74 FRANCE - CREDIT 



The work is under the management and supervision of the Central Office 

 of the National Savings Bank dependent on the Department of Public 

 Works. The accounts of the National Bank (Post Office Savings bank) are 

 audited by an accountant at the head office. All the rules respecting 

 deposits and payments fixed for the ordinary savings banks are also 

 in force for post office savings banks. There are special facilitations to 

 assist depositors in the post office to form their savings. To encourage 

 the poorest to econom}^ cards are distributed to which stamps may be 

 attached to the value of one franc, the minimum amount accepted as a 

 deposit. On ships and in every body of colonial troops branch post office 

 banks are estabhshed with the object of habituating the sailors and 

 soldiers to save instead of wasting their pay. 



Depositors in post office savings banks enjoy advantages over those in 

 ordinary savings banks. The holder of a post office book may make 

 deposits and receive payments in any post office, while the holder of an 

 ordinarj^ bank book must address himself exclusively to the office where he 

 opened his account, unless he transfers it to another bank. A person 

 who has opened an account in a French post office may, by virtue of 

 international agreements with Belgium (18S2) and Italy (1904) transfer 

 his account to a Belgian or Italian postal bank, or keep his account in 

 France, while depositing or withdrawing in any office of the above 

 mentioned States. 



The books of an ordinar3^ bank may be transferred to the post office, 

 and viceversa. 



Payments may be made at sight to those who keep their accounts in 

 the Central Office in Paris. Those who reside in Paris and those who are 

 only passing through the city may receive payments about half an hour 

 after the request has been made. The owner of a current account in the 

 Central Office may apply for his money in any post office in Paris or the 

 suburbs by pneumatic post, or by telegraph at his own expense. The rate 

 of interest paid to depositors is fixed in proportion to the profits on the 

 amount deposited after deducting the working expenses, but it must not 

 be less than 14 % o* ^^^ amount deposited. The deduction for expenses 

 must be . so calculated that the interest actually paid on postal deposits 

 shall be at least 25 centimes less than that paid by the ordinary banks. 

 The object of this is to protect the ordinarj^ banks against the compet- 

 ition of the post office banks. At present the rate of interest is 2 V, %. 



According to the law of April 9th., 1881, the National Savings Bank 

 (post office bank) must every day pay its surplus into the Deposit and 

 Consignment Bank. This bank keeps a part of the deposits in a current 

 account with the National Savings Bank at a rate of interest which must 

 not exceed that paid on Treasury bonds (law of December 26th., 1890). 

 The amount must not exceed 100,000,000 (law of February 27th., 19 12). 

 The rest of the deposits are converted into Government stock or stock 

 guaranteed by the Government. 



Independently of its bills and acceptances and of its current account 

 with the Deposit and Consignment Bank, the National Savings Bank pos- 



