17- 



HAVINGS-BANKS 



8AVONA 



namtr of uving Iwnk accounts in tin- I'liiied 

 Kingdom was 400,714. amounting to fU.. 'lit. I '.'.'. 

 In 1845, after the passing of the Art t 1-11. it 

 raw to 1,082,930, Usasjatfag to 36,748,868; and 

 at the iiitrixliirtiuii of tlio pout-office -\-t.m u.,~ 

 1,585,778, amounting to i'-H.iV.t, I4.V .Vt the close 

 of 1890 the total nmiilxT of depositors in the 

 tnutee and pout-office savings-banks combined wan 

 8,383,090, and tin 1 total amount due t<> them 

 amounted t<. 1 1 1 .-MS.862. 



The following talile shows the progress of the 

 system : 







*Wal. 



:- 



S3 



7 



Eajclaad asd Wal. 



Scotland 



Ireland . . 



hMTteadiad Wata. 

 (Scotland 



!-, . 



678,163 

 43,737 

 78.155 



796,066 



61 

 64 



1.377.S70 

 139.114 

 MJM 



i :.- ::- 



an 



M 

 a 



m 



45S 



408S 



ur 



U1S,3OT 

 186,186 

 60,184 



i -i ; - 



: ! |fl 



....- 



1,181,153 



i" 



S61 



7833 

 867 



--: 



. ! 



1.113,219 



. I -' ' 

 48.643 



1,6*6,781 



ia r. o. a 



4.468.086 

 174,438 



; - : 



4,817.314 



The percentage of debitors to total imputation 

 throughout the l'nite<l Kingdom was 2D in 1840; 

 4 in 1X50 ; 5'4 in 1860; 81 in 1870; 105 in 1880; 

 and in 1890 it was 19'1 in Kngland and Wales, 13'5 

 in Scotland, and 5-2 in Ireland. 



The total amounts due to depositors in trustee 

 banks and post-office banks was as follows : 



la Tili. I. rn no TM*I 



*-in1r Bukt Anat 



I t I . 4 I & 



W 40,663.139 1.C98.2S1 4S 981.360 88 8 8 10 S 



UTS M.680.66S 18.318.33B 68,998.081 17 16 11 13 7 10 



IMS 44.611,680 39,037.811 83,650.401 14 7 IS 13 1 



1MO 43,614.065 67.634.807 111,S48,86S S8 7 11 14 S 



The amount of stock standing to the credit of 

 depositors in savings-banks was as follows : 



114.687 



860368 



1.SW.OW 



738.888 

 S.46S.S6S 



4 - M 



883.836 

 S.10S.608 

 6.II60.SJ7 



In 1880 there were 1080 penny hanks established 

 ia schools, and in 1890, 2498 men banks. 



Tilt Cotrmmoif An,,,i,l,j unit Insurance S>/tttm. 

 The government insurance systam, tluni^li in 

 ilrlf dixtim-t, liaK hy recent Ic^i-latimi Im-mm- * 

 rliwely ronnwtod with tlic Mivingn-hankii *ystem 

 that it cannot ID- left nut of MatsMtBlloa in treat- 

 ing of the latter. lt foumiatiunn were laid in I -:t.'l 

 by the 3 and 4 Will. IV. chap. 14 (cxt'ii<l'il to 

 Hcotland in ItCIS), which allowol thn purchane of 

 annnitira, iiiiiiii-ljnti- or deferred, through the 

 iii'-liiiin <if Karingn-lNUikii or of MicirtieH atitlmriscil 

 to IK- mtahlinhed fur tin- ptir|Kme in parinheH where 

 there were no naving* lumk. nml the -\-.t<-n, :i , 

 fnrthi-r i|<-ki-lo|>n| in 1S.V1 Ky tin- 18 and 17 Viet. 

 chap. 4.1, and in 1N64 hy th; 27 and 28 Viet. chap. 

 4-1. Tin- ltt<-r art i* fml>odied in the I ><>i <-i nnn-nt 

 Aimnitii-" .\<-t. IH82, the one now governing tlic 

 wbject. t'nder Uiem statutes a 



bank annuity ' may be of any amount not exceed- 

 ing 100 a year, and may lie granted to any person 



i.!'-] in i- years of age, while a ' navinga-bank 

 in-iirance' may lie granted for not excveding 100 

 to any perwon between the ajpai of fourteen and 

 i\t> livr, or f<ir not exceed int; !'."> to 11 JMTSOII not 

 under eiyht yeant. ' Annuity and insurance rejfu- 

 liitinn-' iindiT tin 1 nets are niadf In the N;ilional 

 li.-iii ( 'oiiinii-- ionem as respecto trustee, nnd by 

 the IWina-ter general as re|>ect8 poHt-oflice 



I'.iU.-ii in eonjiinelion with the 



1880, these acts extend the limits of iim -i 

 meiit in any one year to 230 viz. 30 ordinary 

 deiNK.it, i'100 for investment in Mock, ami 100 for 

 an annuity or insurance; and to a total of 200 

 ordinary .feposit, 3OO stock. 10U insurance, and 

 an annuitv of 100. 



The Sarings-Itank Act of 1893 raised the limit of 

 ordinary ile|Nisil which may IK' maile in one year to 

 50, and the total of stock U> 50(>. 



In the I'liited Slates the Philadelphia Savings 

 Fund Sm-iety.' founded in 1816, received a state 

 charter in 1*819; between 1817 and 1846 twelve 

 states I iad granted charters ; fifty years later there 

 6H4 Havings- banks in the Tinted States. 



These do not belong to any connected national 

 system, each being regulatetf by the legislature of 

 its own state. Before 1870 there were MTV few 

 failures of -aviii". lianks : hut in the seven years 

 that followed no le-s than twenty-nine failed in the 

 state of New- York alone, not by reason of fraud, 

 hut mainly on account of commercial depression, 

 the panic of Is7.'l. and injudicious invest mcnt.s. In 

 1S74 the constitution of the New York state was 

 modified o as to prevent the legislature from jianc- 

 tioning any saving hank that did not strictly 

 conform to neurons conditions, fixing the duties 

 and reponsiliilities of trustees, prescribing the rate 

 of interest ( never to exceed 5 per cent, until a sur- 

 plus of l.'i per cent, of deposits as security has been 

 accumulate,!,, ami sp,-,-ii'\ jn^ the stocks in which 

 such liank- may invest. These ic^iilationg have 

 lieen adoiited by other states. Most of the states 

 have emleavoured, ineffectually, to prevent the 

 savings-lunik* from baootniag rivals toother lianks, 

 so as to ieser\i> their privileges for the poorer classes. 

 The follow inn tahle shows the progress of savings- 

 banks in the united States : 



H 



1845. 

 1876. 



I*po.lloi ToUl DxlU 



. 16 16.831 $2,537.083 



. 70 146,206 34,508,677 



.771 2,368,884 034,037,304 



.684 3,158,860 1,141,530,678 



1880 4,268,823 1,634,844,506 



See Lcwina, Hillary of Bant* for Saving* in Great 

 Britain and Inland (1866); Keye*. Hittorv of United 

 State* Sann : ii-lHinti (2 voU. New York, 18"S); Scratch- 

 ley' Prarlinl Trratiir (2d ed. 1863); The Late relating 

 to Trtiftee* and Pott-njfrr titirimji-bankt, by the present 

 writer ( 1878-84 ) ; the reporU of the Select Committees 

 on Savingt-bsnki of 1857 and of 1889 ; the annual reports 

 and returns; ahx> the articles I'.ANKIN... ( 'O-OPKBATIOM, 

 FRIENDLY SOCIETIES, J-CHUI.ZE-DKI.ITZHOH, kc. 



Snvona, a seagmrt of Northern Italv, on the 

 Culf of Cenoa, by rail 26 miles S. by \V. of the 

 city <if that name and 111 SSK. of Turin. A hand- 

 some modern town einlmwered in orangi'-grov-s, it 

 hsB ft Renaissance cathedral (l. r >S<) 1604), with the 

 tomb of I'OJK" Sixtim IV.; a casth- ( l.">42), now 

 used an a prison, in which Ma/y.ini was conlined in 

 1830-31; the I)ella Koverc Palace, a picture-gallery, 

 a marine institute, .Vc. The industries embrace 

 ironworks, lotteries, glass-works, tanneries, and 

 brick yards. Coal, wheat, and iron are imported, 

 and chestnut staves and jmttery exported. A 

 total of 642,000 tons (510,000 British) enters every 

 'ear. I'op. 24,481. The poet Chiahrera was born 

 The history of Savona has been a long 



