TRANSACTIONS OF THE SECTIONS. 



153 



which I am indehted chiefly to the kindness of Mr. Scudamore, the Assistant 

 Secretary to the Post Office. 



The following Table shows statistically the progress of the Post-Office Savings' 

 Banks from their commencement in September 1861 to the 31st of August 

 1865:— 



It will be observed that there are now 3256 Post-Office Savings' Banks (or 

 nearly fivefold the number of the old Savings' Banks), and they are to be found in 

 almost every town, and in every populous district. Of the money deposited, a laro-e 

 portion woidd certainly never have been placed in the old banks. 



By the Postmaster-General's Report for 1864, it appears that at the opening of 

 the Post-Office Savings' Banks in September 1861, there were in the United 

 Kingdom 1,609,103 depositors in the old banks, whereas in March 1864 the 

 depositors in both descriptions of Savings' Banks numbered in the aggregate 

 1,887,510, showing an increase in two years and a half of 17 per cent. 



The average amount of each deposit diminished down to June last, since which 

 time it has risen nearly to its original amount. The amount of each deposit is 

 smaller in the Post-Office Savings' Banks than in the old ones, owing to the former 

 being constantly open, whde the latter usually transact business only once a week 

 or even once a fortnight, and the new banks are more brought home to the 

 depositors' doors. The rise in the amount of each deposit was caused bv the 

 closing of the old Savings' Bank at Canterbury, and the transfer of its deposits to 

 the Post Office. 



The average amount of each withdrawal increases as deposits accumulate, and 

 the average amount to the credit of each depositor increases steadily but slowly : 

 slowly, because the great number of new accounts constantly being opened keeps 

 down the average. This amount includes the interest due on the 31st December 

 last ; for interest is computed and added to capital at the end of every year. It is 

 estimated that at the end of this year there will be 600,000 depositors in the 

 Post-Office Banks owning £6,500,000 or £6,600,000. 



The recent Act enabling deferred annuities and life assurances to be purchased 

 through the Post-Office Savings' Banks cannot fail to be very beneficial to the 

 poorer classes. 



Besides providing for the investment of their savings, the Post-Office Banks 

 give to persons of small means the accommodation afforded to the wealthier classes 

 by ordinary banks, viz., a place of security for the amount kept for current ex- 

 penditure. I am acquainted with a lady of very reduced means living on a 

 small annuity, who, until the Post-Office Savings' Bank was established in her 

 neighbourhood, used to be kept in a constant state of anxiety lest her half year's 

 income should be stolen in the small houses wherein she was compelled to board. 



In conclusion, it should be mentioned that statements, to the effect that the 

 Savings' Bank duty is imposed on Postmasters without additional remuneration, are 

 untrue, as a special allowance is made to each, dependent upon the amount of busi- 

 ness done by him. 



