10 FUR-SEAL FISHERIES OF ALASKA IN 1910. 



On every weekly order issued a saving of from 75 cents to $1.50 

 was made by reason of these reduced prices. In addition the price 

 of coal was reduced from $20 a ton to $12.75 plus a small charge for 

 stevedorage at either end. While no accurate computation has yet 

 been made, it is believed that by reason of the reduced prices of com- 

 modities sold the purchasing power of the natives mil be increased by 

 several thousands of dollars. 



Bank accounts. — When the Alaska Commercial Company in 1870 

 began taking seals under its lease, in addition to providing comfortable 

 dwellings for the native inhabitants, it also endeavored to encourage 

 thrift among them by receiving deposits of money from such natives 

 as desired to open savings accounts. On these accounts, which were 

 subject to check at all times, the company paid interest at the rate of 

 4 per cent on balances found on May 31 of each year. During the 

 period of this company's lease some natives had accumulated accounts 

 of over $2,000 each. 



These accounts were taken over by the North American Commercial 

 Company when it succeeded to the sealing privilege in 1890. While 

 during the 20-year lease of the latter company these funds on deposit 

 became smaller, due to the lessened amounts earned by the natives 

 and to distribution to nonresident heirs upon death of the owner of 

 the account, there still remained a few so-called bank accounts in the 

 hands of the North American Commercial Company at the time of 

 the expiration of its lease. 



When the contract of the North American Commercial Company 

 expired in 1910 these funds remained on deposit with it, and some 

 action with reference thereto became necessary on the part of the 

 Government, which then took over the active management of the 

 business. 



In the instructions dated May 9, 1910, it was directed that if the 

 balance on the bank account of any native was small it should be paid 

 by the company directly to the native; if, however, the native desired, 

 it should be held by the company and deposited in a safe financial 

 institution in San Francisco by the agent in charge as attorney in 

 fact for the benefit of the native owning the account, the interest to 

 be collected annually and paid directly to the native. 



Upon arrival at the islands last spring the natives were informed 

 of the situation and told that if they desired their money could be de- 

 posited in a bank in San Francisco previously selected, which would 

 pay interest at the rate of 3^ per cent per annum. They all assented 

 to the redepositing of their funds in the manner stated. 



Such small accounts as did not exceed $25 were paid to the owner 

 in cash by the company; the accounts of larger amount than that 

 stated were closed by the company's presenting the respective owners 

 with drafts for the several amounts. 



