138 REPORT—1845. 
the needful labour be not withheld. On the other hand, it may create sur- 
prise that Lancashire, at the head of our manufacturing population, should 
stand so low in the scale with regard to the savings of the working classes, 
that there should be twenty-five counties of England, the average deposits in 
which are greater. This too is capable of explanation that must be satisfac- 
tory. In towns, and especially in places that are rapidly increasing, as the 
manufacturing towns and villages of Lancashire and the neighbouring counties 
have long been, more profitable opportunities present themselves for the in- 
vestment of small sums than are offered by savings’ banks. Among these 
opportunities building-clubs are common in those localities, and absorb the 
working man’s savings to an extent which few persons who have not inquired 
into the subject would conceive probable. 
The advantage held forth by the government to the working man as an in- 
ducement for him to save a portion of his earnings, was greater under the 
acts of 1817 than it is at present. The rate of interest then fixed was, as 
already stated, 3d. per centum per diem, or 4/. 11s. 3d. per cent. per annum, 
out of which the allowance made to depositors was usually 4 per cent., the 
remaining 11s. 3d. being retained to defray expenses. There was no restric- 
tion then placed upon depositors as to the amount of their savings ; they might 
deposit 100/. the first year and 50/. every year after, so long as they might 
be inclined or able to do so, and they might make investments in as many 
different savings’ banks as they judged proper and could effect. In time, 
however, parties not contemplated by the legislature in framing the law, find- 
ing that they could thus secure a higher rate of interest than was yielded by 
the public funds, and at the same time save all risk of fluctuation in the value 
of their deposits, used the savings’ banks to an inconvenient extent, and in 
1824 an act was passed limiting the amount that might be deposited the first 
year to 50/., and all future yearly deposits to 30/., with the further restrictions 
that no person should receive interest upon any amount beyond 200/., nor 
should be allowed to leave deposits in more than one savings’ bank. In 
1828 the rate of interest was reduced to 21d. per centum per diem, or 32, 8s. 
51d. per cent. per annum; the largest sum to be received in any one year 
was fixed at 30/., and 150/. was adopted as the largest sum upon which inter- 
est would be paid to any one depositor. In 1833 the laws relating to savings’ 
banks were extended to the Channel Islands, and in 1835, as already stated, 
they were made to embrace Scotland. ‘The latest act for the regulation of 
these institutions was passed in 1844; it further lowered the rate of interest 
paid by the public to 31 per cent. per annum, reducing to 2d. per centum per 
diem, or 3/. Os. 10d. per cent. per annum the allowance to depositors. This 
change took effect from and after the 20th of November 1844, the day to which 
the statements now brought forward are made up. Whether or not the allow- 
ing of a liberal rate of interest has much influence on the minds of the work- 
ing classes, leading them to spare a portion of their earnings, is a question 
which the result of this change may enable us to answer. If that answer 
should be in the affirmative—if the now diminished allowance for interest 
should in any degree check the disposition to saving on the part of the classes 
for whom savings’ banks are opened, the economy of parliament in thus re- 
stricting that allowance will prove a measure of very doubtful wisdom, and 
one as to which the legislature cannot too soon retrace its steps. 
It is to be regretted that the managers of savings’ banks have not generally 
availed themselves of the opportunities which they possess for throwing light 
upon the condition and habits of the various classes making deposits, by re- 
cording and publishing their occupations. Many years ago the Statistical 
Society of London addressed circular letters to each savings’ bank then exist- 
