THE FIRST THRIFT CONFERENCE 49 



The new enterprises are seen to be exclusively enterprises of thrift 

 aiming at no gain : the bonds representing them are based solely on com- 

 pound interest. 



It is easily iiuderstood that the new services will be of especial benefit 

 to the working classes. A savings bond of 1000 pesos, the capital of 

 which has been constituted by weekly payments for twenty years, requires 

 a deposit of 12 pesos every six months, and may therefore be said to 

 be within the reach of every workman, however humble, since it involves 

 a saving of only 0.50 peso a week. 



The other services organized on the basis of the research and delibe- 

 rations of the First Thrift Conference, which will shortly become active 

 if the3- are not so now, are : a) a system of cheques with special depositing 

 forms ; b) special or privileged savings accounts ; c) safes , and d) the 

 organization of a home service within the sphere of each central or branch 

 office. The list of these services indicates their nature which has no par- 

 ticular interest for us. They will however give a certain elasticity to the 

 mechanism of the savings banks where the most modern banking opera- 

 tions are concerned. 



We will end these brief notes with the statement that the First Thrift 

 Conference proved by figures and data the importance of the work accom- 

 plished by the Chilian savings banks. The figures we have reproduced show 

 a constant and increasing rise in the curve representing the deposits 

 received by this bank. It has been possible to utilize the savings for the 

 increase of the wealth of the country and social progress. The workmen's 

 dwellings, the purchase of rural properties, the formation of colonies of 

 small proprietors, and the new services and commercial schemes show that 

 the Chilian savings banks have left behind them their initial phase of hesit- 

 ation and have succeeded in centralizing savings which will doubtless 

 ser\-e as a basis to the future economic development of the country. 



