40 CHII.E - INSURANCE AND THRIFT 



As the savings banks have never fixed a minimum for deposits all 

 workmen and artisans may bring them their savings, however modest. 

 For this purpose savings stamps and money-boxes have been instituted. 

 The stamps are sold at 0.20, 1 and 5 pesos ; and are placed in special books 

 which are presented in order that they may be converted into deposits. 



The Savings Banks of Chile use for their business non-transferable 

 savings-bank books, and have opened two classes of current accounts — 

 those repayable at sight and those for fixed terms and on conditions. 

 Certain restrictions as to available sums and the orders which may be 

 issued are imposed with regard to the former. Interest at the rate of 

 5 per cent, is paid on savings deposits. 



Savings banks are exempt in Chile from the payment of the tax on 

 stamped paper and the stamp tax, as from taxes on the postal orders the 

 send. They pay no postage on their postal and telegraphic correspon- 

 dence. 



2. The activity and the different services of the banks. 



The development of the business of the Chilian savings banks was at 

 first somewhat slow, but was afterwards accelerated — especially during 

 the last five years — so that the lack of initial speed has been outweighed. 

 Thus thirty-two years after the foundation of the Savings Bank of San- 

 tiago the banks at work in the country have a total sum in deposits of 

 107,415,241 pesos, corresponding to 604,420 savings-bank books. 



In view of this diversit}^ in the intensity of the development of their 

 business, the activit^^ of the banks may be divided into two periods — one 

 of weak development lasting from the foundation of the Savings Bank of 

 Santiago to the constitution of the National »Savings Bank, and one of in- 

 tense development lasting from the time of that constitution until the 

 present day. This is not to say that the increased activity is due solely 

 to tlie National Savings Bank, for the development of the Santiago bank 

 is perhaps more considerable in the second period. It is however true 

 that the constitution of the national bank was coincident with the win- 

 ning by savings banks of public favour, and responded to the consequent 

 demand ; and that it marked the beginning of their most active period. 



The following table shows the movement of deposits in these two 

 periods, for every five years and for every year, respectively. 



