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CHAPTER XI.. Concluding Chapter.

A History of Banks for Savings in Great Britain and Ireland · William Lewins — chapter 11 of 11 · ~23,350 words · public domain

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CONCLUDING CHAPTER.

"And when I shall go to my account, and the great Questioner whose judgments err not, shall say to me, 'What didst thou with the lent talent?' I can truly answer, 'Lord, it is here; and with it all that I could add to it--doing my best to make little much.'"--EBENEZER ELLIOTT.

The above words of the brave Corn Law Rhymer refer of course to far higher duties than any with which we have dealt in this volume. That application may be made of them even to our present subject is nevertheless clear, and we leave the thoughtful reader to make it. Real economy and frugality are virtues, and as such are inculcated in the Christian code; neglect of them is condemned both by the moral and the religious code. Christ expressed the very spirit of economy, care of little things, a prudent thrift, and avoidance of all waste, when after miraculously feeding the multitude in the desert He instructed His disciples to "gather up the fragments that remain, that nothing be lost:" and it is at least noteworthy, that this injunction immediately followed another, wherein He warned the same men against the greed of life, telling them that a man's riches did not consist in the abundance of his possessions.

This may be perhaps a very fitting opportunity to say that a great deal depends upon the motive and the object for which such virtues are cultivated; that it is very possible to attach far too great an importance to mere habits of saving: the motive for saving may at times be vicious, and the purpose for which and the manner how the hoards once scraped together may be applied, more vicious still. This is so palpable that we need not dwell upon the subject. Not less so is the wise medium course to be followed. The difference between those who cultivate and those who neglect frugal and economical habits may be expressed simply in the former having bread enough and to spare, and the latter having bread for to-day--and not always that--but none for to-morrow. It is by the capacity of looking forward in the present moment to the possibilities of to-morrow that the civilized man is distinguished from the savage; it is by the readiness with which provision is made for possible emergencies that the wise man is distinguished from the fool. Real economy, aided by prudence, is a virtue. Cicero says that "the best source of wealth is economy;" but it is also the best source of comfort, self-respect, and independence. Prudence thinks of an adverse season amidst the prosperity of a good one; and Economy arranges for the bad time. Prudence thinks of two very possible and one certain contingency in the life of every human being; and Economy weighs the chances well and provides for the worst--it provides for the incidence of failing health, and for the chances of losing, through one of the many eventualities of life, worldly position, or the means of breadwinning; and it also does something to provide for that time when the anxieties, the joys, and the sorrows of life shall be hushed in death.

It is well, therefore, and it is almost indispensable, that these habits should be cultivated; it is well also, and quite indispensable, that means and provisions should be used to this end. The first stone which the learned Wotton refers to in the motto on the first page of this volume, is without doubt the first act in the habit of economy; and we have been endeavouring throughout the course of this history to point out with some approach to accuracy the exact spot where a person may lay this indispensable "first stone," where he may probably best lay the second or third, and how possibly he may commence with the superstructure.

Savings Banks and the other provident measures of which we have spoken are principally to be regarded as preliminary means, the first or stepping-stones to higher things. When a man has become, for example, a depositor in any of the numerous kinds of Savings Banks, he has only taken, as it were, the first step on the road to competence; but one step leads to another. A very slight knowledge of human nature will show that when once a man gets his foot upon the round of the social ladder, and keeps it there till he is secure of his footing, he is soon ambitious of taking the next step. So true is this regarded, that in common parlance many kinds of journeymen are said to have made their fortune when they have saved their first pound. When George Stephenson's wages were raised to twelve shillings a week, he declared "he was now a made man for life;" when he had saved his first guinea, he proudly said to one of his mates, that he "was now a rich man." And in one sense he was right; he had taken the first step; and further, "The man who," says Mr. Smiles, "after satisfying his wants, has something to spare, is no longer poor."

We have said that Savings Banks are preliminary means. We think, however, that they are the safest initiatory steps that could be taken by those of the labouring classes who wish to rise from small beginnings to those higher things spoken of. Thousands of people of small means are content with them; with the Savings Bank they begin, continue, and end, and many of them have had reason to congratulate themselves upon having taken such a course: they have been saved endless trouble and disaster, have in the great majority of instances felt that their earnings were safe, that the profits were not going up and down like those of their neighbours, but were always steady, always to be relied upon, and always calculable to a penny. That these returns are really not so insignificant as many suppose, and that if small earnings are allowed to accumulate at compound interest they must make a decent provision against the winter of life, the following case will demonstrate. The late Mr. Thomas Allen of Gledholt, Huddersfield, on the 28th of March, 1818, gave to each of his seven servants a sovereign to become depositors on the opening of the Huddersfield Savings Bank. On that day Esther Sykes became a depositor to the extent of 1l.

She continued to deposit the Savings from her wages £ s. d. from that time to the 21st of July, 1828, amounting to 119 11 0 Interest accruing from 1818 to 1828 30 9 0 --------- 150 0 0 ========= This sum of £150 being allowed to accumulate by interest until 1836 became 200 0 0 --------- From 1836 interest on this sum had to be withdrawn half-yearly, which from 1836 to 1863 amounted to 160 9 8 --------- Esther Sykes died March, 1863, aged 78, and her executors received from the Bank the sum of 200 0 0 =========

Thus in this interesting case the cash deposited at different times amounted to 119l. and the total amount of interest on that sum was 240l., of which 160l. was paid to the depositor herself during her lifetime, and 200l. to her executors. It is not a little curious, nor is it surprising, that five of the relatives and legatees of this Esther Sykes should have gone to the Huddersfield Savings Bank to deposit the money left to them.

Of the other promising provident measures adapted to the requirements of the industrious classes, the most important, but at the same time a somewhat hazardous one, is that of co-operative societies. These societies, though beset with difficulties, are doing a good work in many localities. The stronghold of the system, be it remembered, is in a town where, owing to the cupidity of the manager of the Savings Bank, the savings of years were swallowed up, and, in consequence, habits of accumulation in this form were rooted out from among the people. The co-operative principle can be directly traced to the wide-spread distrust created by this gigantic and far-reaching fraud. It remains now to be seen whether a higher intelligence and a greater power of self-government than is generally found in large associations of working men will not be indispensable to the progress of these societies. Personally, we have little hesitation in affirming that the real progress of these classes will be safer, and not only safer but quicker, if the bulk of them will leave combined enterprises of this nature to those of their fellows who have already saved money enough to enable them not only to enter into such business, but to lose in the venture. Once a man has run up an account in any of the people's banks--whether the old or the new banks does not make much difference--he might, and perhaps ought to risk a proportion in such societies, which, where properly and prudently managed, are very beneficial to all connected with them.

The same remarks apply to Building Societies to a great extent; though here perhaps there is little of the risk which besets all kinds of large and small joint-stock companies. Unfortunately, however, the working-class element, which was prominent at the origination of building clubs, is being rapidly eliminated from them in most localities, and almost everywhere the tradesman class predominates. The working classes, if they have not been saving their earnings for years, cannot command and pay, with that regularity necessary in such enterprises, the instalments due; and hence they either do not venture to join at all (except where the club is on a very small scale), or if they do, they ultimately withdraw from them.

Fifty other different objects might be mentioned for which the working classes require the means of accumulating the trifles they can save with the object of employing some of the money on higher kinds of investments when it has amounted to a good round sum; the purchase of a cottage, of an annuity, of a life insurance policy, are only a few of them. In this way the Savings Bank not only assists the industrious classes by offering machinery expressly fitted for their present advantage, but does an equally beneficial work in leading them on safely to higher and more important investments.

Let it be granted that Savings Banks fulfil all, or most, of the conditions which we have assigned them and ask for them, what then remains to be done to make their advantages better known, and to bring them still more within the reach of those classes for which they are specially designed, and to which they are specially applicable? It may indeed be questioned whether, having provided the facilities, society should not now leave the matter where it is, to the operation of advancing intelligence, to the growth of economical knowledge, and to the increase in the experience of the poorer classes. Working men are tired, and to our own knowledge have long been, of hearing of societies and organizations for their elevation; they know perfectly well that their "elevation"--for which no doubt too few of them care--must begin, continue, and end in themselves. The better class of workmen laugh at many schemes designed for their benefit; and although there may be odd instances of men who seem not to be above being turned into an "object," it is simply repellant to the great bulk of them.

A working man, though he may not like to be "raised," may like to be advised how he can best help himself: and such advice is quite necessary and legitimate under certain conditions and in certain circumstances. It altogether depends, it appears to us, upon the person who does it and the manner in which it is done. First and foremost it seems to be not only necessary but right that masters of workmen should endeavour to influence those under them; that they should--

"Relinquishing their several 'vantage posts Of wealthy ease and honourable toil"--

do something to direct aright those energies from which they have benefited, and which if rightly developed may also in time lead their possessors to comfort, to reputation, even to wealth. A master's duty to his workmen, as we remember to have seen it expressed somewhere, scarcely ends when he pays them their wages. The men may be thoroughly independent, and after accomplishing their stipulated work may be, and feel that they are, their own masters: but there are nevertheless divers opportunities for masters, without claiming or assuming superiority, to benefit those employed under them. The master is pretty generally under the pressing responsibility of superior knowledge and greater experience; and he who sees how the worldly position of his men can be safely improved, and does not at least attempt to suggest or help to this improvement, can scarcely be said to fulfil the duties of his position. An employer may, indeed, be too conscious of his dignity, and, standing on the lofty pedestal reared for him or which he has reared for himself, throw down with a lavish hand bounties upon his men; and they will not be accepted, and perhaps ought not to be: but let him show a personal interest in them, prudently advise them, "show a wisdom that shall bridge the gulf" that separates the two, and he will not only do much to destroy the feeling, which has become almost instinctive among workmen, that the master is somehow selfishly acting for his own ultimate benefit, but he will awaken a confidence, become the object of the men's esteem, and wield an enormous influence over them.

Let so much as this be granted, or even let part of it be granted, employers of labour may not only turn their thoughts to such schemes for savings as we have been engaged upon, but they may easily arrange, in conjunction with the proper authorities, branch schemes such as described in the last two chapters, to be suited to the varying circumstances of the case. If they are convinced of the benefits of the one, let them advise; if they wish to give reasonable help, let them act.

Without reference, however, to the Government schemes just referred to, the State sets an admirable example to all large employers in the provident arrangements which have been made for public officers; and we think there must be much in the provisions in question which might be turned to good account in, and be made applicable to, large private concerns. Few Government employés should ever come to beggary; if they have not been prematurely cast aside, either by wilful misconduct or gross carelessness on their own part, they cannot come to the parish: further, great numbers of them are assisted to make provision for their families at their death. Nearly all Government servants may be said to have bargained with their masters at the time they entered the service, not only for a fair day's wage for a fair day's work, but for nearly all the provisions of a Friendly Society during sickness; for a Deferred Annuity when they are past work, or after a certain age; and in some instances--it ought to be in all--for assistance towards insuring their lives for the benefit of their family. It were idle to say that none of these considerations enter into the original contract, and have had no influence on the scale of remuneration paid for actual work; it were far more to the point to say that departments of Government compel their servants to be provident and to prepare; for sickness, old age, and death, and make it involuntary in the case of sickness and old age, by taking the necessary payments upon themselves.

Of the scheme of Life Insurance at present in force in the Post Office, for example, we spoke in the previous chapter. With regard to sickness, a certain time is allowed for full pay; another definite period for half-pay. In respect to Superannuation Allowances, which we have termed the Deferred Annuities, it is true that at one time civil servants were required to pay towards it out of their salaries; but this has been discontinued by Act of Parliament, and the present arrangement may simply be considered as a small rise in the rate of wages--the deduction being compulsory on all classes alike.

Why should not a similar plan, or at any rate the principle of it, be urged upon private employers? Spite of some of the difficulties which would at once present themselves, we believe that there is little impracticable about it, and little that might not be surmounted. Even if it should be found impossible to apply such arrangements to many concerns, there is still the admirable machinery designed in connexion with the Annuities Act of 1864; and we again commend the plan to the attention and candour of large employers.

We think that to a very large extent the influence which masters must exercise over their workmen, or which they could not fail to exercise if they were to show a proper degree of interest in their subordinates, has never yet been exercised. If reason, persuasion, entreaty of a certain kind, alike fail--as they may often have done--to induce saving habits and due provident provision for themselves and families, we confess a difficult problem presents itself. This difficulty has been felt for years. Forty years ago the Quarterly Review, in an able article, said that Savings Banks ought to have formed a sinking fund before that time for the abolition of poor rates: "If the present state of things continues," says the writer, "it should become a question whether the master ought not to deposit in the Savings Bank at least a shilling in the pound of all wages paid by him, to be placed to the account of the individuals whom he employs." Several times since this was written, the Quarterly Review has returned to the charge. For many years our system of Poor Laws has rigidly assessed property for the relief of poverty, and secured the necessaries of life for all the destitute, no matter how largely they themselves may have been answerable for their destitute condition. With some beneficial changes the law stands the same, and is scrupulously enforced.

It is very clear that many men's wages are so high in good times, that, if they worked steadily and lived with moderation, they might easily reserve out of them a fund of supply against times of want, which would carry them through till their trade revived. The immense power in the hands of the working classes to promote their own self-dependence is illustrated by the enormous sums spent by these classes alone in mere indulgence; and it is shown again, in the immense funds raised amongst them to support combinations and strikes. That thousands will not use the means they have is proved by their excesses, their prodigality, the recklessness of their expenditure, the division of the days of the week into days of work and days of gross and obstinate idleness; and in much of this--regarding the result which follows to themselves, their wives and families, if they have the misfortune to have them--there is perhaps more real delinquency than in many of the crimes for which penal statutes have been framed.

The question is at any rate admissible, whether the same power which can order a compulsory payment of rates to support the poor, might not, and ought not, to restrict the means by which men are made and kept in poverty; or whether the same laws which make the frugal support the improvident should not also compel the improvident to do something to support themselves. This principle is indeed recognised by Government, as we have already shown, in the arrangements made for its own servants; it is therefore not a question so much of principle as of degree, and whether the Government should insist on a measure of coercive contribution applying to others beyond their control. "I have often thought," said the late Mr. J. Silk Buckingham, in a letter now before us, "it would be perfectly wise and just to pass a law compelling all employers of labour of every class, age, and sex, to deduct five per cent. from the wages or salaries of all in their employ, to be invested in the Government funds for a Deferred Annuity after sixty years of age, giving power to the labourers themselves to make further additions as they saw fit on the voluntary principle. If it should be said that no Government has a right to make people provide for themselves by force of law, I am sure they have as great a right to do this as to make the honest, sober, and industrious part of the people pay in poor rates and taxes for maintaining paupers and criminals, who have become so chiefly through want of prudential conduct in youth."

Finally, it is upon those who will not, and cannot by any available means, be brought to apply the remedy of provident investments during the heyday of life for themselves, that we think some such arrangement as that upon which the Government insists on employing civil servants, should be brought to bear, and that, only as a dernier ressort, our Legislature should consider whether it were not possible, and within its province, to apply a more complete and direct remedy by force of law. Formidable obstacles, we repeat, may be imagined, and actually would be experienced, in either case; but they could easily be smoothed by the fifty years' experience which the country has had of Savings Bank management and the conduct of provident schemes generally, and they may very possibly be entirely removed by the far-reaching, simple, ancillary measures of the last four years.

"To save money," says Mr. Greg, "and to have invested it securely, is to have become a capitalist. To have become a capitalist is for the poor man to have overleaped a great gulf; to have opened a path for himself into a new world; to have started on a career which may lead him, as it has led so many originally not more favoured by fortune than himself, to comfort, to reputation, to wealth, to power."

"I have studied the matter to the core, and it has resulted in a firm conviction, that were all the many valuable schemes which have been devised for ameliorating the condition of the masses conjoined, for safely, surely, and reasonably meeting the exigencies of every-day life, the Savings Bank single-handed would outvie them all."--Mr. James Frame's Tracts on Savings Banks.

We are indebted to Mr. Sikes of Huddersfield for the particulars of this case.

Mr. W. B. Chorley, author of a Handbook of Social Intercourse, &c. &c. was asked his opinion on co-operative societies, that opinion to be inserted in the Co-operator, the Society's organ. Mr. Chorley gives it very candidly, the Editor with equal candour giving it insertion. "The working man's earnings should be absolutely safe. Post Office Savings Banks are the only means of deposit which I am warranted in unconditionally recommending under all circumstances. I am far from saying that in peculiar cases and districts the workman may not act judiciously in joining co-operative stores; but it cannot be extended beyond a certain point with success, and I fear that any attempts to push or rapidly extend the plan over a large area will prove a mistake ending in failure and loss." ... Mr. Smiles in his Workmen's Earnings, Strikes, and Savings, a reprint of articles from the Quarterly Review, and Mr. Greg in his Provident Investments, a reprint of an article in the Edinburgh Review, express similar views on the co-operative principle as applied exclusively to the working classes as those we have quoted from Mr. Chorley.

The first Benefit Building Society which can be traced was founded in 1815 under the auspices of the Earl of Selkirk. It was a village club composed of some working men in Kirkcudbright, in Scotland. Other institutions of a similar kind followed, and were called "Menages," and soon afterwards the principle was introduced into England. In 1836 the first Act was passed with regard to them.

"A Building Society of which I am a trustee started some five years ago with a considerable majority of working men; but in the course of its operations (on looking over the list to-day) I find there are very few who can be strictly called working men left. The punctuality of the payments, the fines, and those arrangements which are essential to the proper working of a society, acting upon men who are occasionally thrown out of employment, and without means altogether, have compelled them to withdraw themselves."--Evidence of Mr. W. Cooper. Committee on Provident Investments. 1850.

A large volume might be compiled which should simply give a bare indication of the aims of such schemes and societies, including one set forth in a MS. volume which we have seen in the British Museum, entitled, Greevous Grones for the Poore, done by a Wellwisher, down to the latest benevolent scheme, and its list of patrons beginning with an Archbishop and ending with the Squire.

Savings Banks are not free from an amount of patronizing, which is only very rarely appreciated by the workman, though it may delight the very small shopkeeper class. Mr. Boodle, in his examination before a Savings Bank Committee, in 1849, thought fit to relate a very ludicrous instance of this, which, though told to show the amount of confidence reposed in the names of some trustees, really proves something very different. "At one time," says Mr. Boodle, "the late Lord Spencer was attending as manager, and a depositor put in a sum of money; he looked at his book when it was returned to him, and finding the name of 'Spencer,' asked the actuary who it was. The actuary replied 'Lord Spencer.' The man said, 'You do not mean that this is Lord Spencer?' When reassured, he said, 'Then I will give another sovereign,' and actually did put in another sovereign." This must have been a red-letter day in this person's history, though it reasonably admits of doubt whether the incident would be matter of personal gratification to Lord Spencer, the wise and excellent Lord Althorp of the Lower House.

"For the last twelve years," says a living practical philanthropist, "I have been considerably engaged in the administration of Poor Law Relief. I could not disguise from my reluctant notice the painful fact of how large and overwhelming a percentage of applicants for relief had been, for long periods of their life, in the habit of earning wages, the surplus of which remaining over and above the cost of their maintenance, would, if properly invested, have secured them an honourable independent subsistence for the unproductive residue of their lives. Their frugal contemporaries, whom they scandalized by their example (and it might have been said, derided for what they considered their meanness), they further tax with the burden of their subsistence. They commit a constructive injustice upon their more provident fellow-citizens; and when society inveighs against the gratuitous pauper, not because he is poor, but because he has viciously made himself so, society is not unjust in such a retaliation upon its trespassers. The gracious law of England, which makes the Poor Law compulsory, would deal with scarcely more than even-handed justice were it to compel some kind of club payment too. And if it were an infringement of the liberty of the subject to compel my neighbour to support a club, it is an infringement of my liberty to compel me to support my neighbour."--MELIORA, edited by Viscount Ingestre, vol. ii.

APPENDIX.

(A.)

An Abstract of the Provisions of Mr. Whitbread's Bill, as amended by Committee, "for establishing a Fund and Assurance Office for Investing the Savings of the Poor." (1807.)

This Bill provided that the Office of the Poor's Fund should be under the management and direction of so many Commissioners as his Majesty should see fit to appoint under his royal sign manual; that they should subscribe an oath to execute their powers and trusts faithfully and honestly; that any two of them might together execute the duties of the Office; and further, that the said Commissioners might, with the approbation of the Lords of the Treasury, appoint some person properly qualified to conduct the business, under the title of Accountant, and also such cashiers, clerks, and servants as they should find necessary.

It provided, that any person who should subsist wholly or principally by the wages of his or her labours should be entitled to the benefits and advantages of this Office, under and subject to the following

Rules and Regulations of the Office of the Poor's Fund.

1. That any proper person may so pay to the Accountant, or remit through the Post Office, any sum not exceeding five pounds.

2. That no person remit or pay more than 20l. in any one year, nor more than 200l. in the whole.

3. That when any sum is remitted through the Post Office, the Postmaster of the place from which the money is sent shall keep a proper record of each transaction, and adopt such measures as the Postmaster-General shall from time to time direct; and that each Postmaster shall receive for his trouble, from the person paying in the money, one penny in the pound upon the value thereof.

4. That cash accounts with each person shall be opened in the principal office in London, and that the money which may be paid or remitted shall be laid out each week in the purchase of perpetual annuities, the annuities so purchased to stand in the name of the Commissioners of the Poor's Fund.

5. That, after such purchase, the proportion of each person, from the amount contributed, shall be credited in a stock account, he or she being debited in the cash account for the sum expended.

6. That the dividends as they become due be likewise carried to the credit of the said persons; and on the sums amounting to ten shillings, the same shall be payable to him or her.

7. That the dividends may be allowed to accumulate, but principal and dividends must not exceed 20l. in any one year, nor 200l. in all.

8. That any person entitled to the annuities purchased in this manner who may wish to sell the whole or part, will be allowed to do so on signifying the desire personally, or in writing. In either case the person shall be furnished with a form of request for the purpose, and, when properly filled up and attested, the annuities shall be sold.

9. That the sale of all annuities desired in one week shall be made on some one day in the next.

10. That after the sale the proportion due to each person shall be carried to his or her cash account, and the money be payable forthwith.

11. That the Accountant shall make out and sign a warrant for the sums called for, the person giving a receipt on the warrant when it is paid.

12. That persons entitled to the money may authorize in writing any other person to receive the warrant, and after signing the warrant the money may be paid to such other person.

13. That any person residing beyond the limits of the two-penny post (London) may have such warrant transmitted through the Post Office.

14. That when a sum is paid to the cashier or other officer for the purchase of annuities, a proper receipt shall be given; that when a sum is transmitted through the post, the receipt shall be at once sent through the post; and that when the money has been laid out in such purchases as were ordered to be made, the certificates of such purchases, with their amount and denomination, shall be sent to the purchasers, or such other persons as they shall appoint.

15. Provides for the investment of small surpluses, and the payment of the dividends upon them.

16. Provides that no payment, gratuity, or reward shall be allowed to be made to any person employed in the Office of the Poor's Fund over and above the regular salaries determined upon.

* * * * *

Other clauses of the Act provided that the expenses of the Office should be defrayed by such sums as were secured by the dividend, interest, and accumulations of the surplus arising from unclaimed dividends, the remainder of the expenses being borne on the Consolidated Fund.

* * * * *

With regard to The Poor's Assurance Office, the Bill provided for the appointment of the principal conductor, who should be called "the Actuary," in the same manner in which "the office of Accountant" was to be created for the former business.

It provided for the calculation of Tables, which Tables should produce "sufficient funds to answer the payments to be assured, as well as the charges and expenses of the establishment and management of such Assurance Office;" that these Tables should be varied; that they should be approved by the Lords of the Treasury, who should make them public in such manner as they saw fit.

The persons who were entitled to the benefits of the Poor's Fund should also be entitled to the benefits of Assurance Office under the following

Rules and Regulations of the Poor's Assurance Office.

1. That any person desirous of insuring his life shall deliver or send the usual particulars to the Assurance Office.

2. That in every case proof of age and proof of sound health should be produced; the affidavits in each case to be sworn to before a Justice of the Peace.

3. That, in the case of any misrepresentation being proved in the original proposals, the sums paid shall be forfeited.

4. That the Actuary may require any persons proposing to insure to attend personally at the Assurance Office, providing they live within the limits of the London two-penny post.

5. That no payment for any assurance, whether annually, half-yearly or quarterly, shall be less than ten shillings.

6. That no annual payment, nor the entire yearly amount of payments, shall exceed five pounds; that no assurance shall be made for more than 200l.; or if a gross sum and an annuity shall both be assured to the same person, the whole shall not exceed the value of 200l.

7. Provides for fines for arrears according to the time which has elapsed, and for renewing a policy which may have become void.

8. That all money received shall be vested in transferable annuities, as in the case of the Poor's Fund.

9. Provides for payment on proof of death--the affidavit to be sworn to before a Justice of the Peace.

10. That the rules for the management of the Assurance Office, and the remuneration to be paid to its officers, shall be settled on the same basis as those for the Poor's Fund.

* * * * *

The Act then goes on to provide that the Commissioners shall be empowered to frame rules for the guidance of the officers of each Office; that the Commissioners to be appointed shall deliver to the Governor and Company of the Bank of England a true and attested copy of their commission of appointment; that this shall be their authority for transacting business with the Bank, and shall be received and admitted as evidence in all courts of law and equity, and before all judges and magistrates, of the due and legal appointment of the Commissioners, and authorizing them to exercise all the powers and authorities granted to them under the Act.

The Act then further provides that all dividends, &c., shall be exempted from the tax on property, and from the stamp duty on probates and letters of administration.

That the policies and other instruments shall be exempt from stamp duties.

That all letters and packets shall be sent by or through the Post Office, to or from either of the two departments, exempt from the payment of all postage.

The Act concludes by making provision for the punishment of forgery and perjury.

Referred to at some length at page 23, and other portions of this work, where the preamble of the bill is given.

(B.)

An Abstract of the Provisions of the Consolidated Act of 1863, entitled "An Act to Consolidate and Amend the Laws relating to Savings Banks." (26 & 27 Vict. cap. 87.--28th July 1863.)

Sec. 1. Provides for the Repeal of previous Acts and parts of Acts, as set forth in the following Schedule:--

Sec. 2. Provides that persons who may have formed or shall form any society or institution of the nature of a bank to receive deposits of money for the benefit of persons depositing the same, accumulating at compound interest, and repayable when required, but, after the necessary expenses have been met, deriving no benefit from such money, shall have the benefit of this Act if they wish it. The conditions annexed are, that such persons shall cause the rules and regulations for the conduct of the business to be entered, deposited, and filed, as shall be afterwards directed.

Further, that no bank, the rules of which shall not be sanctioned and approved by the National Debt Commissioners, shall be entitled to the provisions of this Act. (a)

Sec. 3. Savings Banks under the Act shall keep a book in which shall be entered the rules of each bank, and these books shall be open at all reasonable times to the inspection of depositors. When any of the rules are altered, such alterations to be entered in the book. The rules not to be in force till such alteration is made. (a)

Sec. 4. Two written or printed copies of rules shall be sent by Savings Bank trustees to the certifying barrister, who must certify that they are according to law; the certificate of the barrister to be paid for by a fee not to exceed one guinea; and the barrister, after certifying the rules, to return one copy to the trustees and transmit the other copy to the National Debt Commissioners. (a)

Sec. 5. Every Savings Bank certified under the provisions of this Act to bear the title of "Savings Bank certified under the Act of 1863;" any other bank, company, or person adopting this title, to be declared guilty of a misdemeanour, and punishable accordingly.

Sec. 6. Requires that the following regulations shall be adopted and enrolled among the rules of all Savings Banks:--

(1) The treasurer, trustees, or managers shall not derive any benefit from deposits, nor directly or indirectly have any salary, allowance, profit, or benefit whatsoever beyond their actual expenses for the purposes of the bank. The expenses of management, including the remuneration to paid officers, does not come within the meaning of this clause. (a)

(2) That not less than two persons, being trustees, managers, or paid officers employed for this specific purpose, shall be present on all occasions of public business, and be parties to every transaction of deposit and repayment, so as to form a double check of every such transaction.

(3) The depositor's pass book to be compared with the ledger on every transaction of repayment and on its first production after the 20th of November in each year.

(4) The depositor to produce his book at least once in each year for this examination.

(5) No receipt to be taken or money paid except at the bank and during the hours of public business.

(6) A public accountant or auditor, not of their own body, to examine the books of the bank, and to report the result, not less than once in every half-year, and to report to the committee of management the correct amount of the liabilities and assets of the bank.

(7) That a book containing an extracted list of each depositor's balance, omitting the name, but giving the distinctive number and separate amount of each, checked and audited as above, be open during the hours of public business for the inspection of any depositor.

(8) The trustees or committee of management to hold meetings at least every half-year, and keep minutes of their proceedings in a book to be provided for the purpose.

(9) In the case of banks having branch agencies, the rules to provide for the due receipt and accounting of all moneys received; for the presence of a second party to every transaction; and for a periodical examination of the depositor's book.

Sec. 7. Provides that the trustees of every Savings Bank shall transmit weekly returns to the National Debt Office, giving such particulars as the Commissioners shall direct, showing the week's transactions and the cash balances remaining in the treasurer's hands.

Sec. 8. The treasurer, actuary, or cashier, and every paid officer of a Savings Bank entrusted with the receipt of money, to give security by means of bond or bonds, with one or more sureties, to the Comptroller-General of the National Debt Office. (c)

Sec. 9. Provides that any officer receiving deposits and not paying them over to the managers shall be guilty of a misdemeanour. (c)

Sec. 10. The moneys, goods, chattels, and effects of all Savings Banks to be invested in the trustees for the time being. (a)

Sec. 11. No trustee or manager of Savings Banks in Great Britain shall be personally liable except--

(1) For moneys actually received by him on account of said banks and not paid over in the usual manner.

(2) For neglect or omission to comply with the above recited regulations as to the maintenance of checks, the audit of accounts, the holding of meetings and the keeping of the minutes of the same;

(3) Or for neglect in taking security from his subordinate officers.

Sec. 12. Trustees or managers in Ireland may limit the amount of their responsibility by declaring in writing that they are willing to be answerable for a specific amount only, which shall not be less, however, than 100l. At the same time Irish trustees, &c., to be liable for amounts actually received by them and not accounted for. (d) and (e)

Sec. 13. Provides that the treasurer or any trustee may be required, on a demand from not less than two trustees and three managers, or from a meeting of trustee and managers, to pay over all the moneys remaining in his or their hands, and assign and transfer or deliver all securities and effects, books, papers or other property, to such persons as may be appointed to receive them; proceedings to be taken in case of any neglect or refusal to comply with the demand. (a)

Sec. 14. Provides that executors, &c., of officers of Savings Banks shall pay money due to Savings Banks, in case of death, bankruptcy or insolvency, before any other debts whatsoever. (b)

See. 15. The trustees of Savings Banks shall invest all the money received by them in the Banks of England or Ireland; and no sum or sums shall be paid or laid out by trustees in any other manner or upon any other security whatever, except only such sums of money as from time to time must remain in the hands of the treasurers of such banks to answer the exigencies thereof. This provision not to prevent any depositor withdrawing his money from a Savings Bank and investing the same in any other securities. (a)

Sec. 16. Provides that trustees of Savings Banks may receive money from depositors and apply it for their benefit in any other manner agreed upon. (a)

Sec. 17. Provides that central banks may invest the money of branch banks in the manner already described. (a)

Sec. 18. Provides penalties for false declarations for the purpose of paying money into the Banks of England or Ireland. (a)

Sec. 19. The Commissioners of the National Debt to invest the money paid into the bank in the purchase of bank annuities, Exchequer-bills, or parliamentary securities of whatsoever kind created or issued, or any stock or debenture guaranteed by authority of Parliament; the interest arising from the money so invested to be in like manner invested as above. (a)

Sec. 20. Makes it lawful for any three or more National Debt Commissioners to execute and to do all matters and things required by the operations of this Act. (b)

Sec. 21. Money invested with the Commissioners to be allowed interest at the rate of three pounds five shillings per cent. per annum. (c)

Sec. 22. Interest due from the Commissioners to be calculated half-yearly up to Nov. 20 and May 20, and carried to the account of Savings Bank additional principal. No interest to be allowed on any fractional part of a pound. (a)

Sec. 23. Interest arising to depositors may be calculated yearly, or twice a year, and carried to the principal. Interest to depositors not to exceed three pounds and tenpence per cent. per annum. (c)

Sec. 24. Trustees of Saving Banks to appoint an agent who shall be authorized to receive money from the Commissioners for repayment to depositors. The agreement for the appointment of this agent, signed by two trustees, shall be deposited with the Commissioners; but it may be revoked and another appointment made.

Sec. 25. Trustees may draw for the whole or any part of the sum placed in the hands of Government by drafts on Commissioners; interest to be added by the cashiers of the bank. (a)

Sec. 26. Drafts exceeding 5,000l. must be signed by four trustees, and their signature must be attested by separate witnesses, who may be managers or other creditable persons. Drafts for 10,000l. not to be paid before fourteen days after the receipt of such drafts. (a)

Sec. 27. Repayment of more than one draft of 10,000l. to any one bank not to be made in any one day. (a)

Sec. 28. Trustees may receive in person, instead of through the usual agent, payment of drafts properly executed. (a)

Sec. 29. The surplus after paying necessary expenses of banks to be paid over to the Commissioners for investment in a separate account; and trustees may draw upon such surplus fund for the purposes of the Savings Bank by certificate. (a)

Sec. 30. Deposits of minors may be taken, and repayment may be made before the person has attained the age of twenty-one. (a)

Sec. 31. Repayment to be made to a married woman who may have deposited money, unless the husband of such woman shall give notice in writing that he requires payment to be made to him. (c)

Sec. 32. The funds of charitable societies, penny banks, &c., may be deposited in Savings Banks; if with the approval of the Commissioners, without any restriction as to the amount; and without that approval, to the extent of 100l. per annum, or 300l. in this whole. (e)

Sec. 33. The funds of any friendly society, legally enrolled and certified, may be invested without any restriction as to amount, provided a copy of the rules of such society is deposited with the Savings Bank. (d)

Sec. 34. The receipt of the treasurer, trustee, or other officer of any such charitable institution, penny bank, or friendly society, shall be deemed a sufficient discharge for any money deposited and withdrawn from the Saving Bank. (a)

Sec. 35. Members of friendly societies, penny banks, &c., may also subscribe to any Savings Bank. (a)

Sec. 36. No sum to be taken in a Savings Bank without the depositor discloses his name, profession, business, and residence; these particulars to be entered in the books of the office. (a)

Sec. 37. Persons allowed to deposit as trustees on behalf of others; but repayment can only be made with the receipt of the trustee and also the person or persons for whom the trust account has been held.

Sec. 38. Provides that it shall not be lawful for depositors in any one Savings Bank to deposit in any other Savings Bank. A declaration to this effect must be made at the time of the first deposit. The penalty on a false declaration to be forfeiture to the sinking fund of all deposits. The declarations to be filed, and a copy with the penalty attached thereto to be annexed to, or printed in, the deposit book. (a) and (c)

Sec. 39. Deposits of more than 30l. cannot be received in any one year, nor more than 150l. in the whole; and when principal and interest together amount to 200l., interest shall cease till it is brought below that sum. (a) This prohibition not to extend to accounts opened before July 1828. A depositor may close his account and make further deposits as a new depositor.

Sec. 40. Depositors may transfer their accounts to any other Savings Bank by means of transfer certificates, the form of which is presented in Appendix (C).

Sec. 41. In the case of a depositor dying and leaving any sum exceeding 50l. the money must not be paid except upon the probate of the will of the deceased depositor, or letters of administration of his or her estate and effects. No duty to be paid on probate when the estate is under 50l., provided the person claiming such probate or letters of administration produce a certificate of the amount of the depositor's interest in the bank at the time of his death. (a)

Sec. 42. Administration bonds, &c., for effects not exceeding 50l. sterling shall be exempted from stamp duty. (a)

Secs. 43, 44, 45. Make provision for payment when depositors die without a will, to those who appear to be next of kin, &c. (a)

Sec. 46. Makes provision for payment on the death of an illegitimate depositor according to the statute of limitations.

Sec. 47. Adapts the provisions of the Act as to intestate depositors to the law of Scotland. (b)

Sec. 48. Provides that any dispute arising between the trustees of Savings Banks and any individual depositor or his representatives, the matter in question shall be referred to the barrister appointed by the Act, and "whatever award, order, or determination shall be made by the barrister shall be binding and conclusive on all parties, and shall be final to all intents and purposes without any appeal." (c)

Sec. 49. On being referred to, the barrister may inspect any book or books belonging to the bank in question, and may administer oaths to witnesses; false evidence to be perjury, and the offender prosecuted and punished accordingly. (c)

Sec. 50. No powers of attorney given by trustees or depositors, no drafts or orders, no instrument of appointment or instrument for the revocation of any appointment, no determination or order of the revising barrister, nor any other instrument whatever required to be given, issued, signed, made, or produced in pursuance of this Act, to be subject to or charged with any stamp duty or duties whatsoever. (a)

Sec. 51. Provides for the appointment of auditors in Ireland, whose names shall be sent up to the National Debt Office without delay. (d)

Sec. 52. Every depositor in Ireland to be furnished with a deposit-book which shall contain the rules of the bank printed at length. A duplicate copy of the rules, and also of every annual statement, shall also be exhibited from time to time in each Irish bank, and shall be open to the inspection of every depositor. (d)

Sec. 53. Provides for the regular inspection of the books of Irish depositors, not less than twice every year. (d)

Sec. 54. Commissioners may close accounts with Savings Banks in Ireland which do not comply with their instructions, and re-open them if they think fit. (c) In each case the Commissioners shall forthwith publish a notification of the account being closed, or of the account being re-opened, in the Dublin Gazette, and also in some newspaper published in the county in which the said bank is established. (d)

Sec. 55. For the more effectually ascertaining from time to time the actual and progressive state of all Savings Banks enrolled under this Act, the trustees of every bank shall annually cause a general statement of the funds of their bank to be prepared up to the 20th November in each year, showing the balance or principal sum due to all the depositors, a statement of the expenses incurred, stating in whose hands such balance is then remaining. Such annual statement shall be attested by two managers or trustees, or one manager and one trustee, and countersigned by the secretary or actuary of such bank, and shall be transmitted to the National Debt Office in London or Dublin (as the case may be) within nine weeks from the date above given. If trustees neglect to transmit this account, or refuse to obey the other orders or directions of the Commissioners, then it shall be lawful for the Commissioners to close the accounts of such trustees who thus transgress, and also lawful to re-open them if they see occasion. (a)

Sec. 56. If the accounts are not prepared and transmitted within the prescribed time, it shall be lawful for the Commissioners to forthwith publish in the London Gazette, and a newspaper published in the county where the bank is situated, the name of such defaulting bank. (b)

Sec. 57. The Commissioners are empowered to call for a detailed statement of all the expenses incurred in the management of any Savings Bank. (b)

Sec. 58. The treasurer of a Savings Bank must sign the annual statement, where it is shown by that statement that any sum of money belonging to the bank is in his hands. (b)

Sec. 59. A duplicate of every such annual statement, accompanied by a list of the trustees and managers for the time being, shall be publicly affixed and exhibited in some conspicuous part of each Savings Bank for the information of all depositing therein; and every depositor shall be entitled to receive from the Savings Bank a private copy of the annual statement on payment of one penny. (a)

Sec. 60. The National Debt Commissioners shall, once in each year, render the fullest account of all their dealings with Savings Banks to the Lords of the Treasury, and copies of all such accounts shall be laid before both Houses of Parliament.

Sec. 61. A distinct account to be rendered in the same way, showing the aggregate amount of the Separate Surplus Fund.

Sec. 62. Savings Banks to compute interest on the 20th of May and the 20th of November in each year. (a)

Sec. 63. The Commissioners may keep a balance in the Bank of Ireland under the title of "The Fund for the Banks for Savings," to meet the drafts which may be drawn on account of Savings Banks in Ireland. (a)

Sec. 64. All receipts, orders, certificates, endorsements, accounts, and returns required for carrying out this Act, shall be made in such manner as shall be approved by the Commissioners.

Sec. 65. This Act shall be a full and sufficient indemnity and discharge to the Commissioners, and to the Governor of the Bank, &c. for all things to be done or required to be done in pursuance of this Act. (a)

Sec. 66. Commissioners may employ a barrister and such officers as may be necessary to the carrying out of the provisions of this Act, and the Treasury shall pay them their remuneration, and meet incidental expenses. (a)

Sec. 67. This Act to apply to all Savings Banks (except those mentioned in the next section) established or hereafter to be established in England, Scotland, Ireland, or Wales; Berwick-on-Tweed, the Islands of Guernsey and Jersey, and the Isle of Man.

Sec. 68. This Act must not be held to repeal Acts relating to Post Office Savings Banks, or any of the powers granted to the Commissioners for the Reduction of the National Debt.

Many of the clauses of the Consolidation Act having been taken entire from previous Acts, and only part of the provisions being new, we propose to distinguish those clauses originally passed in 1828 (9 George IV. c. 92) with the letter (a); those passed 3 William IV. c. 14, by (b); in 1844 (7 and 8 Victoria, c. 82) by (c); in 1848 (11 and 12 Victoria, c. 133) by (d); and under 25 and 26 Victoria, c. 75, by (e). All the other sections of this Act not so marked are new provisions introduced in 1863.

We find from The Clauses relating to the Establishment of the proposed Bradford Corporation Savings Bank, kindly forwarded to us by Mr. Rayner, with whom the scheme originates, that sections 3, 4, 6, 8, 9, 11, 14, 30 to 39 inclusive, 41 to 46 inclusive, 48 to 50 inclusive, of the Consolidation Act are proposed to be incorporated in the new Bill about to be introduced into the House of Commons. The new clauses provide that the Corporation may establish a Savings Bank, make regulations for its conduct, appoint a Committee of the Council to manage the undertaking, and a treasurer and other officers to work it; that the aggregate amount of deposits shall not exceed a quarter of a million sterling; that interest should be given at the rate of three farthings per pound per month (or three pounds fifteen per cent. per annum) that debentures shall be issued to depositors for the amounts invested; and that when a person's deposits amount to 50l., he may require a mortgage for that sum to bear interest at four per cent. Other sections provide that the Corporation may raise money by annuities, for the transfer of annuities, for the exemption of deposits and annuities from property and income tax, and for the remedies for depositors, mortgages, and annuitants, by applying the Acts of 1855, 1858, and 1862, to them. We regret our want of space to enter more fully into the details of this important and promising scheme.

(C.)

Form of Certificate for Transfer from one Savings Bank to another, or to any other description of Savings Bank.

Savings Bank at____________, in the county of_________.

Whereas____________of____________, a depositor in the above-named Savings Bank, is desirous of closing his [or her] account with the said bank for the purpose of transferring his [or her] deposits to the Savings Bank at_________, in the county of___________; and to enable him [or her] so to do, the said depositor has applied for a certificate of the whole amount due to him [or her], pursuant to the Act (26 and 27 Vict. c. 87): we hereby certify that the sum due to the said depositor for money deposited by him [or her] in this Savings Bank, inclusive of all interest due to him [or her] at this date, amounts to the sum of [state the amount in words], of which the sum of [state the amount, if any, in words_] has been deposited since the twentieth of November last; and we further certify, that his [or her] account with this Savings Bank has been closed by the issue of this certificate.

Witness our hands this________ day of_______, 18___.

____________ } Two of the Trustees or Managers [appointed } for this object, by the Trustees] of the ____________ } above-named Savings Bank.

Examined __________________________________

the Actuary or Secretary of the above-named Savings Bank.

(D.)

An Abstract of the Act "To make further provision for the Establishment of Savings Banks for Seamen." (19 and 20 Vict. c. 41.--7th July, 1856.)

Preamble. Whereas by the Merchant Shipping Act, 1854, certain powers were given to the Commissioners for the Reduction of the National Debt for the purpose of establishing Savings Banks for Seamen; and whereas it has since been found to be expedient that the immediate management and control of such Savings Banks should be placed in the hands of the Board of Trade. Be it enacted, &c.

Sec. 1. That the Board of Trade may establish in London a central Savings Bank for seamen, and branch banks at such ports or places as they may deem expedient; and that they may receive deposits from or on account of seamen, or their wives and children; and that the total amount standing in the name of any one depositor shall not exceed 200l.

Sec. 2. The Board of Trade may appoint shipping offices branch Savings Banks under this Act, and shipping masters agents of the said board to conduct this business.

Sec. 3. The Commissioners of the National Debt shall receive the moneys deposited in these banks on the request of the Board of Trade; shall invest these moneys in the same way as they do the moneys of other banks; and shall pay, together with interest, the sums received on a request signified in the like manner.

Sec. 4. Provides that the Board of Trade may make any alterations which they think fit with respect to the persons entitled to become depositors, the making and withdrawal of deposits, the rate and payment of interest, or any other matter connected with these banks; such regulations to be binding upon all.

Sec. 5. Provides that all sums of money due to any deceased depositor, shall be paid and applied subject to the conditions of the provisions of the Merchant Shipping Act.

Sec. 6. Provides that any person forging a document, or making false representations in order to obtain deposits or interest, shall be punishable with penal servitude or imprisonment.

Sec. 7. The Board of Trade to pay all expenses in carrying out this Act out of the interest received from the National Debt Commissioners.

Sec. 8. An annual account of all deposits and repayments shall be laid before both Houses of Parliament, as also a copy of all regulations made for carrying out this Act.

Sec. 9. All criminal proceedings under this Act to be carried on as under the Merchant Shipping Act of 1854.

An Act for the establishment of Savings Banks in connexion with the Admiralty, for the benefit of the seaman and marines of the Royal Navy, has just been introduced into the House of Commons, and will, doubtless, be quickly passed into law.

(E.)

An Abstract of the Act "To Amend and Consolidate the Laws relating to Military Savings Banks." (22 and 23 Vict. c. 20.--13th August, 1859.)

Sec. 1. Repeals the 5 and 6 Vict. c. 71, and the 8 and 9 Vict. c. 27, amending it, and the 12 and 13 Vict. c. 71, and amends and consolidates the said Acts. It also provides that deposits made under these Acts shall not be affected by their repealment.

Sec. 2. Makes it lawful for her Majesty to establish or continue military or regimental Savings Banks, for the purpose of receiving sums of money from non-commissioned officers and soldiers employed in her service in the United Kingdom and foreign stations (India alone excepted), and for the purpose of receiving moneys or funds raised or paid for objects or purpose connected with these officers and soldiers which her Majesty may think fit to authorize to be deposited in these banks.

Sec. 3. Provides that the Secretary at War, with the concurrence of the Commander-in-Chief and the Lords of the Treasury, may make regulations for the conduct of these banks; and that when these regulations shall be signed by her Majesty and laid before Parliament they shall be binding on all concerned.

Sec. 4. These regulations shall determine the rate of interest (which must not exceed three pounds fifteen shillings per cent. per annum), and all the minor points connected therewith; the circumstances under which deposits shall be forfeited to the public; the payment of the money of deceased depositors: may make provision for the deposit of money created for charitable purposes, and may make it obligatory on commanding officers to so deposit such funds; shall make provision for the withdrawal of money; and shall provide for the keeping of proper accounts, and generally for all such matters as relate to Savings Banks.

Sec. 5. The receipt of infants and married women shall be a sufficient discharge for what shall be deemed a valid payment made to them.

Sec. 6. The moneys received in these banks may be applied by the persons receiving them to the payment of such ordinary army services as it may be their duty to pay; and sums payable to depositors shall be paid out of the grants by Parliament for these services.

Sec. 7. Provides that the Secretary at War may direct payment out of the moneys so granted to be made to the account of the National Debt Commissioners, and carried to the account of the Fund for the Military Savings Banks.

Sec. 8. The Commissioners of the National Debt to invest the surplus money in the purchase of bank annuities; the interest arising also to be so applied; and such interest or dividends shall not be subject to any taxes, charges, or impositions whatever.

Sec. 9. The Secretary at War may direct, at fourteen days' notice, the moneys invested in annuities to be transferred to the account of the Paymaster-General at the Bank of England.

Sec. 10. Empowers the National Debt Commissioners to sell the annuities.

Sec. 11. The money arising from the dissolution of certain Regimental Benefit Societies, which was placed in the Savings Banks in the name of each member to accumulate until his discharge, by the Act (12 and 13 Vict. c. 71) may be withdrawn under certain conditions.

Sec. 12. The officers of Regimental Savings Banks shall not be personally liable except for their own wilful neglect or default.

Sec. 13. Provides that full accounts of all transactions in these banks shall be laid before both Houses of Parliament before the 1st of April in each year.

Sec. 14. Military Savings Banks not to be within the provisions of the Acts relating to Savings Banks proper.

Sec. 15. Refers to the construction of the word "India."

Sec. 16. Provides that the Act shall take effect immediately after the regulations have been framed.

(F.)

"An Act to grant Additional Facilities for depositing Small Savings at Interest, with the Security of the Government for due repayment thereof." (24 Vict. c. 14.--17th May, 1861.)

Postmaster-General may direct Officers in Post Office to receive Deposits.

1. It shall be lawful for the Postmaster-General, with the consent of the Commissioners of Her Majesty's Treasury, to authorize and direct such of his officers as he shall think fit, to receive deposits for remittance to the principal office, and to repay the same, under such regulations as he, with the concurrence of the Commissioners of Her Majesty's Treasury, may prescribe in that respect.

Legal Title of Depositor to Repayment.

2. Every deposit received by any officer of the Postmaster-General appointed for that purpose shall be entered by him at the time in the depositor's book, and the entry shall be attested by him and by the dated stamp of his office; and the amount of such deposit shall, upon the day of such receipt, be reported by such officer to the Postmaster-General, and the acknowledgment of the Postmaster-General, signified by the officer whom he shall appoint for the purpose, shall be forthwith transmitted to the depositor; and the said acknowledgment shall be conclusive evidence of his claim to the repayment thereof, with the interest thereon, upon demand made by him on the Postmaster-General; and, in order to allow a reasonable time for the receipt of the said acknowledgment, the entry by the proper officer in the depositor's book shall also be conclusive evidence of title for ten days from the lodgment of the deposit; and if the said acknowledgment shall not have been received by the depositor through the post within ten days, and he shall, before or upon the expiry thereof, demand the said acknowledgment from the Postmaster-General, then the entry in his book shall be conclusive evidence of title during another term of ten days, and toties quoties; provided always that such deposits shall not be of less amount than one shilling, nor of any sum not a multiple thereof.

Depositors entitled to Repayments not later than Ten Days after Demand made.

3. On demand of the depositor, or party legally authorized to claim on account of a depositor, made in such form as shall be prescribed in that behalf, for repayment of any deposit, or any part thereof, the authority of the Postmaster-General for such repayment shall be transmitted to the depositor forthwith; and the depositor shall be absolutely entitled to repayment of any sum or sums that may be due to him within ten days at farthest after his demand shall be made at any Post Office where deposits are received or paid.

Names of Depositors, &c., not to be disclosed.

4. The officers of the Postmaster-General engaged in the receipt or payment of deposits shall not disclose the name of any depositor, nor the amount deposited or withdrawn, except to the Postmaster-General, or to such of his officers as may be appointed to assist in carrying this Act into operation.

Money to be paid to Commissioners for the Reduction of the National Debt, and repaid to Depositors through Post Office.

5. All moneys so deposited with the Postmaster-General shall forthwith be paid over to the Commissioners for the Reduction of the National Debt; and all sums withdrawn by depositors, or by parties legally authorized to claim on account of depositors, shall be repaid to them out of the said moneys, through the office of Her Majesty's Postmaster-General.

Additional Security to Depositor.

6. If at any time the fund to be created under the authority of this Act by the investment of the deposits shall be insufficient to meet the lawful claims of all depositors, it shall be lawful for the Commissioners of Her Majesty's Treasury, upon being duly informed thereof by the Commissioners for the Reduction of the National Debt, to issue the amount of such deficiency out of the Consolidated Fund of the United Kingdom, or out of the growing produce thereof; and the said Commissioners of Her Majesty's Treasury shall certify such deficiency to Parliament.

Rate of Interest payable to Depositors.

7. The interest payable to the parties making such deposits shall be at the rate of two pounds ten shillings per centum per annum; but such interest shall not be calculated on any amount less than one pound, or some multiple thereof, and not commence until the first day of the calendar month next following the day of deposit, and shall cease on the first day of the calendar month in which such deposit is withdrawn.

Interest, how calculated.

8. Interest on deposits shall be calculated to the thirty-first day of December in every year, and shall be added to and become part of the principal money.

Investment of Funds received under this Act.

9. The moneys remitted to the Commissioners for the Reduction of the National Debt, under the authority of this Act, shall be invested in some or in all of the securities in which the funds of Savings Banks established under the existing laws may be invested; and a separate and distinct account shall be kept by the said Commissioners of all receipts, investments, sales, and repayments; and a balance sheet of such account, from the first of January to the thirty-first of December in every year, shall be laid before both Houses of Parliament not later than the thirty-first of March in every year.

Depositors desiring to Transfer their Deposits.

10. If any depositor making deposit under this Act shall desire to transfer the amount of such deposit to a Savings Bank established under the Acts relating to Savings Banks, he shall, upon application to the chief office of the Postmaster-General, be furnished with a certificate stating the whole amount which may be due to him, with interest, and thereupon his account under this Act shall be closed; and, upon delivery of such certificate to the trustees or managers of the Savings Bank to which it is proposed by the depositor to transfer such deposit, they shall, if they think fit, open an account for the amount stated in such certificate for such depositor, who shall thereupon be subject to the rules of such Savings Bank; and the amount so transferred shall, upon such certificate being forwarded to the Commissioners for the Reduction of the National Debt, be written off in the books of the said Commissioners from the amount of moneys received under the authority of this Act, and shall be carried to the account of the Savings Bank to which such transfer shall have been made; and, in like manner, if any depositor in a Savings Bank, established under the Savings Bank Acts, shall desire to transfer the amount due to him, with interest, from such Savings Bank to the Postmaster-General, for deposit under the provisions of this Act, the trustees or managers of such Savings Bank shall, upon his request, furnish such depositor with a certificate, in a form to be approved by the Commissioners for the Reduction of the National Debt, signed by two trustees of such Savings Bank, and thereupon his account with such Savings Bank shall be closed, which certificate the depositor may deliver to any officer of the Postmaster-General authorized to receive deposits under this Act, and such certificate shall for the amount therein set forth be considered to be a deposit made under the authority of this Act, and being forwarded to the said Commissioners, the said amount shall then be transferred in the books of the said Commissioners from the account of the said Savings Bank to the credit of the account of moneys deposited under the authority of this Act. Provided always, that nothing contained in this Act respecting Savings Banks shall render it necessary to have the rules and regulations of any Savings Bank again certified if the same have been before certified according to law.

Postmaster-General, with consent of Treasury, to make Regulations, copies of which to be laid before Parliament.

11. The Postmaster-General, with the consent of the Commissioners of Her Majesty's Treasury, may make, and from time to time, as he shall see occasion, alter regulations for superintending, inspecting, and regulating, the mode of keeping and examining the accounts of depositors, and with respect to the making of deposits and to the withdrawal of deposits and interest, and all other matters incidental to the carrying this Act into execution, in his department; and all regulations so made shall be binding on the parties interested in the subject-matter thereof, to the same extent as if such regulations formed part of this Act; and copies of all regulations issued under the authority of this Act shall be laid before both Houses of Parliament within fourteen days from the date thereof, if Parliament shall be then sitting, and, if not, then within fourteen days from the next re-assembling of Parliament.

Accounts to be laid before Parliament.

12. An annual account of all deposits received and paid under the authority of this Act, and of the expenses incurred during the year ended the thirty-first of December, together with a statement of the total amount due at the close of the year to all depositors, shall be laid by the Postmaster-General before both Houses of Parliament not later than the thirty-first of March in every year.

Accounts to be examined by Commissioners of Audit.

13. The annual accounts of the Postmaster General, and of the Commissioners for the Reduction of the National Debt, to the thirty-first of December in each year, in respect to all moneys deposited or invested under the authority of this Act, shall annually, prior to the thirty-first of March, in each year, be submitted for examination and audit to the Commissioners for auditing public accounts.

Provisions of Savings Banks Acts applicable to this Act.

14. All the provisions of the Acts now in force relating to Savings Banks, as to matters for which no other provision is made by this Act, shall be deemed applicable to this Act, so far as the same are not repugnant thereto.

Expenses of Act.

15. All expenses incurred in the execution of this Act shall be paid out of the moneys received under the authority of this Act.

This Act is so short in proportion to its importance, that it is here given entire. Many of the provisions of the Consolidated Act (1863) apply to the banks established under this Act.

(G.)

ABSTRACTS OF MINOR ACTS OF PARLIAMENT RELATING TO SAVINGS BANKS.

26 Victoria, c. 14, entitled "An Act to Amend the Laws relating to Post Office Savings Banks," (4th May, 1863,) provides:--

Sec. 1. For the transfer of the accounts of minors.

Sec. 2. For the funds of a Savings Bank closing its business to be paid over to the National Debt Commissioners, the money arising from the sale of property to be carried to the separate surplus fund; the receipt of the trustees on the sale of property to be a sufficient discharge to the purchaser. The trustees of Savings Banks about to close to have power to compensate their officers out of the separate surplus fund.

Sec. 3. The information necessary as to the steps to be taken when the trustees of any bank have determined to close.

Sec. 4. For the conversion of perpetual Government annuities at three per cent. into capital stock at two pounds ten shillings per cent.

Sec. 5. Power to trustees to appoint managers to sign transfer certificates.

Sec. 6. That the warrants for converting annuities into capital stock shall be laid before Parliament.

26 Victoria, c. 25, entitled "An Act to make further Provision for the Investment of the Moneys received by the Commissioners for the Reduction of the National Debt from the Trustees of Savings Banks established under the Act 9 Geo. IV. c. 92," (8th June, 1863,) provides:--

Sec. 1. For the cancelling of 24,000,000l. of capital stock of annuities, and the creation of a charge on the Consolidated Fund for that amount.

Sec. 2. That the Treasury may cancel an additional amount of stock not exceeding 5,000,000l. creating equivalent terminable annuities chargeable upon the Consolidated Fund.

Sec. 3. That the Commissioners may invest the interest payable on the securities created under this Act, and other moneys remitted to them, in the purchase of parliamentary securities, or in any stock or debentures or other securities the interest for which is guaranteed by Parliament.

Sec. 4. That issues in money may be made out of the Consolidated Fund on Savings Bank account on certificate from the National Debt Commissioners.

Sec. 5. That at least one half of the whole amount of securities held for Savings Banks, exclusive of the amount of the charge on the Consolidated Fund (Section 1), shall be parliamentary securities.

Sec. 6. That every year the National Debt Commissioners shall prepare a balance sheet giving the assets and liabilities in respect to Savings Banks, to the credit of which shall be placed the amount of the charge upon the Consolidated Fund for twenty-four millions and all other moneys and securities of every kind; and that a copy of this balance sheet be laid before Parliament each year.

Sec. 7. That the deficiency shown shall be a charge upon the Consolidated Fund.

Sec. 8. That the powers of investment granted to the Commissioners by other Acts, in so far as they are not varied by this Act, shall continue in force.

* * * * *

"The Savings Bank Investment Act," which has just received the Royal Assent (20th March, 1866), empowers the Treasury to substitute terminable annuities for capital stock standing to the account of Savings Banks and Post Office Savings Banks, and empowers the Treasury to make rules as to payments to the National Debt Commissioners. The Treasury is likewise empowered to cancel capital stocks of annuities, and to substitute terminable annuities. The warrants issued by the Treasury to the Bank of England to be a sufficient authority for the cancelling of the stock.

(H.)

FINANCIAL RETURNS, giving the most recent information relating to Savings Banks, Post Office Savings Banks, and Military Banks, including the entire Amount of Deposits placed in each kind of Bank from their commencement.

SAVINGS BANKS AND FRIENDLY SOCIETIES.

AN ACCOUNT of the Gross Amount of all Sums Received and Paid by the National Debt Commissioners on account of Savings Banks and Friendly Societies in Great Britain and Ireland from their commencement (August, 1817) to the 20th of November, 1865, inclusive.

----------------------+---------------------+---------------------- From August, 1817, to | Gross Amount of all | Gross Amount of all 20th November 1865. | Sums received |Sums paid to Trustees, | from Trustees, | including Interest. | including Interest | |up to 20th Nov. 1865.| ----------------------+---------------------+---------------------- | £ s. d.| £ s. d. Savings Banks. }| | Great Britain }|90,179,614 18 9 |51,142,506 15 0 & Ireland. }| | | | Friendly Societies.}| | Great Britain }| 5,509,975 4 3 | 3,594,271 4 11 & Ireland. }| | ----------------------+---------------------+---------------------- TOTAL. }| | Savings Banks and }|95,689,590 3 0 |54,736,777 19 11 Friendly Societies.}| | ----------------------+---------------------+----------------------

----------------------+----------------------+--------------------- From August 1817, to | Amount of Money, | Value of the 20th November 1865. | Principal and | Securities held by | Interest, due to | the Commissioners | the Trustees | (Nov. 1865), | (Nov. 1865), |at the Prices of that | including | day, to provide for | £302,030 8s.5d. | the Money due |due on account of the | to Trustees. |separate Surplus Fund.| ----------------------+----------------------+--------------------- | £ s. d. | £ s. d. Savings Banks. }| | Great Britain }|39,037,108 3 9 |36,010,477 4 7 & Ireland. }| | | | Friendly Societies.}| | Great Britain }| 1,915,703 19 4 | 1,071,198 3 6 & Ireland. | | ----------------------+----------------------+--------------------- TOTAL. }| | Savings Banks and }|40,952,812 3 1 |37,081,675 8 1 Friendly Societies.}| | ----------------------+----------------------+

Balance Deficient 3,871,136 15 0 --------------------- £40,952,812 3 1 =====================

POST OFFICE SAVINGS BANKS.

AN ACCOUNT of the Sums due to all Depositors in Post Office Savings Banks throughout the United Kingdom on the 31st March, 1865; of the Expenses of Management of the Post Office Savings Banks to the same date; of the Amount standing to the Credit of the Post Office Savings Banks, on the same date, in the books of the Commissioners for the Reduction of the National Debt; of the Balance in the hands of the Postmaster-General at the same date; and of the Amount of any Loss sustained by the Post Office Savings Banks from the Frauds committed in the Transmission of Deposits, or otherwise.

According to the Parliamentary Paper No 523, 1861, it was estimated that the cost of each transaction would be 7d. The actual average cost of each transaction has been 6-7/8d.

MILITARY SAVINGS BANKS.

AN ACCOUNT of the GROSS AMOUNT of all MONEYS Received and Paid by the COMMISSIONERS for the REDUCTION of the NATIONAL DEBT, and of the GROSS AMOUNT of STOCK BOUGHT and SOLD by and Transferred To the Said COMMISSIONERS on account of "The FUND for the MILITARY SAVINGS BANKS," Pursuant To Act 8 & 9 Vict. C. 27, S 5, From the 19th September, 1845, To the 5th January, 1866.

W. E. GLADSTONE, C. of E.} H. L. HOLLAND, Gov. } Commissioners. THOS. N. HUNT, Dep. Gov. }

National Debt Office,} A. Y. SPEARMAN, 15 February, 1866. } Comptroller-General.

POST OFFICE SAVINGS BANKS.

AN ACCOUNT of all DEPOSITS Received and Paid under the Authority of the Act 24 Vict. c. 14, during the Year ended 31st December, 1865, and of the EXPENSES incurred from the Commencement of Business, on 16th September, 1861, to 31st December, 1865, together with a STATEMENT of the TOTAL AMOUNT due at the Close of the year 1865 to all Depositors.

(a.)

ACCOUNT of all Deposits Received and Paid from 1st January to 31st December, 1865.

---------------------------------+------------------------------------------- £ s. d.| £ s. d. Balance brought |By Repayments from 1st forward 4,993,123 11 7| January to 31st December, | 1865, viz.-- To Cash received | from Depositors | from 1st | £ s. d. Jan. to 31st | Cash paid 2,303,525 2 10 December, 1865 3,719,017 13 4| Warrants ---------------| issued, 8,712,141 4 11| but not To Interest | cashed thereon up to | at date 15,085 11 7 31st December, | ---------------- 1865, computed | 2,318,610 14 5 according to | 7th and 8th | sections of the | above-cited Act, |Balance due at the close of and added to the | the year 1865 to all Principal Money | Depositors, inclusive of of the said | interest to 31st Depositors 132,869 13 7| December, 1865 6,526,400 4 1 ---------------| --------------- 8,845,010 18 6| 8,845,010 18 6 ===============| ===============

(b.)

EXPLANATION OF BALANCE.

----------------------------------------------------------------------- £ s. d. Balance due at the close of the year to all Depositors 6,526,400 4 1 =============== Moneys remitted to the Commissioners for the Reduction of the National Debt, from 16th September, 1861, £ s. d. to 31st December, 1864 4,800,900 11 8 Ditto ditto from 1st January to 31st December, 1865 1,402,789 16 2 --------------- 6,203,690 7 10 Deduct:-- Amount transferred from Post Office Savings Banks, and which has been written off the account of Post Office Savings Banks, at the National Debt Office, during the period from 16th September, 1861, £ s. d. to 31st December, 1864 4,210 1 4 Ditto ditto during the year ended 31st December, 1865 2,698 17 11 ------------ 6,908 19 3 --------------- Net Amount lodged with the Commissioners for the Reduction of the National Debt for investment 6,196,781 8 7

Add:-- Interest accruing to Depositors up to 31st December, 1865, including the Interest which accrued up to 31st December, 1864 310,755 16 9

Amount advanced on account of Charges of Management, not recovered until after 31st December, 1865 14,535 10 11 Balance remaining on 31st December, 1865, to be paid over for investment 4,327 7 10 -------------- 18,862 18 9 ------------ 6,526,400 4 1 ===============

(c.)

ACCOUNT of CHARGES of MANAGEMENT and of EXPENSES incurred for POST OFFICE SAVINGS BANKS, from their Establishment on the 16th September, 1861, to the 31st December, 1865.

------------------------------------------------------------------- £ s. d. Charges and Expenses for the period from 16th September, 1861, to the 31st December, 1864 91,848 7 4 Charges and Expenses for the year ended 31st December, 1865 49,526 13 10 -------------- 141,375 1 2 ==============

£ s. d. The sum standing to the credit of the Post Office Savings Banks Fund on the 31st Dec. 1865, at the National Debt Office, was 6,582,329 11 7

And on the same day there was in the hands of the Postmaster-General a balance of 4,327 7 10 ---------------- Making in all 6,586,656 19 5 ================ To meet a liability of £6,526,400 4 0 ================

Of this sum, which includes the Allowances to Postmasters, Letter Receivers, and others, for conducting Savings Bank business, 126,839l. 10s. 3d. was recovered from the Commissioners for the Reduction of the National Debt prior to 31st December, 1865, and 14,535l. 10s. 11d. has since been recovered from the Commissioners.

General Post Office,} STANLEY OF ALDERLEY, March, 1866. } Postmaster-General.

GEORGE CHETWIND, Receiver and Accountant General.

A. C. THOMSON, Assistant-Controller of Post Office Savings Banks.

(I.)

As the last sheet of this work was passing through the press, the Postmaster-General's Report for 1865, to which reference has already been made, has been printed. The information therein given respecting the progress of some of the measures which we have had under consideration is so important in itself, as well as illustrative and corroborative of our text, as to justify us in making the following extracts. These extracts, which are here given in his Lordship's own words, plainly show the deep interest he takes in those schemes, which have all been commenced during his term of office, and carried out under his immediate oversight and direction.

Post Office Savings Banks.

The depositors in Post Office Savings Banks increased in number during 1865 at the rate of 29 per cent.; the total sum deposited increased at the rate of 30 per cent. During the first part of the present year the business has increased in a still greater proportion. In the first nine weeks of 1865, the number of deposits was 258,917, and 48,777 new accounts were opened; in the first nine weeks of 1866, 331,027 deposits were made, and 58,472 new accounts were opened. "It is evident, therefore," says Lord Stanley of Alderley, "that great as had been the progress of the Post Office Banks up to the close of last year, there are good grounds for expecting a greater progress hereafter. And I am happy in being able to state, that the Scheme which was framed for the conduct of the Post Office Savings Banks, before any one of them was established, has been found to work well in each and all of its parts, and to admit of any expansion of business, no matter how great or how sudden that expansion of business may be. The officers by whom this Scheme was framed calculated, as a matter of course, upon a large and constant growth of business; but sudden augmentations, arising from causes which could not be foreseen, have been by no means unfrequent. In the first week of the present year, for instance, no less than 10,000 new depositors entered the banks; but even under such sudden and unexpected augmentations of business the scheme of operations has been found to work well."

The following is a comprehensive Statement of the Business of POST OFFICE SAVINGS BANKS from their commencement to the close of the Year 1865, of the Cost of that Business, and of the Funds in hand at the close of each Year.

+------------------------+--------------------------------------------------+ | | PERIOD. | | +--------------------------------------------------+ | |From |From |From |From |From | | |16th Sept|31st Dec.|31st Dec.|31st Dec.|31st Sept.| | |1861, to |1862, to |1863, to |1864, to |1861, to | | |31st Dec.|31st Dec.|31st Dec.|31st Dec.|31st Dec. | | |1862. |1863. |1864. |1865. |1865. | | | | | | | | +--+---------------------+---------+---------+---------+---------+----------+ | 1|Number of Post Office| | | | | | | | Savings Banks at | 2,535| 2,991| 3,081| 3,321| 3,321| | | close of Period. | | | | | | +--+---------------------+---------+---------+---------+---------+----------+ | 2|Number of Deposits | | | | | | | | received during | 639,216| 842,848|1,110,762|1,302,309| 3,895,135| | | Period. | | | | | | +--+---------------------+---------+---------+---------+---------+----------+ | 3|Total Amount of | £ | £ | £ | £ | £ | | | Deposits received |2,114,669|2,651,209|3,350,084|3,719,017|11,834,979| | | during Period. | | | | | | +--+---------------------+---------+---------+---------+---------+----------+ | 4|Average Amount of | | | | | | | | each Deposit | £ s. d. | £ s. d.| £ s. d.| £ s. d.| £ s. d. | | | received during | 3 6 2 | 8 2 11| 3 0 3| 2 17 1| 3 0 9 | | | Period. | | | | | | +--+---------------------+---------+---------+---------+---------+----------+ | 5|Number of Withdrawals| | | | | | | | during Period. | 97,294| 197,431| 309,242| 407,412| 1,011,379| +--+---------------------+---------+---------+---------+---------+----------+ | 6|Total Amount of | £ | £ | £ | £ | £ | | | Withdrawals during | 438,637|1,027,154|1,834,849|2,318,610| 5,619,250| | | Period. | | | | | | +--+---------------------+---------+---------+---------+---------+----------+ | 7|Average Amount of | £ s. d. | £ s. d.| £ s. d.| £ s. d.| £ s. d. | | | each Withdrawal | 10 2 | 5 4 0| 5 18 8| 5 13 9| 5 11 1 | | | during Period. | | | | | | +--+---------------------+---------+---------+---------+---------+----------+ | 8|Charges of Management| £ | £ | £ | £ | £ | | | during Period. | 20,591| 25,401| 45,856| 49,627| 141,375| +--+---------------------+---------+---------+---------+---------+----------+ | 9|Average Cost of each | d._ | d. | d. | d. | d. | | | Transaction, viz. | 6-7/10| 5-8/10| 7-7/10| 6-9/10| 6-9/10| | | of each Deposit or | | | | | | | | Withdrawal. | | | | | | +--+---------------------+---------+---------+---------+---------+----------+ |10|Number of Accounts | | | | | | | | opened during | 205,928| 185,934| 226,153| 239,686| 857,701| | | Period. | | | | | | +--+---------------------+---------+---------+---------+---------+----------+ |11|Number of Accounts | | | | | | | | closed during | 27,433| 44,760| 74,964| 98,725| 245,882| | | Period. | | | | | | +--+---------------------+---------+---------+---------+---------+----------+ |12|Number of Accounts | | | | | | | | remaining open at | 178,496| 319,669| 470,858| 611,819| 611,819| | | close of Period. | | | | | | +--+---------------------+---------+---------+---------+---------+----------+ |13|Total Amount standing| £ | £ | £ | £ | £ | | | to credit of all |1,698,221|3,377,481|4,993,163|6,526,400| 6,526,400| | | open Accounts, | | | | | | | | inclusive of | | | | | | | | Interest, to close | | | | | | | | of Period. | | | | | | +--+---------------------+---------+---------+---------+---------+----------+ |14|Average Amount | | | | | | | | standing to credit,| £ s. d. | £ s. d.| £ s. d.| £ s. d.| £ s. d. | | | of each open | 9 10 3 | 10 11 4 | 10 12 1 | 10 13 4 | 10 13 4 | | | Account at close | | | | | | | | of Period. | | | | | | +--+---------------------+---------+---------+---------+---------+----------+ |15|Total Sum standing to| £ | £ | £ | £ | £ | | | credit of Post |1,659,032|3,328,182|4,995,663|6,582,329| 6,582,329| | | Office Savings | | | | | | | | Banks on Books of | | | | | | | | National Debt | | | | | | | | Commisioners at | | | | | | | | close of Period. | | | | | | +--+---------------------+---------+---------+---------+---------+----------+ |16|Balance in hands of | £ | £ | £ | £ | £ | | | Postmaster-General | 35,692 | 44,413 | 5,522 | 4,327 | 4,327 | | | after allowing for | | | | | | | | Charges of | | | | | | | | Management, at | | | | | | | | close of Period. | | | | | | +--+---------------------+---------+---------+---------+---------+----------+ |17|Total Balance in | £ | £ | £ | £ | £ | | | hand, applicable |1,694,724|3,372,595|5,001,185|6,586,656| 6,586,656| | | to payment of | | | | | | | | Depositors, at | | | | | | | | close of Period. | | | | | | +--+---------------------+---------+---------+---------+---------+----------+ |18|Number of Old Savings| | | | | | | | Banks and Post | 3,157| 3,594| 3,659| 3,822| 3,822| | | Office Banks | | | | | | | | combined, at close | | | | | | | | of Period. | | | | | | +--+---------------------+---------+---------+---------+---------+----------+ |19|Number of Depositors | | | | | | | | in Old Savings |1,732,556|1,876,389|1,967,663|2,078,346| 2,078,346| | | Banks and Post | | | | | | | | Office Banks | | | | | | | | combined, at | | | | | | | | close of Period. | | | | | | +--+---------------------+---------+---------+---------+---------+----------+

These sums do not include the dividends accruing to the Post Office Savings Bank on the 5th January; that is, five days after the close of the account in each year.

The falling off in the cost per transaction during 1863 and the increase in that cost during 1864 are attributable to one and the same cause, viz., to the payment during 1864 of various charges properly belonging to 1863.

Insurances

"Of the whole number of persons whose proposals have been accepted:--

501 decided to pay their premiums - annually. 20 " " - half-yearly. 81 " " - quarterly. 5 " " - six times a year. 181 " " - monthly. 3 " " - fortnightly. and 18 have paid their premiums in one sum

"Of the whole number of persons who have commenced to pay premiums, 8 have allowed their policies to lapse by default, and 14, having defaulted, have on application been re-admitted. In no case, however, have I found it necessary to impose the prescribed fine for default.

"The total sum insured at the present time is 60,874l., and the gross annual premium income, exclusive of the sums received in single payments, is 1,924l.

"Of the whole number of proposers, 866 have been males, and 68 females. In a very few cases it has been necessary to charge an extra premium for extra risk, arising out of somewhat defective health; and in the case of a few married women, who were pregnant at the date of the insurance, it has been thought right to add to the first premium, but only to the first premium, a special premium of 10s. per 100l. to cover the risk attendant on confinements.

"No deaths have occurred up to the present time amongst the persons insured."

Annuities.

"Since the commencement of business, 238 proposals for the purchase of Annuities have been received; of these, 4 have been dropped, 4 are under consideration, and 230 have been accepted. Of the proposals which have been accepted, 150 have been for the purchase of Immediate Annuities, the amount of annuity purchased being 3,430l., and the purchase money being 39,774l. Of the remainder, 15 were for the purchase, by immediate payments, of Deferred Annuities, the amount of deferred annuity purchased being 232l., and the amount of purchase money paid down being 1,543l. The remainder, 65, were for the purchase of Deferred Annuities by annual or more frequent payments, the amount in course of purchase being 1,368l., and the amount of purchase money annually payable being 759l. Of the 238 intending annuitants, 103 were males and 129 were females. The remaining six proposals were for insurances on joint male and female lives.

"While the Government Insurance and Annuity Act was under consideration by the Legislature, an opinion was expressed that Friendly Societies which had undertaken to provide, in return for a single subscription, sick pay, old age pay, and death pay, would do well to make arrangements for the transfer of their old age and death risks to the Government, by payment, of course, of a proper consideration, and to confine themselves to dealing with the liabilities contingent on sickness. I have recently received a proposal from a large Friendly Society for the transfer of its old age risks to the Government, and the terms of the arrangement are now under consideration. I am informed, moreover, that other proposals of this kind are likely shortly to be made.

"On the whole, I am able to conclude my observations on this subject by stating, that the Scheme framed for the conduct of Insurance and Annuity business has worked smoothly and well; that the checks established for the protection of the Government have hitherto proved sufficient for their purpose; that the advantages of the measure are gradually becoming known to the classes for whose benefit it was devised, and that, looking to all the circumstances of the case, and the steady and continued growth of the business, the success of the measure may be regarded as established."

GOVERNMENT ANNUITIES AND INSURANCES GRANTED UNDER ACT 27 & 28 VICT. CAP. 43.

An Account showing the Number and Amount of Sums received and paid, and the Number and Amount of Contracts granted by Her Majesty's Postmaster-General, under authority of the Act 27 & 28 Vict. c. 43, from the Commencement of Business on the 17th April, 1865, to the 31st December, 1865, together with the Number and Amount of Contracts in existence on the 31st December, 1865, and the Amount paid for Charges of Management.

(I.)

An Account showing the Number and Amount of Sums received and paid on Account of Government Annuity and Insurance Contracts from the Commencement of Business on the 17th April, 1865, to the 31st December, 1865.

------------------------------+------------------++ | RECEIPTS || -- +-----+------------++ | No. | Amount || ------------------------------+-----+------------++ To Cash received for the | | £ s d || purchase of Annuities, | | || viz.:-- | | || | | || +---+------------+ | || |No.| Amount | | || +---+------------+ | || For Immediate| | £ s d| | || Annuities | 87|22,738 9 9| | || For Deferred | | | | || Annuities, | | | | || Money not | | | | || returnable | 27| 845 7 10| | || Ditto, Money | | | | || returnable | | | | || | 40| 497 7 6| 154|24,081 5 1|| +---+------------+ | || To Cash received for Fees on | | || Annuity Contracts | | 139 14 0|| | | || To Cash received from the | | || Commissioners for the | | || Reduction of the National | | || Debt for payment to | | || Annuitants:-- | | || +------------+ | || | £ s d| | || Gross | 430 5 0| | || Less Income Tax | 0 16 8| | 429 8 4|| +------------+ | || | | || To Cash received on account of| | || Contracts for the payment of| | || Sums at Death |1,076| 1,165 13 1|| | | || | | || | | || | | || | £|25,816 8 6|| ------------------------------+------------------++

++------------------------------+------------------ || | PAYMENTS ++ -- +-----+------------ || | No. | Amount ++------------------------------+-----+------------ ||By Cash paid to the | | £ s d || Commissioners for the | | || Reduction of the National | | || Debt for Investment on | | || Account of Sums received for| | || the purchase of Annuities. | |23,046 8 9 ||By Cash paid to Annuitants, | | || viz:-- | | || +------------+ | || | £ s d| | ||Cash paid | 423 13 4| | ||Warrants issued, | | | || but not cashed | | | || at date | 5 10 0| 33| 429 8 4 || +------------+ | ||By Cash paid to the | | || Commissioners | | || for the Reduction of the | | || National Debt for Investment| | || on account of Premiums | | || received on Contracts for | | || Sums payable at Death | | 984 0 0 || | | ||By Balance remaining to be | | || paid to the Commissioners | | || for the Reduction of the | | || National Debt on the 31st | | || December, 1865, viz.:-- | | || +------------+ | ||On account of | £ s d| | || Annuity | | | || Contracts, | | | || including Fees | 1,174 10 4| | ||On Account of | | | || Contracts for | | | || Sums payable | | | || at Death | 181 13 1| | 1,356 3 5 || +------------+ +------------ || | £|25,816 0 6 ++------------------------------+------------------

(II.)

An Account showing the Number and Amount of Contracts entered into by Her Majesty's Postmaster-General from the Commencement of Business on the 17th April, 1865, to the 31st December, 1865, and the Number and Amount of Contracts in existence on the 31st December, 1865.

+------------------------------------------------------+-----------------+ | | CONTRACTS. | | -- +---+-------------+ | |No.| Amount. | +------------------------------------------------------+---+-------------+ |Contracts for Annuities granted from the commencement | | £ s. d.| | of business on the 17th April, 1865, to the 31st of | | | | December, 1865, viz.:-- | | | | +--+------------+ | | | | | £ s. d.| | | |Immediate Annuities |87|2,100 0 0| | | |Deferred Annuities, | | | | | | Money not returnable |20| 438 4 0| | | |Deferred Annuities, | | | | | | Money returnable |25| 511 10 0|132| 3,049 14 0 | | +--+------------+ | | | | | | |Contracts for Sums payable at Death granted from the | | | | commencement of business on the 17th April, 1865, | | | | to the 31st December, 1865 |547| 40,649 2 4 | | | | | |Contracts for Annuities in existence on the 31st | | | | December, 1865, viz.:-- | | | | +--+------------+ | | | | | £ s. d.| | | |Immediate Annuities |87|2,100 0 0| | | |Deferred Annuities, | | | | | | Money not returnable |20| 436 4 0| | | |Deferred Annuities, | | | | | | Money returnable |25| 511 10 0|132| 3,049 14 0 | | +--+------------+ | | | | | | |Contracts for Sums payable at Death in existence on | | | | the 31st December, 1865 |544| 40,349 2 4 | +------------------------------------------------------+---+-------------+

(III.)

An Account showing the Amount paid for the Charges of Management from the Commencement of Business on the 17th April, 1865 to the 31st December, 1865.

+------------------------------------------------+-----------+ | | £ s. d.| | Salaries of Officers | 159 0 10 | | Stamps on Policies | 32 10 0 | | Fees to Medical Officers | 13 7 6 | | Incidental disbursements, including Travelling | | | Charges | 7 3 8 | | Postage | 123 4 5 | | +-----------+ | £| 335 6 6 | +------------------------------------------------+-----------+

INDEX.

Acknowledgement of deposits in Post Office Banks, 329-331.

Acts of Parliament relating to Savings Banks, Post Office Banks, Government Annuities, &c. See Appendix.

Althorp, Lord, moves for a bill to grant Annuities through the medium of Saving Banks, 69; replies to Mr. Attwood, 73.

Annuities, Government: first proposals for, 69; 347; alteration of the law relating to, 152; a new scheme is proposed in 1864, 348 et seq; Mr. Gladstone introduces a bill into Parliament concerning, 350; is discussed and carried, 353-362; regulations for working the measure, 362; how to purchase, 372-4; progress of the new measure of, 375-7.

Attwood, Mr. Thomas, M.P. opposes legislation for Savings Banks, 71; speaks against Savings Banks, 72; 82.

Auchterarder Savings Bank, failure of the, 137; particulars of this fraud, 193.

Auditors, Government proposals for, 146.

Australian Government Banks, 344.

Ayrton, Mr., M.P. on Savings Banks, 162; assists in bringing in a bill to regulate Savings Banks, 179; assists in bringing in the Consolidation Act, 182; respecting his connexion with Government banks, 277; strongly opposes the Post Office Bank Bill in Committee, 303; presides at a working man's meeting in London in opposition to the Government Annuities Bill, 359; opposes it in the House, 360.

Baines, Mr. E., M.P. advocates Mr. Sikes's proposals for Post Office Banks, 286; again, 301.

Bath, the Provident Institution of, origin of, 25.

Benefit Societies: compared with Savings Banks, 85; 86; disadvantages of, 37; unsound character of many of them, 353-5; oppose the Government Annuities Bill, 354, 356; on compulsory payment to, 391 note.

Bentham, Jeremy, proposes "Frugality Banks," 271; provisions of his scheme, 271-2.

Bentinck, Lord George, speaks on Savings Banks, 134.

Bilston Savings Bank, frauds in, 208 et seq; the Times on this fraud, 235.

Birmingham Savings Bank, 324.

Boodle, Mr., represents Savings Bank managers, 166; again, 173; gives evidence before the Committee of 1858, 173 note; on systems of book-keeping, 261; on confidence in trustee's names, 385 note.

Book-keeping, different systems of, 260; difficulty of effecting changes in systems of, 261.

Branch Banks, not in favour with Savings Bank managers, 286.

Bright, Mr., M.P. in favor of Government paying defrauded depositors, 142; on Government security, 232.

Brighton Bank fraud, 204 et seq.

Buckingham, Mr. J. Silk, on compulsory savings, 390-1.

Building Societies compared with Savings Banks, 382-3.

Bullar, Mr. John, proposes Postal Banks, 280 et seq; 343.

Business done in Post Office Banks, amount of, 313 et seq; nature of, 318 et seq.

Canterbury Bank fraud, 218 et seq.

Chadwick, Mr. Edwin, on Post Office Banks, 311.

Chalmers, Dr., on Savings Banks, 105; on the Interest Rate, 341.

Chetwynd, Mr., proposes a scheme for applying Savings Banks to the Post Office machinery, 292; the scheme is recommended by Mr. Scudamore, 293; adopted in full, 294; is appointed Controller of the Post Office Banks, 313; on the Government Annuities scheme, 349.

Clubs at Public Houses, 37.

Cobbett, William, M.P. on Mr. Rose, 46, 81; speaks of the bubble of Savings Banks, 81.

Committees on Savings Banks: one is appointed on Irish Banks in 1849, 130; reappointed in 1850, 135; one is appointed to go over the whole subject in 1858, 164; report of proceedings of Committee on 1858, 165 et seq; recommendations of the same, 169-170; one is appointed on the Annuities scheme, 361.

Compensation to Savings Bank officials, 328.

Compulsory enactments to secure frugality, 50, 389 et seq.

Consolidation Act of 1863, 182; clauses of the Act, Appendix (B) 400 et seq.

Co-operative Societies and Savings Banks, 382-3.

Corporation Savings Banks, Appendix, 410.

Cost of transactions in Post Office Banks, 305; 334-5.

Craig, Mr., of Cork, on systems of book-keeping, 260-1; objects to the taking of small deposits, 264.

Crossley, Sir Francis, advocates Mr. Sikes's plan, 298.

Cuffe Street Bank fraud: early history of this bank, 133; discovery of the actuary's defalcations, 115; subsequent management of the bank, 116; closing and its results, 118; a Committee is appointed concerning, 129-30; reappointed, 135; depositors are compensated by Government, 142.

Declaration, origin of the subscribing of the Savings Banks, 59; is an unnecessary limitation, 342.

Defects of Savings Bank system, 266-8; of the Post Office Bank system, 342-4.

Deposits: limit of the amount of, 53; altered in 1824, 59; average amount of, in Post Office Banks, 320; acknowledgment of, in Post Office Banks, 330-1; limit of the total amount of, in Post Office Banks unnecessary, 342-3; may be made available for paying premiums on Government Life Insurances, 367.

Depositors: defrauded, several members speak in behalf of, 150; number of, in Post Office Banks, 315; character of, in the same, 319; analysis of, in the same, 321; increase of, in the same, 320; number of Post Office Banks failing to obtain, 321; how they must proceed in Post Office Banks, 329 et seq.

Disraeli, Mr. M.P. speaks of Savings Bank legislation, 155.

Distribution of Savings Banks, the irregular, 236.

Douglas, Mr. M.P. introduces a bill to regulate Scotch Savings Banks, 57.

Duncan, Dr. Henry, of Ruthwell: Founder of Savings Banks, 28; early life, 29; literary pursuits, 30; proposes Parish Banks, 32; establishes the Ruthwell Bank, 33; assists in the establishment of other banks, 33-4; writes an Essay on Savings Banks, 34; his death, 57; advises Government encouragement and protection, 57; corresponds with Mr. Douglas on the subject, 58.

"Edinburgh Review," 1807, on Mr. Whitbread's proposals, 24; on Savings Banks, 28, 380.

Edinburgh Savings Bank, the original 40-43; many banks are formed on its model, 41.

Education, improvement in systems of, 6.

Employers of labour: recommended to consider a scheme of Life Insurance at work at the Post Office, 369; how they may assist their workmen in the same way, 370-1; their duty to their workmen, 386; their influence, 389-90.

Equalization of interest in different banks, 339-40.

Estcourt, Mr. Sotheron, and Savings Banks, 162-3; is appointed Chairman of Committee of 1858, 164; speaks on failures in legislation, 176; assists in bringing in a bill, 179; opposes Post Office Banks, 300; on Government Annuities scheme, 359; 361-2.

Exeter Savings Bank, establishment of, 26.

Expenses of different banks, 264.

Facilities, absence of, in Savings Banks, 239; not proportioned according to population, 240; increase of, 371.

Farquhar, Sir Minto, on the Government Annuities Bill, 359; 362.

Financial crisis of 1826: description of, 92; consequences of the, 93, 94.

Fletcher, Rev. H. S. and his frauds at Bilston, 208 et seq.

Frauds in Savings Banks: Cuffe Street, 111 et seq; Hertford Bank, 118; Tralee Bank, 184 et seq; Killarney Bank, 191 et seq; Auchterarder Bank, 193-4; Rochdale Bank, 203-4; Brighton Bank, 204 et seq; Mr. W. H. Grey on, 207-8; at Newport, Isle of Wight, 208; Bilston Bank, 208 et seq; Canterbury Bank, 218 et seq; return of, 223; Worcester Savings Bank, 225 note; the remedy for, 225; the result of, 231.

Friendly Societies: benefits of, compared with those from Savings Banks, 69; 85-6; disputes between, 80; oppose the Government Insurance measures, 351; unsound societies, 353; Mr. Gladstone on, 354-5; failure of, 356; defended by Mr. Sheridan, 357.

Frugality Banks proposed by Bentham, 271-2.

Gladstone, Mr., his connexion with the subject, 156; introduces a bill into Parliament in 1853, 157; withdraws it, 158; obtains leave to introduce further measures in the session of 1855, 158; speaks on the Government use of Savings Bank money, 159; introduces a bill relating to the investment of the same, 175; the bill is lost, 177; re-introduced and carried, 181; his connexion with Post Office Savings Banks, 179-80; considers Mr. Sikes's proposals, 288; urges the preparation of some such plan on the Post Office authorities, 291-2; brings in a bill to establish Post Office Banks, 294 et seq; speaks on the second reading, 301; again, in Committee, 304; answers objections to and questions concerning the bill, 305-6; as author of the bill, 312; on the interest given in Post Office Banks, 340; introduces his Annuities and Insurance scheme, 350; defends his plans in a long speech, 353-7; consents to the appointment of a Select Committee, 361; carries his measure through the House, 362.

Göschen, Mr., M.P., on the Government Annuities Bill, 360, 361.

Goulburn, Mr., incident in connexion with his official life, 66; opposes the reduction of the interest rate, 78; brings in a bill to amend the law, in 1844, 122; proposes a reduction of the interest rate, 124; assists the whigs in evading a full inquiry, 137; on Savings Bank money, 172.

Government Banks, proposals for, chap. VIII. 269 et seq.

Government and Savings Banks--its loss from Savings Banks, 74, 146; its gain from the use of Savings Bank money, 174; 268; makes good the loss from fraud, in one case, 141.

Government employés and provident habits, 387-8.

Greaves, Samuel, and the Canterbury Bank fraud, 218 et seq.

Guarantee Fund, first proposed by Mr. Sikes, 258.

Habits of workmen, improvements in, 10; 385; still need improvement, 390.

Hamburg, Savings Banks in, 18.

Hamilton, Rev. G. H. proposes Postal Banks, in 1852, 278; proposes that the Limitation clause be extended, 343.

Hancock, Dr., writes on Savings Banks, 235; referred to in connexion with, 256-7; his connexion with Postal Banks, 275-6; approves Mr. Sikes' plan, 288.

Hatton, Mr., a witness before the Committee of 1858, 165; investigates the Reading and Brighton frauds, 204; 206.

Haworth, George, and the Rochdale frauds, 195 et seq.

Herbert, Mr. H. A., M.P., speaks upon Irish Bank frauds, 157-9; moves a resolution disapproving the conduct of the Government in relation to Savings Banks, 154.

Hertford Savings Bank: origin of the, 27; defalcations in, 118; account of the fraud, 119; discussion in the House of Lords concerning the fraud, 120; again, 310.

Hill, Sir Rowland, on Mr. Sikes's plan, 286; 301.

Hindrances to the usefulness of Savings Banks, 105; frauds in Savings Banks, chap. VI. p. 183 et seq.

Hume, Mr. Joseph: his first speech on Savings Banks, 61; calls for a return, 63; speaks of the Government loss from Savings Banks, 62, 76; on the Surplus Fund, 64; speaks on the rate of interest, 74; 129; anecdote of, in connexion with Sir R. Peel, 129; speaks in favour of Sir Charles Wood's bill of 1850, 149-50.

I. J. K.

Improvement in the social habits of the working classes, 10; 385.

Improvidence of many classes, 13; 390.

Increase of Savings Bank business, 1825 to 1840, 97; of depositors and deposits in Post Office Banks, 315-7.

Inspection of depositors' books, 146.

Insurance, Government: early objections to the plan of, 153; later objections to, 351; bill to regulate, 349 et seq; carried, 362; features of, and details of the measure, 362; special advantages of, 363 et seq.

Interest given by Savings Banks: first rate of, 53; attracts the richer classes, 54; proposals to reduce the rate, 60; 75-6; the Westminster Review on, 76; Mr. Spring Rice on, 77; the consequences of the reduction of 1828, 95; fresh proposals to reduce the rate, 147; Savings Bank managers, differ on the question, 262; in Post Office Banks, 338 et seq.; Dr. Chalmers on, 341; Mr. Mill on, 341; shown by an interesting example, 381-2; interest given by Post Office Banks, 338-340.

Investment of Savings Bank money: an early dispute concerning the, 53; the mode of, is explained to the Committee of 1858, 170-1; Savings Bank managers object to the mode, 173; benefits to the Government of present arrangements, 174.

Irish Savings Banks: early banks, 44; at first beneficial to the country, 112; disastrous effects of the frauds in, 112; 118; Committees of Inquiry respecting, 130; 136; a bill is passed to amend the law relating to, 151; the frauds cause a breaking up of Irish banks, 236; number of Post Office Banks failing to obtain depositors in Ireland, 322.

Killarney Bank fraud, 191 et seq.

Legislation on Savings Banks: early measures of, 45 et seq; Savings Bank Acts are consolidated, in 1828, 65; Mr. Goulburn's bill, 123; amendment is proposed, in 1848, 133-4; Act is made to apply to Ireland only, 135; Sir Charles Wood introduces the Amendment Act of 1850, 139-40; shown to be much required, 141; is withdrawn, 151; an Act is passed to amend the law on Government Annuities, 153; Sir G. Lewis introduces the Government bill, 160; withdraws it, 164; a Committee of Inquiry is appointed, in 1858, 164-5; finding of the Committee, 168-9; Mr. Gladstone introduces a bill to provide for the investment of Savings Bank money, 175; withdrawn, 177; re-introduced and carried, 182; the Consolidation Act is introduced and carried, 182; Mr. Gladstone brings in and carries his bill to establish Post Office Banks, 294 et seq.

Lewis, Sir G. C., re-introduces the Government bill, 159; replies to objections, 163; withdraws it, 164; sees Mr. Sikes on Savings Bank reforms, 256.

Limit of Deposits: is altered, 53; again altered, 59; proposals to alter, 124; fresh proposals to alter, 147; in Post Office Banks, 342-3.

Maitland, Mr., of Edinburgh, 258 note.

Managers of Savings Bank: combine to oppose Mr. Goulburn's Act, 128; meet in London to oppose Sir C. Wood's scheme, 147-9; are examined before the Committee of 1858, 165; object to Government using their money, 173; differences of opinion amongst, 260-2; many object to take small deposits, 264; differ as to notices of withdrawal &c., 265.

Manchester Savings Bank, 240-1; compared with the Liverpool Savings Bank, 242.

Masters of Workmen: deducting part of the wages of their operatives for investment in Savings Banks, 272; their attention directed to the regulations for Government Annuities and Insurance, 363; their duties, 385; how they may assist their workmen, 387-8.

Mechanics' Institutes, and Savings Banks, 253.

Military Savings Banks, 243 et seq.; Acts regulation, 414 et seq.

Money Order Office: great progress of the, 285; assists in the business of Post Office Banks, 330; 333; all the offices to be Post Office Banks and agencies for the Annuities and Insurance business, 313; 375.

Money of Savings Banks: security of, 56; Mr. Gladstone speaks of the Government use of, 158; benefits derived from the use of, 174.

Monteagle, Lord, of Brandon examined before the Committee of 1858, 167; opposes the Post Office Bank bill, 303; makes a "protest" against it, 310.

National Debt Office, 155; mode of proceeding in, with reference to Savings Bank matters, 170.

Naval Savings Banks: proposals for, Appendix, 413.

Neild, Mr. J. H., of Manchester, examined before the Committee of 1858, 165; speaks as to increased facilities causing increased business, 241; instances the Liverpool Savings Bank, 242.

Newport, Isle of Wight, fraud in Savings Bank, 208-9.

Nineteenth Century, the century of the working man, 23.

Number of Savings Banks inadequate, 238; of hours during which they were open in 1861, 239; of Post Office Banks, 314; of old banks which have transferred their business to the new banks, 325 et seq.

Officials of Savings Banks, the change from paid to unpaid, and results, 143; compensation to, on the breaking up of institutions, 328.

Opposition to Government measures by Savings Bank managers, 128; 141-9; 163-4; 177-80; by Insurance Societies and Benefit Societies, 352; 360.

P. Q.

Pallmer, Mr., M.P., proposes the first Savings Bank Consolidation Act, 65.

Parochial relief to Savings Bank depositors, 52; depositors compared with the number of persons in receipt of, 230.

Pease, Mr. Joseph, M.P., on Savings Banks, 71.

Penny Savings Banks, 246 et seq.; advantages of, 249.

Poor Laws and Savings Banks, 49-50; the result of Savings Banks on, 98; shown by Table, 100-1; the Amendment Act of 1834, 102; 389.

Post Office and Life Insurance, 369-70; employés of, provided for by other provident measures, 387-8.

Post Office Savings Banks: in relation to the frauds in ordinary Savings Banks, 216-17; 222; their present and future position, 273; Handy Book on, 274 note; origination of the principle of, 274; persons wrongly credited with the origination of, 275-7; banks in connexion with the Money Order Office first proposed by Rev. G. H. Hamilton in 1852, 278; next by Mr. Bullar of the Temple, 280 et seq.; Mr. Sikes, of Huddersfield, proposes Post Office Banks, 284; the nature of his proposals, 284-5; addresses Mr. Gladstone in a printed letter, 287; Mr. Gladstone's reply, 288; the proposals are referred to the Post Office, 289; important objections to them, 291; Mr. Chetwynd proposes an entirely new scheme, 292; is recommended by Mr. Scudamore, 293; adopted by Lord Stanley of Alderley, 294; Mr. Gladstone carries a bill through the House of Commons to establish the banks, 294 et seq.; Lord Stanley of Alderley carries it through the Lords, 306 et seq.; receives the Royal Assent, 310; the benefit of the banks to the country, 312; their success, 313; their introduction into the country, 313; the amount of business done in, 313 et seq.; nature of the business done in, 318 et seq.; number of, at different times, 314-15; statistics relating to, 315 et seq.; increase in the number of depositors in, 317; have a special public, 319; their progress where they were not supposed to be wanted, 320; character of the new depositors in, 321; result of, on old banks, 322 et seq.; return of old banks which have transferred their business to, 325 et seq.; mode of transacting business in, 328 et seq.; information on the subject of, where obtainable, 329 note; as to depositing money in, 329-32; as to withdrawing money out of, 333; internal arrangements of chief Savings Bank, 333-4 note; cost of transactions in, 334-5; the peculiar advantages of, 335 et seq.; how affected by frauds, 336; security, 335; despatch, 336; secrecy, 337; engage to take small sums, 338; rate of interest in, 338 et seq.; Government Annuities scheme, an offshoot of, 350; 360; assist depositors in the matter of Government Annuities and Insurance, 367; Act regulating, Appendix 416 et seq.; further progress of, Appendix 430.

Pratt, Mr. John Tidd: appointed certifying barrister, &c. of Savings Banks, 67; his connexion with the Cuffe Street bank, 117; urges the reduction in the limit of deposits, 124; his powers are enlarged, 125; is blamed on account of Irish banks, 136; 139; exonerated by a Committee of Inquiry, 140; gives evidence before the Committee of 1858, 165; is consulted as to the Consolidation Act, 182; makes awards in the Tralee bank frauds, 191; in the Killarney case, 193; attends at Bilston on account of the frauds there, and explains them, 213-15.

Preliminary Savings Banks, 253-4.

Progress of Savings Banks: in their earlier stages, 89; shown by Table, 91; shown by Table, 97; shown by Table, 227; rate of, at different periods, 229; of Post Office Banks, 313 et seq.; progress of the additional measures, 375-7.

Progress of the country, between 1824 and 1840, shown by statistics, 103; shown again by statistics, 230-1.

Provident habits, increase of, 99; importance of cultivating, 378-80; masters of workmen should help to cultivate, 386-7; want of among large numbers, 390.

Provisions of the first legislative enactment on Saving Banks, 52-3; of the first Consolidation Act, 67-8; of the first bill to grant Annuities, 70; of Mr. Goulburn's Act of 1844, 127; of Sir Charles Wood's bill of 1850, 145 et seq.; of the Government Annuities and Insurance scheme, 364, et seq.; of the Acts at present in force with regard to Savings Banks, Post Office Banks, Annuities, and Government Insurance, Appendix.

Quarterly Review, on Dr. Duncan, 30-31; on the prosperity of the country in 1826, 92; on the progress of Savings Banks, 80; makes proposals for a system of banks, 273-4; on compulsory investment of workmen's earnings, 389; on Co-operative Societies, 383 note.

Rates of Interest: proposals to reduce the, 60; 75-6; 147; difference of opinion on the question, 262; different in different banks, 263; in Post Office Banks, 338 et seq; equalization of, 340.

Reading Bank fraud, 203-4.

Reform, agitation of 1831 & 2, 96; its consequences on Savings Banks, 98.

Reynolds, Mr., M.P., speaks on the Dublin Bank fraud, 136; proposes and carries a Committee of Investigation in 1849, 138.

Rice, Mr. Spring, defends the rate of interest given, 77; opposes Mr. Hume, 78; gives some interesting statistics on the matter of Savings Banks, 78. (See Lord Monteagle).

Rochdale bank fraud, 195, et seq.

Roebuck, Mr., M.P., on the Government Annuities bill, 385.

Rose, Right Hon. George, establishes the Southampton Savings Bank, 26; Cobbett's attack upon him, 46-7; introduces the first Savings Bank bill, 47; re-introduces it the year after, 49.

Rural districts, Savings Banks in, 109.

Ruthwell Bank: established by Dr. Duncan, 31 et seq.; rules, &c. of the, 37-40; character of the, 58.

Savings Banks: not an object of controversy, 16; the founder of, 28; the first bill for regulating, 65; compared with Friendly Societies, 85-6; their results on the general progress of the country, 1824 to 1840, 104; their merits disputed, 106-7; frauds in, Chapter VI. p. 183 et seq.; progress of, 227; list of counties without, 237; number of, in 1860, 236; absence of facilities in, 239; number of hours they were open in 1860, 239-40; return relating to the ten principal, 267; the principal defects of the Savings Bank system, 266-8; results of Post Office Banks on, 322 et seq.; list of those transferred to Post Office system, 325 et seq; and Government Annuities, 348; are preliminary means, 380; are safe and productive, 381-2; Abstracts of Acts relating to, Appendix, 400 et seq.

Scotch Savings Banks: early Acts relating to, 57-8; the Consolidation Act of 1828 extended to, 74.

Scudamore, Mr., reports on Mr. Chetwynd's plan of Post Office Banks, 293; on a scheme for working Government Annuities, 349; superintends the arrangements for introducing the measure, 362; devises a plan for assisting Post Office employés to insure their lives, 369.

Seamen's Savings Banks, 245-6; Act regulating, 412-13.

Secrecy in connexion with Post Office Banks, 337.

Security of Savings, the most important consideration, 51; erroneous impression as to Government security, 133; in Post Office Banks, 335.

Sharman, Mr., Handy Book, 274; 276; 329 note.

Sheridan, Mr., M.P., on Friendly Societies, 357.

Sikes, Mr. C. W., of Huddersfield; is a witness before the Committee of 1858, 164; his evidence, 167 note; 174 note; on the increase of facilities, 242; some particulars of his life, 250 et seq.; proposes Preliminary Banks, 253; writes a pamphlet called "Good Times," 255; addresses Sir G. C. Lewis on Savings Bank reforms, 256; his recommendations, 257-8; Government Banks, 274; proposes Post Office Savings Banks, 283 et seq.; addresses Mr. Gladstone on the subject, 287; defects of Mr. Sikes's plan, 291; supports the Government scheme, 301.

Slaney, Mr., M.P., on Savings Banks, 73; 151.

Smith, Rev. Thomas, of Wendover, establishes on of the first Savings Banks, 20-21.

Southampton Savings Bank, origin of, 26.

Spearman, Sir Alexander Y., 155; gives evidence before the Committee of 1858, 166-7; explains the mode of investing Savings Bank money, 170-71; on the Government loss, 268.

Stanley, Lord, of Alderley, takes charge of the Savings Bank Money bill in the House of Lords, 181; introduces and carries through the House the Post Office Savings Bank bill, 306 et seq.; carries the Government Annuities bill through the Lords, 362; 431.

Statistics, relating to Savings Banks, 91; 227; to Post Office Savings Banks, 315 et seq.; to Savings Banks, Post Office Banks, Government Annuities, &c. Appendix, 424 et seq.

Stillorgan Bank, the first Savings Bank in Ireland, 44.

Sunday Bank, the, at Hertford, 27.

Surplus Fund of Savings Banks, 64; Mr. Hume on, 75; can be applied to compensate Savings Bank officials, 328.

T. U. V.

Taxation, removal of, 4.

Taylor, Mr. E. of Rochdale, is examined before the Committee of 1858, 196; 199; writes a pamphlet arising out of the Rochdale frauds, 233; on Government security, 257.

Times, The: on early Savings Banks, 84; commences hostile criticism on Savings Banks, 105-8; on frauds on Savings Banks, 235; on Post Office Banks, 311; on Government insurance, 352.

Tottenham, an early Savings Bank at, 20.

Tralee Bank fraud, 184 et seq.

Transfer certificates, copy of, &c. Appendix 417.

Treasurers, Government proposals for, 145.

Trust accounts, legislation on, 125.

Trustees, Liability of: 60-61; unsatisfactory state of the law regarding, 111; mentioned in connexion with the Hertford Bank fraud, 120; legal decision on, 123; Sir C. Wood attempts to regulate the, 132.

Vansittart, Mr., M.P., on Savings Banks, 48; speaks of the safety of Savings Bank money, 56.

Wages, increase in the rate of, 230.

Wakefield, Mrs. Priscilla, establishes a bank in 1799, 19.

Wellington, Duke of, on military banks, 243 note.

Wendover, and early bank at, 20.

Whitbread, Mr., M.P., introduces his Poor Law bill, 21; proposes a Poor's Fund and Poor's Insurance Office, 23; further reference to his proposals, 270; 346; provisions of his measures. (See Appendix A).

Wilberforce, Mr., on Savings Banks, 50.

Willoughby, Sir Henry: opposes Sir C. Wood's bill of 1850, 150; 177; is a member of the Committee of 1858, 164; speaks in the House on the subject, 176; assists in bringing in a bill to remedy the defects of the law, 179; 182; opposes the Post Office Bank bill, 306.

Withdrawals, notices of: a subject of dispute, 265; concerning, in Post Office Banks, 232-3.

Wood, Sir Charles: proposes to amend the law of Savings Banks, in 1848, 131; opposes the motion for a Committee on Irish Banks, 137; proposes compensation to the Cuffe Street depositors, 141; brings in an important measure in 1850, 144; explains its provisions, 145-7; withdraws it, 151; replies to a vote of censure moved by Mr. H. A. Herbert, 155.

Worcester Savings Bank fraud, 225 note.

Working classes, improvements in the condition of, 10; do not need charity, 324; 385; like to be advised, 386; duty of employers to, 386-8.

LONDON: PRINTED BY R. CLAY, SON, AND TAYLOR

* * * * *

Transcriber's note:

Missing letters were added to incompletely printed words.

Punctuation was made consistent.

Italic marking was removed from abbreviations for shillings and pence in table column headers.

Footnotes were numbered sequentially and moved to the end of the chapter in which they occur. Footnote 49 refers to the table following the anchor. The table was moved to fall between paragraphs, rather than interrupt the paragraph. Footnote 56 refers to Table 3.

Very wide tables were split into sequences. Two table numbers were standardized to Arabic. A key code for column headers was added to the first table in Chapter IX.

Other changes:

two instances of 'artizan' were changed to 'artisan' two instances of "i. e." changed to "i.e." 'Rotherdam' changed to 'Rotherham' ... Guest and Chrimes, Rotherham. removed l from '5l percent' ...higher rate of 5 per cent.... space removed from 'sm all' ... investment of small surpluses,... italics removed from abbreviations for shillings and pence, in tables. 'Monquhilter' changed to 'Monquhitter' in the table in Chapter VI. 'pamphet' changed to 'pamphlet' ... of a pamphlet entitled ... 'gnee' changed to 'gone' ... to have gone so far,... index entry for Post Office Savings Banks: 'busi-' changed to 'business' ... nature of the business done in ... 'effected' to 'affected' ... how affected by frauds ...

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