a s t r u s t e e .
23. I s mail pertaining to this business frankable.,
Yes; in t h e British I s l a n d s . . . Y e s .
No.
No.
No
No..
Yes.
Yes.
Yes.
Deposit books are frankable.
Yes.
24. H o w are funds of deceased depositors t r e a t e d .
If not over £100, m a y nomin a t e a person to receive de§osit a t his d e a t h : withrawals m a y be m a d e b y
executor or administrator
or b y a n y person having a
valid claim thereto.
Paid t o legal representative
on production of p r o b a t e
of will or letters o f a d m i n istration. Less t h a n £100
m a y bo p a i d next of k i n .
Paid u p o n producing letters of a d - Less t h a n £100 m a y be divided according to s t a t u t e
ministration. W h e n s u m does n o t
of d i s t r i b u t i o n ; o v e r £100
exceed £100 t h e commissioners m a y
not paid u n t i l after a d pay to t h e personappearing t o be
ministration or probate.
ntir
entitled
to receive i t .
U n d e r £ 5 0 m a y b e paid a t discretion
of treasurer to p a r t y h e deems e n titled t o It; over £50 paid t o administrator or executor.
If n o t over 1,000 rupees,
postmaster-general, after
three m o n t h s , m a y p a y
t o person he deems e n titled thereto; letters of
administration or probate
of will m u s t b e produced
for a m o u n t over 1,000
rupees.
S u m s In excess of 1,000 r u pees (exclusive of interest) r e q u i r e production of
will or l e t t e r s of administration. Deposit of d e ceased m i n o r ( u n d e r 7
years) p a i d on a m o n t h ' s
notice t o personal representative.
Sums n o t exceeding $283.88
(gold) m a y be p a i d t o person entitled t o receive i t ,
i n discretion of p o s t m a s ter-general, if n o will o r
l e t t e r s of administration
are produced after lapse
of 3 m o n t h s .
S u m s n o t exceeding $56S
(gold) after 3 m o n t h s , in
t h e discretion of t h e d i rector, m a y b e p a i d t o
person appearing entitled
t o same; over $568 require
p r o b a t e or administration.
Special rules as t o funds of
deceased depositors.
S u m s n o t exceeding $150
p a i d t o heirs b y receivergeneral if n o will w a s
made.
Paid subject to ordinary
legal methods.
25. Are rates of interest m a d e t o conform t o rates i n other
savings b a n k s .
R a t e in trustee b a n k s , 2J per
cent; i n post-office b a n k s ,
21 p e r cent (1902).
No.
No.,
No.
N o ; t h e y are fixed b y l a w . . No
No other savings b a n k s i n
t h e colony.
N o other savings b a n k s In
t h e colony.
T h e policy Is t o m a k e t h e
same rate as is paid b y t h e
chartered b a n k s .
No.
R a t e of interest h a s rem a i n e d unchanged since
t h e establishment of the
savings b a n k .
N o . T h e r e is only one savings b a n k i n Western
Australia.
a i n Statistical Abstract of t h e British Colonies t h e government savings b a n k s were designated as post-office savings b a n k s prior to year 1907.
52027°—10. (Tofollow page 128.) No. 1.
Yes.
No..
No..
No..
, £500 ($2,433.25).
No..
17. I s there a n y class favored i n rates of i n t e r e s t . . .
G O L D COAST.
SOUTHERN R H O D E S I A .
SIERRA L E O N E .
ORANGE R I V E R COLONY.
TRANSVAAL.
& T h e post-office s a v i n g s - b a n t s y s t e m of Victoria w e n t o u t of existence in 1897. T h e r e is a government savings b a n k i n Queensland a n d a t r u s t e e savings b a n k In South Australia-
Less t h a n £50 m a y b e paid Less t h a n £ 5 0 , after t w o T o executors or t o a n y person t h e m a s t e r of high
m o u t h s treasurer m a y p a y
t o p a r t y postmaster-gencourt m a y a p p o i n t for t h e
t o person h e deems e n eral deems entitled t o repurpose.
titled thereto; over £ 50, receive i t ; over £50, letters of
quire
letters
of
a
d
m
i
n
i
s
administration or probate
tration or probate of will
of will m u s t b e produced.
t o be produced.
No.
No..
e T h e postal savings system also exists i n Southern Nigeria.
II.—POSTAL SAVINGS B A N K S OF E U R O P E A N A N D O T H E R COUNTRIES.
1875
1882
1. When established.
D U T C H E A S T INDIES
( D U T C H COLONY).
NETHERLANDS.
FINLAND.
RUSSIA.
BELGIUM.
ITALY.
FRANCE.
1870
1887
1881
$64,490,082 (1910)
1,462,615
CUKAQAO
(DUTCH COLONY).
DUTCH G U I A N A
( D U T C H COLONY).
FOBMOSA
( J A P A N E S E POSSESSION).
JAPAN.
AUSTRIA.
1896
1901
1906.
$12,441,249 (1908) .
$7,108,693(1908)
$1,986,755 (1908)
$824,011 (May 31,1910).
Savings department, 684,299; banking
department, 17,491.
560,270.
225,879
86,728
12,717.
Savings department, $21.84; banking
department, $937.04.
Savings department, $27.47; banking
department, $832.35.
$22.20..
$31.47. (Average holdings
for the year 1908, $178.71—
United States Consular
Report.)
$22.91
$64.87.
1904
1905
1875
$3,120,349 (1909).
$313,698 (1909),
$64,805 (Jan. 1, 1910).
$53,070,016 (1909)
$950,350
Savings department, $40,009,897 (1908);
banking department, $74,693,076
(1907).
Savings department, $18,803,991 (1908);
banking department, $14,558,734
(1903).
71,209.
8,761
3,439
8,815,436
90,895..
Savings department, 2,100 539(1903);
banking department, 79,711 (1907).
$43.82.
$35.80
$18.85
$6.02
$10.45..
1895....,
PHILIPPINE I S L A N D S
( U . s . POSSESSIONS).
EGYPT.
BULGARIA.
SWEDEN.
HUNGABY.
1883
18S4
2. Deposits
$296,964,867 (1908)
$290,808,886(1908).
$141,711,824(1908).
$128,873,169 (1907)
$1,433,187 (1908).
3. Number of accounts.
5,291,673
-
4,981,920.
2,200,541.
1,788,990
58,826.
4. Average h o l d i n g . . . . ,
$50.12
.
$55.37....
$64.40....
$72.04
$24.35.
5. Bate of interest.
2J per cent
2.04 per cent (3 per cent average); fixed annually according to earnings.
J and 2 per cent; account current, 1J per cent.
Same as paid on deposits in
savings bank of the Imperial Bank b y law of 1892, 4
per cent.
4 per cent.,
2.64 per cent
2.4 per c e n t .
2.4 per c e n t .
2.4 per cent
4.2 per cent
4.2 per c e n t .
Savings department, 3 per cent; banking department, 2 per cent.
Savings department, 3 per cent; banking department, 2 per cent.
3.6 per cent (1910).
4percent
2J per cent.
2J per cent.
6. Maximum deposit allowed. <
1,500 francs ($289.50), Individuals; 15,000 francs
($2,895), associations.
No limit.
No limit.
1,000 rubles ($515), individuals; unlimited
for
c h u r c h e s and monasteries.
S193..
No limit to deposits except
those bearing interest.
N o limit.
No limit.
No limit.
1,000 yen ($498). For public
organizations, e t c . , n o
limit.
1,000 yen ($498). Corporations, temples, and schools may deposit larger
amounts.
Savings department, 2,000 crowns
($406); banking department, regulated from time to time by the authorities (1887).
Savings department, individuals, 4,000
crowns ($812); institutions, 8,000
crowns; banking department, fixed
b y minister of public works and
communications with consent of
minister of finance (1898).
No limit.
2,000 francs ($386).,
£ E . 200 ($988.60).
No limit except as to amount
drawing Interest.
7. Minimum deposit allowed.
1 franc (19.3 cents).
1 lira (19.3 cents).
1 franc (19.3 cents).
25 kopecks (12.87 cents), 1892, 1 Fin mark (19.3 cents)..
J florin (10.05 cents)..
} florin (10.05 cents).
1 florin (40 c e n t s ) .
0.25 florin (10.05 c e n t s ) .
10 sen (about 5 cants).
10 sen (Scents)
Savings department, 1 crown (20.3
cents); banking department, 100
crowns ($20.30).
Savings department, 50 kreutzers (20.3
cents); banking department, fixed
from time to time b y authorities.
1 krona (26.8 c e n t s ) .
1 franc (19.3 c e n t s ) .
50 milliemes (24.7 cents)
8. Maximum deposit drawing Interest.,
1,500 francs, individuals;
15,000 francs, associations.
4,000 lira (recent law).,
U p to 3,000 francs ($600) 3
per cent; 2 per cent on
whole balance if it exceeds
3,000 francs.
1,000 rubles Individuals; no
limit for churches and
monasteries.
None above limit specified.
1,200 florins for individuals;
2,400 florins for associations (public, religious, or
mutual Institutions).
$1,000
$600; for unions, societies,
and corporations, $1,200.
1,000 florins ($402), except
charitable Institutions acknowledged by government, 2,000 florins.
1,000 yen (1909)
1,000 yen for individuals.
Savings department, 2,000 crowns; Savings department, 4,000 crowns; 2,000 kroner ($536).
banking department, regulated from
institutions, 8,000 crowns (2,000
time to time b y the authorities.
crowns original law); banking department, fixed from time to time
b y authorities.
2,000 francs ($386)..
£E.2O0
1,000 pesos for Individuals;
2,000 pesos for societies.
Limited to 4,000 lira for any
one year (recent law).
Can not deposit without authority more than 5,000
francs per fortnight.
Not more than 50 rubles can
be deposited at any one
time.
Not more than $193 in one
year.
No..
No.
No.
No..
Savings in case of ,
„
stamps shall not exceed 1
yen in any one month.
N o ; but deposits in postage stamps
In one month by one person is limited to 1 yen.
Amount deposited in one year shall not
exceed 600 crowns after deducting
withdrawals.
No..
Limited to not more than
£ E . 50 per annum.
First-class offices, none; second-class offices T100 for
single deposit and P200
for one month; third-class
offices, P25 single deposit,
P"50 for one month; charitable and benevolent societies may double the
above sums.
Yes.
Yes.
Yes.
Yes.
Yes; but in their own individual
and
unofficial
Yes.
Yes.
Yes.
N o ; but joint accounts may
be opened.
Yes; but only from the government insurance office
and the fishermen's insurance fund.
Yes-
Yes.
Yes; up to limit specified for
each account.
Yes; up to the limit specified
for each account.
No..
No.
9. Is there any limit placed on amount which may be de- Limited to 1,500 francs for
posited in one week; in one month; or in one year.
| any one year.
10. Are trustee accounts allowed.
Yes.
Yes.
| 1 peso (50 cents).
11. Is interest paid on all deposits.,
No interest paid on deposits
In excess of 1,500 francs.
Yes; up to 4,000 lira for each
account. Certain societies,
towns, public institutions,
and deposits under order
of court exempt from this
provision.
Yes; up to limit specified for
each account.
Yes; up to limit specified for
each account.
Yes; u p to limit specified for
each account
Yes; up to limit specified for
each account.
Yes; up to limit specified for
each account.
From $2 to $600.
On 5 florins and multiples
thereof only.
Yes; from ^ yen up to limit
specified for each account.
Yes; on amounts above the minimum
deposit.
Amounts under 1 crown or over 2,000 Deposits above 4,000 crowns bear no
crowns bear no interest.
interest.
Yes; up to 2,000 kroner for
each account.
12. Is there any provision for the permanent Investment of a
depositor's funds when they reach a certain limit.
Yes; above 1,500 francs the
depositor is notified and if
he fails to withdraw the
excess is invested for him
in government stock.
Yes; at depositor's request
may be employed In purchase of certificates of public debt.
After notice may convert
Into Belgian securities any
deposits in excess of 3,000
francs (20,000 francs societies). This Is optional
with the administration.
No.,
No.
Yes; by purchasing shares
in the government debt.
No.,
No.
No.
Sums over 1,000 yen are to
be Invested in government
stocks and bonds if not
withdrawn after notice.
Sums over 1,000 yen if not withdrawn
must be invested in official bonds
or negotiable documents specially
provided by the government.
Yes; balance above 2,000 crowns, unless Deposits above 4,000 crowns, If not
reduced after notice, invested in govwithdrawn after notice, are invested
ernment bonds of the common state
i n securities as mentioned in N o . 13.
debt.
May be Invested in stocks N o b y request of the depositor.
13. What disposition is made of deposits.
Invested In French government securities, negotiable obligations of the departments, etc., In real
estate or in the credit
fonder.
Invested in state securities,
mortgages on real estate,
and loans to provinces and
municipalities.
Invested in government se- Invested in government
notes and bonds.
curities. Loaned to building and loan societies and
through the agency of agricultural cooperation societies.
Invested in Finnish state
loans, mortgages, municipal bonds, Russian state
loans, and loans to private
banks.
Invested b y the Bank of Invested in government
the -Netherlands-in-fttate .-- stock of the Netherlands,
negotiable deeds, etc.
bonds, municipal securities, and such other securities as the bank will
accept.
Invested in property mortgages, government and
municipal bonds in Dutch
Guiana and the Netherlands.
Invested mainly through
Netherlands postal savings bank in securities of
Dutch municipalities.
Greater part invested In national loan Ivonds, balance
i n hypothec or colonization debentures or used in
the circulating capital of
local public bodies.
Sent to central bureau of savings,
where they are transmitted to the
bureau of deposits, imperial treasury.
Invested in Austrian government securities, and since 1901 grants loans
on title deeds and on discount-bills
under certain conditions.
Invested in Hungarian government
stock, government lottery bonds
bearing interest, and in mortgage
bonds to be designated b y minister
of public works and communications.
Invested In Swedish government stocks or in securities
Issued by a Swedish mortgage bank: also in direct
loans t o parishes.
Invested in good securities.
Invested In bonds of the
Egyptian debt.
Invested in funds in charge of
an investment board,bonds
of U. S., Philippines; municipalities, and deposited
at Interest with any bank
in U. S. or islands with
1,500,000 pesos capital, etc.
14. Where are they deposited.
In the "Caisse des Dgpdts et
Consignations;" for the departments, sent to offices
of the treasurers-general.
In the state bureau of deposits and loans.
Sent to central office.
With Imperial
Russia.
See pages 16 and 17 'Postsparbanken."
Deposited in the Bank of
the Netherlands.
With the state in a separate
account.
In the colonial treasury until investments are made.
Remitted to the Netherlands postal savings bank.
W i t h deposit section of the
department of finance.
Receipts from the postal savings and
from the postal money orders are
Integrated at every post-office in
Formosa. After balancing these two
accounts surplus sent to Japan.
With the post savings bureau.
A t central office of post-office savings
bank at Budapest.
In the Royal
Sweden.
Deposited in the National
Bank of Bulgaria.
'
With the director of postoffices.
Deposited with the Insular
treasurer to the credit of the
postal savings bank.
15. Are funds subject to attachment.
No.,
No; except in case of dispute
as to heirs.
Postal officials not allowed
to give information respecting transactions of
depositors.
No; except by special permission of depositor.
Yes.
Yes.
Yes.
Yes.
Yes.
Yes.
Yes
No; neither can they be mortgaged...
Yes; but only that part which exceeds
2,000 crowns can be seized for debt.
Yes.
No-
No.,
Amounts above 1,000 pesos
may be attached; 2.000
pesos in the case of societies.
16. What limit is placed on percentage of deposits left uninvested.
Not over 10 per cent of deposits may be left uninvested, but not to exceed
100,000,000 francs.
None, except a reserve sufficient to meet calls from the
post-office remains uninvested.
Reserve fixed in 1880 at
1,560,000 francs.
Left to judgment of administration of Imperial
Bank.
None; funds left uninvested
are placed with the private
banks.
None.
All deposits invested; a reserve fund Is required.
None .
None..
None.
Amount necessary for expenses not invested.
Left to discretion of Investment board.
First>class
post-offices are never permitted to have more than
5,000 pesos; second class,
1,000 pesos; third class, 200
pesos, on hand at any one
time.
No..
Yes; small depositors..
No..
No..
No..
No.,
No..
No..
No-
No..
Yes; depositors in savings department. Yes; depositors in savings department. N o . .
Formal application signed
by depositor presented,
signature examined, and
amount paid to bearer at
once by post-office keeping accounts of depositors.
Over 100 lira require from
10 to 60 days notice, b u t
not usually enforced.
100 francs or under withdrawn on demand; for a
larger sum, a gradual scale
of postponement is provided from 15 days to 6
months, but not usually
enforced.
Rules made and changeable
by minister of interior and
finance.
B y giving written notice
from 10 to 60 days according to amount to be withdrawn.
Certain withdrawals can be Regulated b y governor-general: repayments m a y be
made at once, others remade directly b y the postquire formal notice; deposoffices if at least 1 florin is
its can be withdrawn at
left to balance of deposianother post-office than
tor's account. To withthe one where the first endraw all, application must
try in the depositor's book
be made to director of
was made.
bank.
B y the depositor in person
or b y written authority,
upon giving proper receipt made in presence of
postmaster. Funds can
not be withdrawn on Sundays, Mondays, and Saturdays.
B y presenting deposit book
and signing receipt. Notice m a y be required for
amounts over $10.
Withdrawals are made upon
application b y the "ordin a r y " or the "special"
method.
Ordinary, b y formal application; urgent, on demand not exceeding 50
yen a day or 200 yen a month; specially urgent, i m m e d i n e payment
any amount by permission bureau
of communications;
extraordinary,
in case of earthquakes, etc., ordinary
regulations waived.
Sums u p to 40 crowns paid on demand; B y giving written notice to post-office
savings bank or to agency issuing
for larger sums, b y giving notice.
deposit book If amount does not exFills out blank with the sum deceed 50 crowns. The latter amount
sired, name of post-office where payf>aid at once; certain delays for
ment is to be made and mails to
arger sums.
main office at Vienna. A check is
received for the amount by return
mail payable at post-office specified
In the notice.
B y giving notice In writing
to local post-office stating
from what office repayment is desired. Time for
payment from 7 to 30
days; notice according to
amount to be withdrawn.
Withdrawn upon giving i
receipt.
B y the Government. Repaid from the reserve fund
fixed in 1880 at 1,560,000
francs.
B y the Imperial Bank of
Russia.
B y the government.
B y the State (guarantees
deposits).
B y employee found responsible.
From a reserve fund; If not
sufficient, b y the local government.
B y the government.
Losses are paid b y the national treasury.
From national treasury.
Deficits are covered by loans advanced
b y post-office department.
Deficiencies advanced by postal administration free of interest. A reserve fund not to exceed 2,000,000
crowns established by law to cover
possible losses.
Deficiencies advanced b y
postal administration.
B y the postal savings banks. State guarantees deposits-
17. Is there any class favored in rates of Interest.,
18* H o w are funds withdrawn (describe In detail).
Notice for withdrawal is
given to the department of
posts and telegraphs and
withdrawal
completed
within 8 days. In special
cases payment is made on
sight.
19. H o w are losses paid..
From a special endowment.. B y the Government..
Bank
of
Bant
of
Yes; up to limit specified
for each account.
The law requires a reserve fund not to A reserve fund not to exceed 6,000,000 Funds necessary to meet
current expenses not i n crowns, 2,000,000 of which must be
exceed 4,000,000 crowns Austrian curvested.
kept In cash at central office, Budarency. When the reserve fund has
pest, and balance Invested at interest.
reached the prescribed limit entire
surplus will be accredited receipts to
the P. O. Department and 5 per cent
of deposits for check system.
No.
No-
Payable on demand. Can
be withdrawn only from
post-office where account
was opened. Depositor
must present book at postoffice, be identified, and
sign receipt.
Depositor fills out application, which is forwarded
for approval to chief of postal savings-bank division.
Upon approval and return
to postmaster depositor
must present his deposit
book and sign receipt In
triplicate for amount withdrawn, entry being made
in his deposit book.
Paid from public funds.
20. H o w are accounts audited and who bears the e x p e n s e . . B y a special direction under
central
administration;
annual checking up of a
number of deposit hooks.
Expense borne b y postal savings banks.
Deposit books sent annually
to general-director of posts
for audit.
Deposit books checked u p
annually. A tax of threeeighths of 1 per cent is
levied on deposits to defray expenses of administration, etc.
Audited In such manner as
decided upon by the minister of Interior and finance, at the expense of
the Imperial Bank.
B y government auditors
and at government expense.
B y the bank and b y the
Minister of Waterstaat,
Trade, and Industry. E x pense borne b y government.
Audited under government
control and at government expense.
B y a committee appointed
b y government and at
government expense.
B y the administrator of
finances and two members
of the court. No remuneration except their regular salaries.
B y the postal savings bank;
expense borne by the national treasury.
B y an official of the bureau of communications at government expense.
B y board of council; all expenses defrayed from profits.
Audited b y head of government office
of account. Deposit books called in
for verification b y post-office savings
bank.
Deposit books sent to central office for audit.
B y the comptroller of the
administration of the savi ngs banks; expense borne
b y such administration.
Accounts examined b y calling In deposit books for
comparison. Postmastergeneral prepares and publishes annual report of
transactions.
Chief of postal savings-bank
division sends statement
of account to every depositor at end of each year
showing each deposit made
during the year with Interest thereon.
SI. D o minors open accounts, and are they permitted to
withdraw without permission of parent or guardian.
Minors may open accounts;
if under 1G they can only
withdraw them through a
legal guardian; after 16
can withdraw at pleasure
unless objection Is made
b y those In charge of said
minor.
Yes; unless objection raised
by parent or guardian.
Yes; b u t receipts for withdrawal must oe signed b y
guardian or trustee.
Parent or guardian m a y deposit in the name of a
minor who at majority
may claim the amount due
upon proper proof of age,
etc.
Yes; but can not withdraw
without permission while
under 15 years of age.
Yes; and may withdraw
unless objection is made
In writing on the part of
parent or guardian.
Yes.
Yes; and may_ withdraw
without special permission, unless objection is
made b y parent or guardian.
Yes; can not withdraw without consent of parent or
guardian.
Yes.
Yes-
Yes; a minor m a y open an account Yes; and may withdraw on their own
authority provided no objection is
and make withdrawal provided legal
made by their legal representatives.
guardian makes no written request
against it.
Yes; If over 15 years m a y
withdraw deposits made
by themselves.
Yes.
Yes; under age of 10 years
receipt for withdrawal
must be signed b y parent
or guardian.
Minor allowed to open an
account and
withdraw
money deposited by himself i n hi3 own name.
22. May a person open more than one account..
No.,
No..
Yes 6..
No.
No.
Yes.
Yes.
Yes; but can not draw interest on more than $600
on either one or more accounts.
Yes.
N o ; not as an individual
No; b u t m a y have two pass books b y
special permission.
No-
No-
No-
No.
No.
No-
Yes.
No
Yes
Yes.
Yes
Yes
Yes
Yes
No-
Yes.
Yes
Paid to legal heirs or representative
upon making proof of claim.
May be transferred to others
by inheritance or by legacy.
Paid to their personal representatives.
Paid to heirs or duly authorized representatives.
If no beneficiary Is named In
advance paid to legal representative upon surrender
of deposit book and filing
certified copy of letters testamentary.
No.
No; rate fixed b y Khedive
and may be changed by
him.
23. Is mail pertaining to this business frankable..
Yes
Yes
Yes
Yes
Yes
24. H o w are funds of deceased depositors treated.
Accounts closed.
not stated.)
(Method
Paid to executor or administrator; proof must be
submitted to central office
before payment.
Proof of probate of will or
letters of administration
must be furnished and
papers annexed to receipt.
Paid to executor or administrator upon presentation
of pass book and proof of
letters testamentary.
Same as if in hands of a private bank.
Accounts closed; withdrawn
by legal representative.
Paid t o heirs upon furnishing proper proof.
Paid to legal heirs b y instructions of the court
after the claims have been
proved.
Paid to legitimate heirs ascertained by the court.
Paid to legal heir or successor.
Paid to legal representative.
May be withdrawn by legal successor
or attorney.
25. Are rates of interest made to conform to rates to other
savings banks.
Rate in private savings
banks 31 per cent; in postoffice savings banks, 1\ per
cent. Rate must always
be at least three-fourths of
l p e r cent less than that
aid b y ordinary savings
anks.
No; the rate of interest varies. Is determined b y
the earning power of the
deposit.
No; absolutely Independent
of all other bank rates.
Yes; all savings banks are
government institutions
under control of Imperial
Bank and rate of Interest
Is made to conform.
Rates are from 1 per cent to
H per cent lower than
those of private banks.
No; the rate does not vary.
Lower than paid b y other
banks.
No.
No; Netherlands postal pays
2.64 per cent; private savings bank pays 31 per cent.
No.
About the same as In other savings institutions, but lower than the rates
of banks.
N o ; private corporations,
No; rates independent of other savings No; originally fixed at 3.6 per cent.
as rule, pay higher rates
Interest rate now 3 per cent for savbanks.
of Interest to depositors.
ings accounts.
E
52027°—10. (To follow page 128.) No. 2.
The postal savings system also exists in Tunis.
T h e post-office savings banks i n Hawaii ceased to exist in 1897.
a Special rates m a y b e paid under certain conditions.
O
fr Page 81, Senate Report on Postal Savings Banks, 1898.
@FedFRASER