On Post Office Savings' Banks, Sfc. 53 



Progressive Statement of the Post Office Savings' Bank in Victoria, from the 

 commencement of the System, 11th September, 1865, to 31st December, 

 1869. 





No. 



,. Deposits ^ 



Depositors' 



Balance 



No. of 



Year. 



of 



No. 



Amounts. 



Balances. 



to each 



Accounts 





Banks. 









Account 



open. 



1865 



31 



4,964 



£18,465 



£15,468 



£7 5 6 



2,126 



1866 



50 



25,909 



85,381 



58,690 



8 13 3 



6,774 



1867 



66 



37,624 



124,633 



103,075 



9 5 5 



11,118 



1868 



72 



45,408 



184,115 



166,061 



11 11 4 



14,356 



1869 



99 



51,528 



233,412 



243,478* 



13 12 6 



17,866 



It appears that 31 banks were opened in the first year, with 

 4964 deposits, amounting to £18,465 6s. 6d. : that in the year 

 1869 the number of banks had increased to 99, the number of 

 deposits to 51,528, and the amount to £233,412 l4s. ; and that 

 at the close of the year there was a sum of £243,478 at the 

 credit of 17,866 depositors in the hands of the Government. 



Independently of the Post Office Savings' Banks there are 

 established eleven Savings' Banks in the colony managed by 

 commissioners, in the same way that the New South Wales 

 Savings' Bank is managed by trustees ; and at the close of their 

 financial year, on the 30th June, 1869, they had 19,628 accounts 

 open, showing a balance of £735,139 19s. 6d. to the credit of 

 the depositors. 



So we see that in a colony one-fourth the extent of oars, 

 having a population one-third larger, and consequently much more 

 densely located, and more easily accessible by the ordinary local 

 Savings' Banks, the Post-office Savings' Banks have found an 

 extensive and profitable field of operation, and placed the benefits 

 of this great social movement within the reach of thousands who 

 otherwise probably would never have thought of laying by one 

 farthing. 



Let us now turn to our youngest daughter, and see what 

 Queensland has to ofi'er by way of example. We find an Act 

 passed in 1864 in that colony, " To grant additional facilities for 

 depositing small savings at interest, with the security of the 

 Government for due repayment thereof." 



This statute provides for the receiving of deposits not less than 

 five shillings, by police magistrates and others duly authorised. 

 The money to be remitted to the Treasury, and carried to such 

 account as the Governor and Executive Council may direct. 

 Interest to be paid at the rate of £3 15s. per cent. ; and by the 

 regulations, deposits are limited to the total sum of £500, 

 exclusive of interest. In the follo\\ing year a further statute was 

 passed, authorising the increase of the rate of interest to 5 per 



* To credit of 17,866 depositors, on 3 1st December, 1869. 



