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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. Number. 1907 1908 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 to Proportion to credit of credit of each depositors 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. entire 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 during 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 79,338 186,916 8,803,233.00| 47.09 242,386 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 amount ber of Averaccounts tors' acNumstanding to standacNumage 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 bert h credit amount I n t e r e s t al- of all o p e n wi reacof each accounts from Dofrom Doof each draw- w i t h d r a w n c o u n t s m a i n - lowed to de- accounts, 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. acinterest alopen during d u r i n g period. ment m e n t Sav- ing pecount riod. lowed, a t period. a t close period. Savings ings B a n k close of pe- a t close of 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.] Deposits m a d e a t t h e postal offices. 1 Year. Credit of depositors a t t h e beginn i n g of t h e year. 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. Withdrawals. Net. 4 Credit of depositors a t e n d of year. 5 6 7 Income t a x . 3 Income t a x charged t o d e positors. 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. 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 2 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 (To face page 14.) ; 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 42,755.28 5 • 85.00 855.00 907.00 905.00 956.00 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 Fines. Lire. 475.41 68.00 80.00 158.00 197.00 333.00 434.00 \ ! 4 Lire. Lire. 13.00 \ i 3 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 14,560,539.08 619,569,147. 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. Fees for duplicat i o n of bank books. 1 Year. Interest on c a p i t a l administered by the Deposit a n d Loan Bank. 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 | 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. 97,368.66 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.] 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 Y e a r e n d e d D e c e m b e r 31— $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.] 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 Y e a r e n d e d March 31— $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 3COCOCOCO0000000000000000000000 0 0 0 0 0 0 0 0 0 0 ( 0 « p < O t O © ( O t O © ( 0 ( 0 0.. «OOOVjOiOT*^COfcOi-iO<a300^05Cnrf».CCtOi-'0«DO o O'O'O'O'O'O'O'O'' g o H W 02 o4 o % 05 w ST 0 (1 H • 3 • ISO hj ITI <O«OeO«OCOCOCOCOCOCO000000000000000000000l ra > < M 3 Ci 02 W • > !zf w r/3 K b O t O M M M h - ' M M M t - i H H H M t O S H H ^ O O O H O O - " f/2 CCbOH-'COcOCOOOOOOO-O^ICnCn^U^COtOH Oi^>-iCOl-'h-*OStOtO 00-JOS 00 WO5 0 0 - CO OS COrf ' < l O H- CO - 1 O ^ . ON)«OC35CnOOMC»©-. 05)-»t00500COOOtOOOCOCnCna H W 0 l t i cCn bd co— x -' — OS K C/i OWi(>.t0it>.OWiO«0*.00Offl*.Ht0(»OOiMO©©*. oo co •-* oo co os 03CO<I050tOCOOOCOI-1Oi05COOOOO „ „ ocootoococo CC<ICOO>C»&0CO00<I OiOOOtOcDCnOOCOOibOCnCnOOl—'bO*»-COCOOCO 03*.*.<HOOOi05'N(CfiCOKH-'COOOl-JOiCOO 0 4i-OOOi05 05tOtO*.tOOO<lOOicOCC^IOOt-'-<I OOOOOOi-viOOWOOOiOiOeO^t-'O 8e> 83 3 W^-vjtO^pi*^p5^^Cnj^jU^^p500Cnp5p00*.. ffiOOJbOHffl&50)M«OtO^OOOW«3>0«JHrf».OCo! •<IOOH-i<ItS».^)--QOOOCOOOCD050505000rf».Ofc00500. SS3 WWCOOifcOlOCObObOtOtOtOtOtObObOtOtOOOl-' O M M t O t O O O O O O S M O M M C n & J t n ^ M O O c 93 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."] 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 Y e a r e n d e d J u n e 30— $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.] 1905 1906 1907 1908 1909 a Depositors. Deposits. Average* deposit account. 811 1,176 1,503 1,911 1,549 Y e a r e n d e d D e c e m b e r 31— $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— Depositors. 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 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 Deposits. $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.] 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 Y e a r e n d e d D e c e m b e r 31— $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.] 1904 1905 1906 1907 1909a Depositors. Deposits. 4,967 5,785 6,525 7,214 8,761 Y e a r e n d e d D e c e m b e r 31— $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. Depositors. Deposits. 2,676 5.389 8,782 12,717 Y e a r e n d e d J u n e 30— $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 1909 Receipts. Interest p a i d depositors. $1,751,959 Y e a r e n d e d March 31. $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 < 331,224.54 J 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, 348.16 856.72 1, 831, 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. 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 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 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.] T o t a l receipts. 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. 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 Year. 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. Average Total popuDepositors. Amount of 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. Rupees. Interest at 3J per cent per annum on the balance of the deposits Total Dollars.** 5,255,878 1,751,959 5,255,878 1,751,959 Rupees. Interest actually paid to depositors Estimated cost of managing the bank Total 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 $01,561,123 (1909) 11,018,251 359,714 570.95 $171.35 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. 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.) 1801.. $781,794,533 (1908) W E S T E R N AUSTRALIA. N E W SOUTH W A L E S A N E W ZEALAND. 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. CANADA. BAHAMAS. BRiTisn G U I A N A . 1868.. 1879.. 1889 . CAPE OP GOOD H O P E . 1893. ( P a r t of South African Republic annexed to British Crown Sept., 1900.) 1885., 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 $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 , 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. 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. 1887 1896 1901 1906. $12,441,249 (1908) . $7,108,693(1908) $1,986,755 (1908) $824,011 (May 31,1910). 1,462,615 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). $35.80 $18.85 $6.02 $10.45.. 1881 $64,490,082 (1910) 1895...., PHILIPPINE I S L A N D S ( U . s . POSSESSIONS). EGYPT. BULGARIA. SWEDEN. HUNGABY. $43.82. 1870 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. 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.