THE FIRST THRIFT CONFERENCE 45 



This agricultural settlement places small farming properties within 

 the reach of the rural proletariat. The colony is pro^^ided with large ave- 

 nues, special plantations, an adequate system of irrigation, ditches for 

 outflow and drainage, captations of underground waters, installations 

 of drinking water and electric light, a farm school for practical instruction 

 as to growing all crops, a chair of theoretical agriculture, model stables, 

 etc : — in a word all that contributes to the agricultural labourer's intel- 

 lectual development and the improvement of his social position. 



This colon}' has its special savings bank as have all those formed by 

 the Chilian savings banks. 



§ 4. New services of the banks organized in accordance 

 with the resolution of the first thrift conference. 



As we said at the beginning of this article a congress of representa- 

 tives of all savings banks in Chile, called the First Thrift Conference, met 

 at Santiago in December 1915. Its object was to study methods which 

 would allow an even better response to public trust and esteem by a multi- 

 plication of the advantages provided by saving^ banks, and to intensify 

 the propaganda of thrift as much as possible- b}' giving it a uniform orien- 

 tation. 



Various new departments having such object were proposed and 

 examined by the representatives of the savings banks'. Some of them 

 have been adopted and are now at work ; others will soon become actual. 

 We will attempt briefly to explain the principal of them. 



In the first place the conference studied with much interest the for- 

 mation of capital becoming due after a certain period and of old-age annui- 

 ties, problems which are very important to social thrift ; and it decided 

 unanimously to constitute two services ad hoc in banks receiving deposits, 

 in order to form a capital of savings a.nd to constitute an annuity or pen- 

 sion falling due after a period. The savings and annuity bonds which ful- 

 fil these two objects were instituted on the initiative of the conference. 



Before we examine these bonds we must state that they are non- 

 transferable and, by the terms of the law^ exempt from seizure. 



They belong to two classes, according to whether the capital is formed 

 by a single deposit or weekly deposits. In the former case they may fall 

 due in five, ten, fifteen, twentyor twenty-five years according to the amount 

 of the single deposit, as follows : 



A) Basis 7 ys% annually. 



Falling due after Sum deposited 



5 pesos 695 



TO '> 480 



15 » 330 



20 r. 230 



25 » 160 



