TRANSACTIONS OF SECTION F. 73& 



do, those mistakes will be much fewer and less mischievous when full legislative 

 recognition and protection are afforded them than they were under the old rigime 

 of suspicion and repression. 



Loan Societies under the Act of 1840 are societies for lending sums of money 

 not exceeding 15/. to the industriou.s classes upon terms of a deduction of interest 

 at the time of granting the loan and a corresponding weekly repayment fixed to 

 commence at such a time that the rate of interest earned by the society shall be 

 about 12 per cent, per annum ; another instance of the experience which always 

 faces the poor man that he has to pay for any small accommodation he wants a 

 higher relative price than tlie man has who wants more. These societies are of 

 two types : the Friends of Labour Loan Societies, existing mainly in the metro- 

 polis, having two classes of members, investing and borrowing, but limiting the 

 subscriptions of the one class to the 15Z. which is the statutory limit of the loans 

 to the other class ; and what may be called the proprietary loan societies, existing 

 mainly in Yorkshire, making their loans to non-members, and consisting of a 

 small number of persons who contribute the whole of the capital, the holding of 

 each proprietor sometimes amounting to several hundreds of pounds. 



The Registry of Friendly Societies has for one of its functions that of granting 

 to societies which are exclusively for piu-poses of science, literature, and the fine 

 arts certificates exempting them from local rating. Though there can be no 

 question that these certificates are of great value to many e.xcelleut institutions, 

 such as public libraries, picture galleries, museums, and scientitic and learned 

 societies, which would find the liability to pay rates, in these days when rates have 

 increased and are increasing so largely, a serious deduction from the scanty means 

 at their command for maintaining their useful operations, yet I have very grave 

 doubts whether on economic grounds any such exemption from rates is capable of 

 being defended. The benevolent people who subscribe to mamtain these buildings 

 for the public good increase the burden upon the small ratepayer to the extent to 

 which they fail to contribute their share. The A ct of 1843 has more than once 

 been scheduled in Bills for repealing exemptions from rating, but those Bills have 

 not been passed, and the Act is still in force. 



There only remains to consider the case of Savings Banks, which are brought 

 in connection with the Registry of Friendly Societies by the Acts which confer 

 upon that office exclusive and final jurisdiction in the settlement of disputes, and 

 effectually oust the jurisdiction of the Courts of Law. Under these Acts many 

 thousands of disputes have been settled by my predecessors, my colleagues, and 

 myself, and at the present time an average of three appointments every week 

 during the busy time of the year has to be made to hear the parties. AVe see 

 much of the seamy side of life in these cases — many family and other quan-els of a 

 sordid character are brought to light — and it has been noted as a curious fact that 

 persons guilty of fraud or embezzlement seem frequently, but most unwisely, to 

 select the Savings Bank as the securest receptacle for their ill-gotten gains. On 

 the other hand many pathetic and touching instances of thrift and self-sacrifice 

 have been broughtunderour notice, and much evidence has been accumulated as to 

 the great value to the poor of these excellent institutions. As compared with the 

 several self-governing bodies to which I have already called attention, the Savings 

 Bank may not unfairly be described as the elementary form of organisation for 

 thrift. The depositor entrusts his money to it for mere safe custody and accumu- 

 lation, and has no voice in the application of it or control over its managers. All 

 he asks is that he may run no risk of losing it. Savings Banks are of three classes : 

 the 230 Trustee Savings Banks of the old type which still remain, and have to 

 their credit an undiminished amount of funds, though there were at one time 

 more than twice as many banks ; the Post Ofiice Savings Bank, which is one of 

 the many monuments still extant to the financial genius of Mr. Gladstone, and not 

 less to the administrative skill of the public servants who settled the lines upon 

 which it works, and which has increased the savings of the people more than three- 

 fold by bringing almost to every man's door the opportunity of making deposits. 

 I hope that it may meet in its new and splendid home at West Kensington with a 

 continuance and increase of the marvellous success which has-hitherto attended it. 



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