APPENDIX.

(A.)

An Abstract of the Provisions of Mr. Whitbread's Bill, as amended by Committee, “for establishing a Fund and Assurance Office for Investing the Savings of the Poor.” (1807.)[215]

This Bill provided that the Office of the Poor's Fund should be under the management and direction of so many Commissioners as his Majesty should see fit to appoint under his royal sign manual; that they should subscribe an oath to execute their powers and trusts faithfully and honestly; that any two of them might together execute the duties of the Office; and further, that the said Commissioners might, with the approbation of the Lords of the Treasury, appoint some person properly qualified to conduct the business, under the title of Accountant, and also such cashiers, clerks, and servants as they should find necessary.

It provided, that any person who should subsist wholly or principally by the wages of his or her labours should be entitled to the benefits and advantages of this Office, under and subject to the following

Rules and Regulations of the Office of the Poor's Fund.

1. That any proper person may so pay to the Accountant, or remit through the Post Office, any sum not exceeding five pounds.

2. That no person remit or pay more than 20l. in any one year, nor more than 200l. in the whole.

3. That when any sum is remitted through the Post Office, the Postmaster of the place from which the money is sent shall keep a proper record of each transaction, and adopt such measures as the Postmaster-General shall from time to time direct; and that each Postmaster shall receive for his trouble, from the person paying in the money, one penny in the pound upon the value thereof.

4. That cash accounts with each person shall be opened in the principal office in London, and that the money which may be paid or remitted shall be laid out each week in the purchase of perpetual annuities, the annuities so purchased to stand in the name of the Commissioners of the Poor's Fund.

5. That, after such purchase, the proportion of each person, from the amount contributed, shall be credited in a stock account, he or she being debited in the cash account for the sum expended.

6. That the dividends as they become due be likewise carried to the credit of the said persons; and on the sums amounting to ten shillings, the same shall be payable to him or her.

7. That the dividends may be allowed to accumulate, but principal and dividends must not exceed 20l. in any one year, nor 200l. in all.

8. That any person entitled to the annuities purchased in this manner who may wish to sell the whole or part, will be allowed to do so on signifying the desire personally, or in writing. In either case the person shall be furnished with a form of request for the purpose, and, when properly filled up and attested, the annuities shall be sold.

9. That the sale of all annuities desired in one week shall be made on some one day in the next.

10. That after the sale the proportion due to each person shall be carried to his or her cash account, and the money be payable forthwith.

11. That the Accountant shall make out and sign a warrant for the sums called for, the person giving a receipt on the warrant when it is paid.

12. That persons entitled to the money may authorize in writing any other person to receive the warrant, and after signing the warrant the money may be paid to such other person.

13. That any person residing beyond the limits of the two-penny post (London) may have such warrant transmitted through the Post Office.

14. That when a sum is paid to the cashier or other officer for the purchase of annuities, a proper receipt shall be given; that when a sum is transmitted through the post, the receipt shall be at once sent through the post; and that when the money has been laid out in such purchases as were ordered to be made, the certificates of such purchases, with their amount and denomination, shall be sent to the purchasers, or such other persons as they shall appoint.

15. Provides for the investment of small surpluses, and the payment of the dividends upon them.

16. Provides that no payment, gratuity, or reward shall be allowed to be made to any person employed in the Office of the Poor's Fund over and above the regular salaries determined upon.

* * * * *

Other clauses of the Act provided that the expenses of the Office should be defrayed by such sums as were secured by the dividend, interest, and accumulations of the surplus arising from unclaimed dividends, the remainder of the expenses being borne on the Consolidated Fund.

* * * * *

With regard to The Poor's Assurance Office, the Bill provided for the appointment of the principal conductor, who should be called “the Actuary,” in the same manner in which “the office of Accountant” was to be created for the former business.

It provided for the calculation of Tables, which Tables should produce “sufficient funds to answer the payments to be assured, as well as the charges and expenses of the establishment and management of such Assurance Office;” that these Tables should be varied; that they should be approved by the Lords of the Treasury, who should make them public in such manner as they saw fit.

The persons who were entitled to the benefits of the Poor's Fund should also be entitled to the benefits of Assurance Office under the following

Rules and Regulations of the Poor's Assurance Office.

1. That any person desirous of insuring his life shall deliver or send the usual particulars to the Assurance Office.

2. That in every case proof of age and proof of sound health should be produced; the affidavits in each case to be sworn to before a Justice of the Peace.

3. That, in the case of any misrepresentation being proved in the original proposals, the sums paid shall be forfeited.

4. That the Actuary may require any persons proposing to insure to attend personally at the Assurance Office, providing they live within the limits of the London two-penny post.

5. That no payment for any assurance, whether annually, half-yearly or quarterly, shall be less than ten shillings.

6. That no annual payment, nor the entire yearly amount of payments, shall exceed five pounds; that no assurance shall be made for more than 200l.; or if a gross sum and an annuity shall both be assured to the same person, the whole shall not exceed the value of 200l.

7. Provides for fines for arrears according to the time which has elapsed, and for renewing a policy which may have become void.

8. That all money received shall be vested in transferable annuities, as in the case of the Poor's Fund.

9. Provides for payment on proof of death—the affidavit to be sworn to before a Justice of the Peace.

10. That the rules for the management of the Assurance Office, and the remuneration to be paid to its officers, shall be settled on the same basis as those for the Poor's Fund.

* * * * *

The Act then goes on to provide that the Commissioners shall be empowered to frame rules for the guidance of the officers of each Office; that the Commissioners to be appointed shall deliver to the Governor and Company of the Bank of England a true and attested copy of their commission of appointment; that this shall be their authority for transacting business with the Bank, and shall be received and admitted as evidence in all courts of law and equity, and before all judges and magistrates, of the due and legal appointment of the Commissioners, and authorizing them to exercise all the powers and authorities granted to them under the Act.

The Act then further provides that all dividends, &c., shall be exempted from the tax on property, and from the stamp duty on probates and letters of administration.

That the policies and other instruments shall be exempt from stamp duties.

That all letters and packets shall be sent by or through the Post Office, to or from either of the two departments, exempt from the payment of all postage.

The Act concludes by making provision for the punishment of forgery and perjury.

[215] Referred to at some length at page 23, and other portions of this work, where the preamble of the bill is given.

(B.)

An Abstract of the Provisions of the Consolidated Act of 1863, entitled “An Act to Consolidate and Amend the Laws relating to Savings Banks.” (26 & 27 Vict. cap. 87.—28th July 1863.)

Sec. 1. Provides for the Repeal of previous Acts and parts of Acts, as set forth in the following Schedule:—

Date of Act.Title.Extent of Repeal.
9 Geo. IV. c. 92.An Act to consolidate and amend the Laws relating to Savings Banks.The whole.
3 Will. IV. c. 14.An Act to enable Depositors in Savings Banks and others to purchase Government Annuities through the medium of Savings Banks, and to amend an Act of the Ninth Year of His late Majesty to consolidate and amend the Laws relating to Savings Banks.Sections 21, 22, 25, 28, 29, 30, 31, 32, 33, 34, and 35.
5 & 6 Will. IV. c. 57.An Act to extend to Scotland certain Provisions of an Act of the Ninth Year of His late Majesty to consolidate and amend the Laws relating to Savings Banks, and to consolidate and amend the Laws relating to Savings Banks in Scotland.The whole.
7 & 8 Vict. c. 83.An Act to amend the Laws relating to Savings Banks, and to the Purchase of Government Annuities through the medium of Savings Banks.The whole.
11 & 12 Vict. c. 133.An Act to amend the Laws relating to Savings Banks in Ireland.The whole.
17 & 18 Vict. c. 50.An Act to continue an Act of the Twelfth Year of Her present Majesty for amending the Laws relating to Savings Banks in Ireland, and to authorize Friendly Societies to invest the whole of their Funds in Savings Banks.Section 2.
22 & 23 Vict. c. 53.An Act to enable Charitable and Provident Societies and Penny Savings Banks to invest all their Proceeds in Savings Banks.The whole.
23 & 24 Vict. c. 137.An Act to make further Provision with respect to Moneys received from Savings Banks and Friendly Societies.The whole.

Sec.[216] 2. Provides that persons who may have formed or shall form any society or institution of the nature of a bank to receive deposits of money for the benefit of persons depositing the same, accumulating at compound interest, and repayable when required, but, after the necessary expenses have been met, deriving no benefit from such money, shall have the benefit of this Act if they wish it. The conditions annexed are, that such persons shall cause the rules and regulations for the conduct of the business to be entered, deposited, and filed, as shall be afterwards directed.

Further, that no bank, the rules of which shall not be sanctioned and approved by the National Debt Commissioners, shall be entitled to the provisions of this Act. (a)

Sec. 3. Savings Banks under the Act shall keep a book in which shall be entered the rules of each bank, and these books shall be open at all reasonable times to the inspection of depositors. When any of the rules are altered, such alterations to be entered in the book. The rules not to be in force till such alteration is made. (a)

Sec. 4. Two written or printed copies of rules shall be sent by Savings Bank trustees to the certifying barrister, who must certify that they are according to law; the certificate of the barrister to be paid for by a fee not to exceed one guinea; and the barrister, after certifying the rules, to return one copy to the trustees and transmit the other copy to the National Debt Commissioners. (a)

Sec. 5. Every Savings Bank certified under the provisions of this Act to bear the title of “Savings Bank certified under the Act of 1863;” any other bank, company, or person adopting this title, to be declared guilty of a misdemeanour, and punishable accordingly.

Sec. 6. Requires that the following regulations shall be adopted and enrolled among the rules of all Savings Banks:—

(1) The treasurer, trustees, or managers shall not derive any benefit from deposits, nor directly or indirectly have any salary, allowance, profit, or benefit whatsoever beyond their actual expenses for the purposes of the bank. The expenses of management, including the remuneration to paid officers, does not come within the meaning of this clause. (a)

(2) That not less than two persons, being trustees, managers, or paid officers employed for this specific purpose, shall be present on all occasions of public business, and be parties to every transaction of deposit and repayment, so as to form a double check of every such transaction.

(3) The depositor's pass book to be compared with the ledger on every transaction of repayment and on its first production after the 20th of November in each year.

(4) The depositor to produce his book at least once in each year for this examination.

(5) No receipt to be taken or money paid except at the bank and during the hours of public business.

(6) A public accountant or auditor, not of their own body, to examine the books of the bank, and to report the result, not less than once in every half-year, and to report to the committee of management the correct amount of the liabilities and assets of the bank.

(7) That a book containing an extracted list of each depositor's balance, omitting the name, but giving the distinctive number and separate amount of each, checked and audited as above, be open during the hours of public business for the inspection of any depositor.

(8) The trustees or committee of management to hold meetings at least every half-year, and keep minutes of their proceedings in a book to be provided for the purpose.

(9) In the case of banks having branch agencies, the rules to provide for the due receipt and accounting of all moneys received; for the presence of a second party to every transaction; and for a periodical examination of the depositor's book.

Sec. 7. Provides that the trustees of every Savings Bank shall transmit weekly returns to the National Debt Office, giving such particulars as the Commissioners shall direct, showing the week's transactions and the cash balances remaining in the treasurer's hands.

Sec. 8. The treasurer, actuary, or cashier, and every paid officer of a Savings Bank entrusted with the receipt of money, to give security by means of bond or bonds, with one or more sureties, to the Comptroller-General of the National Debt Office. (c)

Sec. 9. Provides that any officer receiving deposits and not paying them over to the managers shall be guilty of a misdemeanour. (c)

Sec. 10. The moneys, goods, chattels, and effects of all Savings Banks to be invested in the trustees for the time being. (a)

Sec. 11. No trustee or manager of Savings Banks in Great Britain shall be personally liable except—

(1) For moneys actually received by him on account of said banks and not paid over in the usual manner.

(2) For neglect or omission to comply with the above recited regulations as to the maintenance of checks, the audit of accounts, the holding of meetings and the keeping of the minutes of the same;

(3) Or for neglect in taking security from his subordinate officers.

Sec. 12. Trustees or managers in Ireland may limit the amount of their responsibility by declaring in writing that they are willing to be answerable for a specific amount only, which shall not be less, however, than 100l. At the same time Irish trustees, &c., to be liable for amounts actually received by them and not accounted for. (d) and (e)

Sec. 13. Provides that the treasurer or any trustee may be required, on a demand from not less than two trustees and three managers, or from a meeting of trustee and managers, to pay over all the moneys remaining in his or their hands, and assign and transfer or deliver all securities and effects, books, papers or other property, to such persons as may be appointed to receive them; proceedings to be taken in case of any neglect or refusal to comply with the demand. (a)

Sec. 14. Provides that executors, &c., of officers of Savings Banks shall pay money due to Savings Banks, in case of death, bankruptcy or insolvency, before any other debts whatsoever. (b)

See. 15. The trustees of Savings Banks shall invest all the money received by them in the Banks of England or Ireland; and no sum or sums shall be paid or laid out by trustees in any other manner or upon any other security whatever, except only such sums of money as from time to time must remain in the hands of the treasurers of such banks to answer the exigencies thereof. This provision not to prevent any depositor withdrawing his money from a Savings Bank and investing the same in any other securities. (a)

Sec. 16. Provides that trustees of Savings Banks may receive money from depositors and apply it for their benefit in any other manner agreed upon. (a)

Sec. 17. Provides that central banks may invest the money of branch banks in the manner already described. (a)

Sec. 18. Provides penalties for false declarations for the purpose of paying money into the Banks of England or Ireland. (a)

Sec. 19. The Commissioners of the National Debt to invest the money paid into the bank in the purchase of bank annuities, Exchequer-bills, or parliamentary securities of whatsoever kind created or issued, or any stock or debenture guaranteed by authority of Parliament; the interest arising from the money so invested to be in like manner invested as above. (a)

Sec. 20. Makes it lawful for any three or more National Debt Commissioners to execute and to do all matters and things required by the operations of this Act. (b)

Sec. 21. Money invested with the Commissioners to be allowed interest at the rate of three pounds five shillings per cent. per annum. (c)

Sec. 22. Interest due from the Commissioners to be calculated half-yearly up to Nov. 20 and May 20, and carried to the account of Savings Bank additional principal. No interest to be allowed on any fractional part of a pound. (a)

Sec. 23. Interest arising to depositors may be calculated yearly, or twice a year, and carried to the principal. Interest to depositors not to exceed three pounds and tenpence per cent. per annum. (c)

Sec. 24. Trustees of Saving Banks to appoint an agent who shall be authorized to receive money from the Commissioners for repayment to depositors. The agreement for the appointment of this agent, signed by two trustees, shall be deposited with the Commissioners; but it may be revoked and another appointment made.

Sec. 25. Trustees may draw for the whole or any part of the sum placed in the hands of Government by drafts on Commissioners; interest to be added by the cashiers of the bank. (a)

Sec. 26. Drafts exceeding 5,000l. must be signed by four trustees, and their signature must be attested by separate witnesses, who may be managers or other creditable persons. Drafts for 10,000l. not to be paid before fourteen days after the receipt of such drafts. (a)

Sec. 27. Repayment of more than one draft of 10,000l. to any one bank not to be made in any one day. (a)

Sec. 28. Trustees may receive in person, instead of through the usual agent, payment of drafts properly executed. (a)

Sec. 29. The surplus after paying necessary expenses of banks to be paid over to the Commissioners for investment in a separate account; and trustees may draw upon such surplus fund for the purposes of the Savings Bank by certificate. (a)

Sec. 30. Deposits of minors may be taken, and repayment may be made before the person has attained the age of twenty-one. (a)

Sec. 31. Repayment to be made to a married woman who may have deposited money, unless the husband of such woman shall give notice in writing that he requires payment to be made to him. (c)

Sec. 32. The funds of charitable societies, penny banks, &c., may be deposited in Savings Banks; if with the approval of the Commissioners, without any restriction as to the amount; and without that approval, to the extent of 100l. per annum, or 300l. in this whole. (e)

Sec. 33. The funds of any friendly society, legally enrolled and certified, may be invested without any restriction as to amount, provided a copy of the rules of such society is deposited with the Savings Bank. (d)

Sec. 34. The receipt of the treasurer, trustee, or other officer of any such charitable institution, penny bank, or friendly society, shall be deemed a sufficient discharge for any money deposited and withdrawn from the Saving Bank. (a)

Sec. 35. Members of friendly societies, penny banks, &c., may also subscribe to any Savings Bank. (a)

Sec. 36. No sum to be taken in a Savings Bank without the depositor discloses his name, profession, business, and residence; these particulars to be entered in the books of the office. (a)

Sec. 37. Persons allowed to deposit as trustees on behalf of others; but repayment can only be made with the receipt of the trustee and also the person or persons for whom the trust account has been held.

Sec. 38. Provides that it shall not be lawful for depositors in any one Savings Bank to deposit in any other Savings Bank. A declaration to this effect must be made at the time of the first deposit. The penalty on a false declaration to be forfeiture to the sinking fund of all deposits. The declarations to be filed, and a copy with the penalty attached thereto to be annexed to, or printed in, the deposit book. (a) and (c)

Sec. 39. Deposits of more than 30l. cannot be received in any one year, nor more than 150l. in the whole; and when principal and interest together amount to 200l., interest shall cease till it is brought below that sum. (a) This prohibition not to extend to accounts opened before July 1828. A depositor may close his account and make further deposits as a new depositor.

Sec. 40. Depositors may transfer their accounts to any other Savings Bank by means of transfer certificates, the form of which is presented in Appendix (C).

Sec. 41. In the case of a depositor dying and leaving any sum exceeding 50l. the money must not be paid except upon the probate of the will of the deceased depositor, or letters of administration of his or her estate and effects. No duty to be paid on probate when the estate is under 50l., provided the person claiming such probate or letters of administration produce a certificate of the amount of the depositor's interest in the bank at the time of his death. (a)

Sec. 42. Administration bonds, &c., for effects not exceeding 50l. sterling shall be exempted from stamp duty. (a)

Secs. 43, 44, 45. Make provision for payment when depositors die without a will, to those who appear to be next of kin, &c. (a)

Sec. 46. Makes provision for payment on the death of an illegitimate depositor according to the statute of limitations.

Sec. 47. Adapts the provisions of the Act as to intestate depositors to the law of Scotland. (b)

Sec. 48. Provides that any dispute arising between the trustees of Savings Banks and any individual depositor or his representatives, the matter in question shall be referred to the barrister appointed by the Act, and “whatever award, order, or determination shall be made by the barrister shall be binding and conclusive on all parties, and shall be final to all intents and purposes without any appeal.” (c)

Sec. 49. On being referred to, the barrister may inspect any book or books belonging to the bank in question, and may administer oaths to witnesses; false evidence to be perjury, and the offender prosecuted and punished accordingly. (c)

Sec. 50. No powers of attorney given by trustees or depositors, no drafts or orders, no instrument of appointment or instrument for the revocation of any appointment, no determination or order of the revising barrister, nor any other instrument whatever required to be given, issued, signed, made, or produced in pursuance of this Act, to be subject to or charged with any stamp duty or duties whatsoever. (a)

Sec. 51. Provides for the appointment of auditors in Ireland, whose names shall be sent up to the National Debt Office without delay. (d)

Sec. 52. Every depositor in Ireland to be furnished with a deposit-book which shall contain the rules of the bank printed at length. A duplicate copy of the rules, and also of every annual statement, shall also be exhibited from time to time in each Irish bank, and shall be open to the inspection of every depositor. (d)

Sec. 53. Provides for the regular inspection of the books of Irish depositors, not less than twice every year. (d)

Sec. 54. Commissioners may close accounts with Savings Banks in Ireland which do not comply with their instructions, and re-open them if they think fit. (c) In each case the Commissioners shall forthwith publish a notification of the account being closed, or of the account being re-opened, in the Dublin Gazette, and also in some newspaper published in the county in which the said bank is established. (d)

Sec. 55. For the more effectually ascertaining from time to time the actual and progressive state of all Savings Banks enrolled under this Act, the trustees of every bank shall annually cause a general statement of the funds of their bank to be prepared up to the 20th November in each year, showing the balance or principal sum due to all the depositors, a statement of the expenses incurred, stating in whose hands such balance is then remaining. Such annual statement shall be attested by two managers or trustees, or one manager and one trustee, and countersigned by the secretary or actuary of such bank, and shall be transmitted to the National Debt Office in London or Dublin (as the case may be) within nine weeks from the date above given. If trustees neglect to transmit this account, or refuse to obey the other orders or directions of the Commissioners, then it shall be lawful for the Commissioners to close the accounts of such trustees who thus transgress, and also lawful to re-open them if they see occasion. (a)

Sec. 56. If the accounts are not prepared and transmitted within the prescribed time, it shall be lawful for the Commissioners to forthwith publish in the London Gazette, and a newspaper published in the county where the bank is situated, the name of such defaulting bank. (b)

Sec. 57. The Commissioners are empowered to call for a detailed statement of all the expenses incurred in the management of any Savings Bank. (b)

Sec. 58. The treasurer of a Savings Bank must sign the annual statement, where it is shown by that statement that any sum of money belonging to the bank is in his hands. (b)

Sec. 59. A duplicate of every such annual statement, accompanied by a list of the trustees and managers for the time being, shall be publicly affixed and exhibited in some conspicuous part of each Savings Bank for the information of all depositing therein; and every depositor shall be entitled to receive from the Savings Bank a private copy of the annual statement on payment of one penny. (a)

Sec. 60. The National Debt Commissioners shall, once in each year, render the fullest account of all their dealings with Savings Banks to the Lords of the Treasury, and copies of all such accounts shall be laid before both Houses of Parliament.

Sec. 61. A distinct account to be rendered in the same way, showing the aggregate amount of the Separate Surplus Fund.

Sec. 62. Savings Banks to compute interest on the 20th of May and the 20th of November in each year. (a)

Sec. 63. The Commissioners may keep a balance in the Bank of Ireland under the title of “The Fund for the Banks for Savings,” to meet the drafts which may be drawn on account of Savings Banks in Ireland. (a)

Sec. 64. All receipts, orders, certificates, endorsements, accounts, and returns required for carrying out this Act, shall be made in such manner as shall be approved by the Commissioners.

Sec. 65. This Act shall be a full and sufficient indemnity and discharge to the Commissioners, and to the Governor of the Bank, &c. for all things to be done or required to be done in pursuance of this Act. (a)

Sec. 66. Commissioners may employ a barrister and such officers as may be necessary to the carrying out of the provisions of this Act, and the Treasury shall pay them their remuneration, and meet incidental expenses. (a)

Sec. 67. This Act to apply to all Savings Banks (except those mentioned in the next section) established or hereafter to be established in England, Scotland, Ireland, or Wales; Berwick-on-Tweed, the Islands of Guernsey and Jersey, and the Isle of Man.

Sec. 68. This Act must not be held to repeal Acts relating to Post Office Savings Banks, or any of the powers granted to the Commissioners for the Reduction of the National Debt.[217]

[216] Many of the clauses of the Consolidation Act having been taken entire from previous Acts, and only part of the provisions being new, we propose to distinguish those clauses originally passed in 1828 (9 George IV. c. 92) with the letter (a); those passed 3 William IV. c. 14, by (b); in 1844 (7 and 8 Victoria, c. 82) by (c); in 1848 (11 and 12 Victoria, c. 133) by (d); and under 25 and 26 Victoria, c. 75, by (e). All the other sections of this Act not so marked are new provisions introduced in 1863.

[217] We find from The Clauses relating to the Establishment of the proposed Bradford Corporation Savings Bank, kindly forwarded to us by Mr. Rayner, with whom the scheme originates, that sections 3, 4, 6, 8, 9, 11, 14, 30 to 39 inclusive, 41 to 46 inclusive, 48 to 50 inclusive, of the Consolidation Act are proposed to be incorporated in the new Bill about to be introduced into the House of Commons. The new clauses provide that the Corporation may establish a Savings Bank, make regulations for its conduct, appoint a Committee of the Council to manage the undertaking, and a treasurer and other officers to work it; that the aggregate amount of deposits shall not exceed a quarter of a million sterling; that interest should be given at the rate of three farthings per pound per month (or three pounds fifteen per cent. per annum) that debentures shall be issued to depositors for the amounts invested; and that when a person's deposits amount to 50l., he may require a mortgage for that sum to bear interest at four per cent. Other sections provide that the Corporation may raise money by annuities, for the transfer of annuities, for the exemption of deposits and annuities from property and income tax, and for the remedies for depositors, mortgages, and annuitants, by applying the Acts of 1855, 1858, and 1862, to them. We regret our want of space to enter more fully into the details of this important and promising scheme.

(C.)

Form of Certificate for Transfer from one Savings Bank to another, or to any other description of Savings Bank.

Savings Bank at_______________, in the county of_______________.

Whereas _______________ of _______________, a depositor in the above-named Savings Bank, is desirous of closing his [or her] account with the said bank for the purpose of transferring his [or her] deposits to the Savings Bank at _______________, in the county of _______________; and to enable him [or her] so to do, the said depositor has applied for a certificate of the whole amount due to him [or her], pursuant to the Act (26 and 27 Vict. c. 87): we hereby certify that the sum due to the said depositor for money deposited by him [or her] in this Savings Bank, inclusive of all interest due to him [or her] at this date, amounts to the sum of [state the amount in words], of which the sum of [state the amount, if any, in words] has been deposited since the twentieth of November last; and we further certify, that his [or her] account with this Savings Bank has been closed by the issue of this certificate.

Witness our hands this _________ day of _________, 18____.

______________ ⎫ Two of the Trustees or Managers [appointed
⎬ for this object, by the Trustees] of the
______________ ⎭ above-named Savings Bank.

Examined _________________

the Actuary or Secretary of the above-named Savings Bank.

(D.)

An Abstract of the Act “To make further provision for the Establishment of Savings Banks for Seamen.” (19 and 20 Vict. c. 41.—7th July, 1856.)

Preamble. Whereas by the Merchant Shipping Act, 1854, certain powers were given to the Commissioners for the Reduction of the National Debt for the purpose of establishing Savings Banks for Seamen; and whereas it has since been found to be expedient that the immediate management and control of such Savings Banks should be placed in the hands of the Board of Trade. Be it enacted, &c.

Sec. 1. That the Board of Trade may establish in London a central Savings Bank for seamen, and branch banks at such ports or places as they may deem expedient; and that they may receive deposits from or on account of seamen, or their wives and children; and that the total amount standing in the name of any one depositor shall not exceed 200l.

Sec. 2. The Board of Trade may appoint shipping offices branch Savings Banks under this Act, and shipping masters agents of the said board to conduct this business.

Sec. 3. The Commissioners of the National Debt shall receive the moneys deposited in these banks on the request of the Board of Trade; shall invest these moneys in the same way as they do the moneys of other banks; and shall pay, together with interest, the sums received on a request signified in the like manner.

Sec. 4. Provides that the Board of Trade may make any alterations which they think fit with respect to the persons entitled to become depositors, the making and withdrawal of deposits, the rate and payment of interest, or any other matter connected with these banks; such regulations to be binding upon all.

Sec. 5. Provides that all sums of money due to any deceased depositor, shall be paid and applied subject to the conditions of the provisions of the Merchant Shipping Act.

Sec. 6. Provides that any person forging a document, or making false representations in order to obtain deposits or interest, shall be punishable with penal servitude or imprisonment.

Sec. 7. The Board of Trade to pay all expenses in carrying out this Act out of the interest received from the National Debt Commissioners.

Sec. 8. An annual account of all deposits and repayments shall be laid before both Houses of Parliament, as also a copy of all regulations made for carrying out this Act.

Sec. 9. All criminal proceedings under this Act to be carried on as under the Merchant Shipping Act of 1854.[218]

[218] An Act for the establishment of Savings Banks in connexion with the Admiralty, for the benefit of the seaman and marines of the Royal Navy, has just been introduced into the House of Commons, and will, doubtless, be quickly passed into law.

(E.)

An Abstract of the Act “To Amend and Consolidate the Laws relating to Military Savings Banks.” (22 and 23 Vict. c. 20.—13th August, 1859.)

Sec. 1. Repeals the 5 and 6 Vict. c. 71, and the 8 and 9 Vict. c. 27, amending it, and the 12 and 13 Vict. c. 71, and amends and consolidates the said Acts. It also provides that deposits made under these Acts shall not be affected by their repealment.

Sec. 2. Makes it lawful for her Majesty to establish or continue military or regimental Savings Banks, for the purpose of receiving sums of money from non-commissioned officers and soldiers employed in her service in the United Kingdom and foreign stations (India alone excepted), and for the purpose of receiving moneys or funds raised or paid for objects or purpose connected with these officers and soldiers which her Majesty may think fit to authorize to be deposited in these banks.

Sec. 3. Provides that the Secretary at War, with the concurrence of the Commander-in-Chief and the Lords of the Treasury, may make regulations for the conduct of these banks; and that when these regulations shall be signed by her Majesty and laid before Parliament they shall be binding on all concerned.

Sec. 4. These regulations shall determine the rate of interest (which must not exceed three pounds fifteen shillings per cent. per annum), and all the minor points connected therewith; the circumstances under which deposits shall be forfeited to the public; the payment of the money of deceased depositors: may make provision for the deposit of money created for charitable purposes, and may make it obligatory on commanding officers to so deposit such funds; shall make provision for the withdrawal of money; and shall provide for the keeping of proper accounts, and generally for all such matters as relate to Savings Banks.

Sec. 5. The receipt of infants and married women shall be a sufficient discharge for what shall be deemed a valid payment made to them.

Sec. 6. The moneys received in these banks may be applied by the persons receiving them to the payment of such ordinary army services as it may be their duty to pay; and sums payable to depositors shall be paid out of the grants by Parliament for these services.

Sec. 7. Provides that the Secretary at War may direct payment out of the moneys so granted to be made to the account of the National Debt Commissioners, and carried to the account of the Fund for the Military Savings Banks.

Sec. 8. The Commissioners of the National Debt to invest the surplus money in the purchase of bank annuities; the interest arising also to be so applied; and such interest or dividends shall not be subject to any taxes, charges, or impositions whatever.

Sec. 9. The Secretary at War may direct, at fourteen days' notice, the moneys invested in annuities to be transferred to the account of the Paymaster-General at the Bank of England.

Sec. 10. Empowers the National Debt Commissioners to sell the annuities.

Sec. 11. The money arising from the dissolution of certain Regimental Benefit Societies, which was placed in the Savings Banks in the name of each member to accumulate until his discharge, by the Act (12 and 13 Vict. c. 71) may be withdrawn under certain conditions.

Sec. 12. The officers of Regimental Savings Banks shall not be personally liable except for their own wilful neglect or default.

Sec. 13. Provides that full accounts of all transactions in these banks shall be laid before both Houses of Parliament before the 1st of April in each year.

Sec. 14. Military Savings Banks not to be within the provisions of the Acts relating to Savings Banks proper.

Sec. 15. Refers to the construction of the word “India.”

Sec. 16. Provides that the Act shall take effect immediately after the regulations have been framed.

(F.)

“An Act[219] to grant Additional Facilities for depositing Small Savings at Interest, with the Security of the Government for due repayment thereof.” (24 Vict. c. 14.—17th May, 1861.)

Postmaster-General may direct Officers in Post Office to receive Deposits.

1. It shall be lawful for the Postmaster-General, with the consent of the Commissioners of Her Majesty's Treasury, to authorize and direct such of his officers as he shall think fit, to receive deposits for remittance to the principal office, and to repay the same, under such regulations as he, with the concurrence of the Commissioners of Her Majesty's Treasury, may prescribe in that respect.

Legal Title of Depositor to Repayment.

2. Every deposit received by any officer of the Postmaster-General appointed for that purpose shall be entered by him at the time in the depositor's book, and the entry shall be attested by him and by the dated stamp of his office; and the amount of such deposit shall, upon the day of such receipt, be reported by such officer to the Postmaster-General, and the acknowledgment of the Postmaster-General, signified by the officer whom he shall appoint for the purpose, shall be forthwith transmitted to the depositor; and the said acknowledgment shall be conclusive evidence of his claim to the repayment thereof, with the interest thereon, upon demand made by him on the Postmaster-General; and, in order to allow a reasonable time for the receipt of the said acknowledgment, the entry by the proper officer in the depositor's book shall also be conclusive evidence of title for ten days from the lodgment of the deposit; and if the said acknowledgment shall not have been received by the depositor through the post within ten days, and he shall, before or upon the expiry thereof, demand the said acknowledgment from the Postmaster-General, then the entry in his book shall be conclusive evidence of title during another term of ten days, and toties quoties; provided always that such deposits shall not be of less amount than one shilling, nor of any sum not a multiple thereof.

Depositors entitled to Repayments not later than Ten Days after Demand made.

3. On demand of the depositor, or party legally authorized to claim on account of a depositor, made in such form as shall be prescribed in that behalf, for repayment of any deposit, or any part thereof, the authority of the Postmaster-General for such repayment shall be transmitted to the depositor forthwith; and the depositor shall be absolutely entitled to repayment of any sum or sums that may be due to him within ten days at farthest after his demand shall be made at any Post Office where deposits are received or paid.

Names of Depositors, &c., not to be disclosed.

4. The officers of the Postmaster-General engaged in the receipt or payment of deposits shall not disclose the name of any depositor, nor the amount deposited or withdrawn, except to the Postmaster-General, or to such of his officers as may be appointed to assist in carrying this Act into operation.

Money to be paid to Commissioners for the Reduction of the National Debt, and repaid to Depositors through Post Office.

5. All moneys so deposited with the Postmaster-General shall forthwith be paid over to the Commissioners for the Reduction of the National Debt; and all sums withdrawn by depositors, or by parties legally authorized to claim on account of depositors, shall be repaid to them out of the said moneys, through the office of Her Majesty's Postmaster-General.

Additional Security to Depositor.

6. If at any time the fund to be created under the authority of this Act by the investment of the deposits shall be insufficient to meet the lawful claims of all depositors, it shall be lawful for the Commissioners of Her Majesty's Treasury, upon being duly informed thereof by the Commissioners for the Reduction of the National Debt, to issue the amount of such deficiency out of the Consolidated Fund of the United Kingdom, or out of the growing produce thereof; and the said Commissioners of Her Majesty's Treasury shall certify such deficiency to Parliament.

Rate of Interest payable to Depositors.

7. The interest payable to the parties making such deposits shall be at the rate of two pounds ten shillings per centum per annum; but such interest shall not be calculated on any amount less than one pound, or some multiple thereof, and not commence until the first day of the calendar month next following the day of deposit, and shall cease on the first day of the calendar month in which such deposit is withdrawn.

Interest, how calculated.

8. Interest on deposits shall be calculated to the thirty-first day of December in every year, and shall be added to and become part of the principal money.

Investment of Funds received under this Act.

9. The moneys remitted to the Commissioners for the Reduction of the National Debt, under the authority of this Act, shall be invested in some or in all of the securities in which the funds of Savings Banks established under the existing laws may be invested; and a separate and distinct account shall be kept by the said Commissioners of all receipts, investments, sales, and repayments; and a balance sheet of such account, from the first of January to the thirty-first of December in every year, shall be laid before both Houses of Parliament not later than the thirty-first of March in every year.

Depositors desiring to Transfer their Deposits.

10. If any depositor making deposit under this Act shall desire to transfer the amount of such deposit to a Savings Bank established under the Acts relating to Savings Banks, he shall, upon application to the chief office of the Postmaster-General, be furnished with a certificate stating the whole amount which may be due to him, with interest, and thereupon his account under this Act shall be closed; and, upon delivery of such certificate to the trustees or managers of the Savings Bank to which it is proposed by the depositor to transfer such deposit, they shall, if they think fit, open an account for the amount stated in such certificate for such depositor, who shall thereupon be subject to the rules of such Savings Bank; and the amount so transferred shall, upon such certificate being forwarded to the Commissioners for the Reduction of the National Debt, be written off in the books of the said Commissioners from the amount of moneys received under the authority of this Act, and shall be carried to the account of the Savings Bank to which such transfer shall have been made; and, in like manner, if any depositor in a Savings Bank, established under the Savings Bank Acts, shall desire to transfer the amount due to him, with interest, from such Savings Bank to the Postmaster-General, for deposit under the provisions of this Act, the trustees or managers of such Savings Bank shall, upon his request, furnish such depositor with a certificate, in a form to be approved by the Commissioners for the Reduction of the National Debt, signed by two trustees of such Savings Bank, and thereupon his account with such Savings Bank shall be closed, which certificate the depositor may deliver to any officer of the Postmaster-General authorized to receive deposits under this Act, and such certificate shall for the amount therein set forth be considered to be a deposit made under the authority of this Act, and being forwarded to the said Commissioners, the said amount shall then be transferred in the books of the said Commissioners from the account of the said Savings Bank to the credit of the account of moneys deposited under the authority of this Act. Provided always, that nothing contained in this Act respecting Savings Banks shall render it necessary to have the rules and regulations of any Savings Bank again certified if the same have been before certified according to law.

Postmaster-General, with consent of Treasury, to make Regulations, copies of which to be laid before Parliament.

11. The Postmaster-General, with the consent of the Commissioners of Her Majesty's Treasury, may make, and from time to time, as he shall see occasion, alter regulations for superintending, inspecting, and regulating, the mode of keeping and examining the accounts of depositors, and with respect to the making of deposits and to the withdrawal of deposits and interest, and all other matters incidental to the carrying this Act into execution, in his department; and all regulations so made shall be binding on the parties interested in the subject-matter thereof, to the same extent as if such regulations formed part of this Act; and copies of all regulations issued under the authority of this Act shall be laid before both Houses of Parliament within fourteen days from the date thereof, if Parliament shall be then sitting, and, if not, then within fourteen days from the next re-assembling of Parliament.

Accounts to be laid before Parliament.

12. An annual account of all deposits received and paid under the authority of this Act, and of the expenses incurred during the year ended the thirty-first of December, together with a statement of the total amount due at the close of the year to all depositors, shall be laid by the Postmaster-General before both Houses of Parliament not later than the thirty-first of March in every year.

Accounts to be examined by Commissioners of Audit.

13. The annual accounts of the Postmaster General, and of the Commissioners for the Reduction of the National Debt, to the thirty-first of December in each year, in respect to all moneys deposited or invested under the authority of this Act, shall annually, prior to the thirty-first of March, in each year, be submitted for examination and audit to the Commissioners for auditing public accounts.

Provisions of Savings Banks Acts applicable to this Act.

14. All the provisions of the Acts now in force relating to Savings Banks, as to matters for which no other provision is made by this Act, shall be deemed applicable to this Act, so far as the same are not repugnant thereto.

Expenses of Act.

15. All expenses incurred in the execution of this Act shall be paid out of the moneys received under the authority of this Act.

[219] This Act is so short in proportion to its importance, that it is here given entire. Many of the provisions of the Consolidated Act (1863) apply to the banks established under this Act.

(G.)

Abstracts of Minor Acts of Parliament relating to Savings Banks.

26 Victoria, c. 14, entitled “An Act to Amend the Laws relating to Post Office Savings Banks,” (4th May, 1863,) provides:—

Sec. 1. For the transfer of the accounts of minors.

Sec. 2. For the funds of a Savings Bank closing its business to be paid over to the National Debt Commissioners, the money arising from the sale of property to be carried to the separate surplus fund; the receipt of the trustees on the sale of property to be a sufficient discharge to the purchaser. The trustees of Savings Banks about to close to have power to compensate their officers out of the separate surplus fund.

Sec. 3. The information necessary as to the steps to be taken when the trustees of any bank have determined to close.

Sec. 4. For the conversion of perpetual Government annuities at three per cent. into capital stock at two pounds ten shillings per cent.

Sec. 5. Power to trustees to appoint managers to sign transfer certificates.

Sec. 6. That the warrants for converting annuities into capital stock shall be laid before Parliament.

26 Victoria, c. 25, entitled “An Act to make further Provision for the Investment of the Moneys received by the Commissioners for the Reduction of the National Debt from the Trustees of Savings Banks established under the Act 9 Geo. IV. c. 92,” (8th June, 1863,) provides:—

Sec. 1. For the cancelling of 24,000,000l. of capital stock of annuities, and the creation of a charge on the Consolidated Fund for that amount.

Sec. 2. That the Treasury may cancel an additional amount of stock not exceeding 5,000,000l. creating equivalent terminable annuities chargeable upon the Consolidated Fund.

Sec. 3. That the Commissioners may invest the interest payable on the securities created under this Act, and other moneys remitted to them, in the purchase of parliamentary securities, or in any stock or debentures or other securities the interest for which is guaranteed by Parliament.

Sec. 4. That issues in money may be made out of the Consolidated Fund on Savings Bank account on certificate from the National Debt Commissioners.

Sec. 5. That at least one half of the whole amount of securities held for Savings Banks, exclusive of the amount of the charge on the Consolidated Fund (Section 1), shall be parliamentary securities.

Sec. 6. That every year the National Debt Commissioners shall prepare a balance sheet giving the assets and liabilities in respect to Savings Banks, to the credit of which shall be placed the amount of the charge upon the Consolidated Fund for twenty-four millions and all other moneys and securities of every kind; and that a copy of this balance sheet be laid before Parliament each year.

Sec. 7. That the deficiency shown shall be a charge upon the Consolidated Fund.

Sec. 8. That the powers of investment granted to the Commissioners by other Acts, in so far as they are not varied by this Act, shall continue in force.

* * * * *

“The Savings Bank Investment Act,” which has just received the Royal Assent (20th March, 1866), empowers the Treasury to substitute terminable annuities for capital stock standing to the account of Savings Banks and Post Office Savings Banks, and empowers the Treasury to make rules as to payments to the National Debt Commissioners. The Treasury is likewise empowered to cancel capital stocks of annuities, and to substitute terminable annuities. The warrants issued by the Treasury to the Bank of England to be a sufficient authority for the cancelling of the stock.

(H.)

Financial Returns, giving the most recent information relating to Savings Banks, Post Office Savings Banks, and Military Banks, including the entire Amount of Deposits placed in each kind of Bank from their commencement.

SAVINGS BANKS AND FRIENDLY SOCIETIES.

An Account of the Gross Amount of all Sums Received and Paid by the National Debt Commissioners on account of Savings Banks and Friendly Societies in Great Britain and Ireland from their commencement (August, 1817) to the 20th of November, 1865, inclusive.

[Transcriber's Note: Column headers for table, below:]
A. From August, 1817, to 20th November 1865.
B. Gross Amount of all Sums received from Trustees, including Interest up to 20th Nov. 1865.
C. Gross Amount of all Sums paid to Trustees, including Interest.
D. Amount of Money, Principal and Interest, due to the Trustees (Nov. 1865), including £302,030 8s.5d. due on account of the separate Surplus Fund.
E. Value of the Securities held by the Commissioners (Nov. 1865), at the Prices of that day, to provide for the Money due to Trustees.

A.B.C.D.E.
£  s. d.£  s. d.£  s. d.£  s. d.
Savings Banks.
Great Britain
& Ireland.		90,179,614 18 951,142,506 15 039,037,108 3 936,010,477 4 7
Friendly Societies.
Great Britain
& Ireland.		5,509,975 4 33,594,271 4 111,915,703 19 41,071,198 3 6
Total.
Savings Banks and
Friendly Societies.		95,689,590 3 04,736,777 19 11 40,952,812 3 137,081,675 8 1
Balance Deficient3,871,136 15 0
£40,952,812 3 1

POST OFFICE SAVINGS BANKS.

An Account of the Sums due to all Depositors in Post Office Savings Banks throughout the United Kingdom on the 31st March, 1865; of the Expenses of Management of the Post Office Savings Banks to the same date; of the Amount standing to the Credit of the Post Office Savings Banks, on the same date, in the books of the Commissioners for the Reduction of the National Debt; of the Balance in the hands of the Postmaster-General at the same date; and of the Amount of any Loss sustained by the Post Office Savings Banks from the Frauds committed in the Transmission of Deposits, or otherwise.

Liabilities.
£  s. d.£  s. d.
Total amount of deposits, from 16th September, 1861, to 31st March, 1865, of the interest allowed and added to principal on 31st December, 1861, 31st December, 1862, 31st December, 1863, and 31st December, 1864, and of the interest allowed and paid on closed accounts up to 31st March, 18659,217,809 8 7
Deduct—
Repayments to depositors, from 16th September, 1861, to 31st March, 18663,851,889 14 6
Total sum due to all depositors in the Post Office Savings Bank in the Savings Banks in the United Kingdom on the 31st March, 18655,365,925 14 1
Surplus of assets over liabilities41,000 2 1
5,406,925 16 2
Assets.
£  s. d.£  s. d.£  s. d.
Total amount of the sums paid by the Postmaster-General to the National Debt Commissioners for investment, and of the interest received on such investments, from 16th September, 1861, to 31st March, 18655,487,728 6 10
Deduct—
Amount which has been repaid by the Commissioners for the Reduction of the National Debt, on account of 108,506l. 12s 11d,[220] being the amount paid for the expenses of management of the Post Office Savings Banks from 16th September, 1861, to 31st March, 186591,848 7 4
Amount of sums transferred from Post Office Savings Banks to Savings Banks5,255 19 5
97,104 6 9
5,390,624 0 0
Balance remaining in the hands of the Postmaster-General to be paid over for investment29,147 15 9
Deduct—
Amount of loss through the defalcations of a former postmaster of Beverley1,093 14 1
Amount of loss by the frauds committed by J. W. Thorne94 0 0
Amount of expenses of management paid by the Postmaster-General during the quarter ended 31st March, 1865; not recovered from the Post Office Savings Bank Fund at that date11,658 5 7
12,845 19 8
16,301 16 1
5,406,925 16 2

[220] According to the Parliamentary Paper No 523, 1861, it was estimated that the cost of each transaction would be 7d. The actual average cost of each transaction has been 6⅞d.

MILITARY SAVINGS BANKS.

An Account of the Gross Amount of all Moneys Received and Paid by the Commissioners for the Reduction of the National Debt, and of the Gross Amount of Stock Bought and Sold by and Transferred To the Said Commissioners on account of “The Fund for the Military Savings Banks,” Pursuant To Act 8 & 9 Vict. C. 27, S 5, From the 19th September, 1845, To the 5th January, 1866.

Consolidated
£3 per Cents.		Reduced £3 per Cents.New £3 per Cents.TOTAL STOCK.
£  s. d.£  s. d.£  s. d.£  s. d.
Transferred to the Commissioners by the Paymaster-General15,062 18 815,062 18 8
Purchased with Money received from the Paymaster-General, and with the Amount of accumulated Dividends received104,394 17 791,979 8 11237,877 10 4434,251 16 10
Total Stock bought and transferred119,457 16 391,979 8 11237,877 10 4449,314 15 6
Total Stock sold by order of Secretary of State for War78,118 5 10
6,118 0 894,236 6 6
Total Stock at the Account of “The Fund for the Military Savings Banks” at 5th January, 186641,339 10 591,979 8 11221,759 9 8355,078 9 0
CASH RECEIVED.
£  s. d.
Total Sum received and applied by the Commissioners to the Purchase of 434,251l. 16s. 10d. £3 per Cent. Stock, as above407,511 14 10
Deduct the Value received for 94,236l. 6s. 6d. £3 per Cent. Stock, sold by order of Secretary of State for War88,458 8 5
319,053 6 5

W. E. GLADSTONE, C. of E. ⎫-Commissioners.
H. L. HOLLAND, Gov. ⎬ Commissioners.
THOS. N. HUNT, Dep. Gov. ⎭-Commissioners.

National Debt Office,
15 February, 1866.

A. Y. Spearman,
Comptroller-General.

POST OFFICE SAVINGS BANKS.

An Account of all Deposits Received and Paid under the Authority of the Act 24 Vict. c. 14, during the Year ended 31st December, 1865, and of the Expenses incurred from the Commencement of Business, on 16th September, 1861, to 31st December, 1865, together with a Statement of the Total Amount due at the Close of the year 1865 to all Depositors.

(a.)

Account of all Deposits Received and Paid from 1st January to 31st December, 1865.

£  s. d.£  s. d.
Balance brought forward4,993,123 11 7By Repayments from 1st January to 31st December, 1865, viz.—
To Cash received from Depositors from 1st Jan. to 31st December, 18653,719,017 13 4£  s. d.
Cash paid2,303,525 2 10
8,712,141 4 11Warrants issued, but not cashed to date15,085 11 7
2,318,610 14 5
To Interest thereon up to 31st December, 1865, computed according to 7th and 8th sections of the above-cited Act, and added to the Principal Money of the said Depositors132,869 13 7Balance due at the close of the year 1865 to all Depositors, inclusive of interest to 31st December, 18656,526,400 4 1
8,845,010 18 68,845,010 18 6

(b.)

Explanation of Balance.

£  s.  d.
Balance due at the close of the year to all Depositors6,526,400 4 1
Moneys remitted to the Commissioners for the Reduction of the National Debt,£  s.  d.
  from 16th September, 1861, to 31st December, 18644,800,900 11 8
  1st January to 31st December, 18651,402,789 16 2
Deduct:—£  s.  d.6,203,690 7 10
Amount transferred from Post Office Savings Banks, and which has been written off the account of Post Office Savings Banks, at the National Debt Office, during the period from 16th September, 1861, to 31st December, 18644,210 1 4
Ditto . . . ditto . . . during the year ended 31st December, 18652,698 17 11
6,908 19 3
Net Amount lodged with the Commissioners for the Reduction of the National Debt for investment6,196,781 8 7
Add:—
Interest accruing to Depositors up to 31st December, 1865, including the Interest which accrued up to 31st December, 1864310,755 16 9
Amount advanced on account of Charges of Management, not recovered until after 31st December, 186514,535 10 11
Balance remaining on 31st December, 1865, to be paid over for investment4,327 7 10
18,862 18 9
6,526,400 4 1

(c.)

Account of Charges of Management and of Expenses incurred for Post Office Savings Banks, from their Establishment on the 16th September, 1861, to the 31st December, 1865.

£  s.  d.
Charges and Expenses for the period from 16th September, 1861, to the 31st December, 186491,848 7 4
Charges and Expenses for the year ended 31st December, 186549,526 13 10
[221]141,375 1 2
The sum standing to the credit of the Post Office Savings Banks Fund on the 31st Dec. 1865, at the National Debt Office, was6,582,329 11 7
And on the same day there was in the hands of the Postmaster-General a balance of4,327 7 10
Making in all6,586,656 19 5
To meet a liability of£6,526,400 4 0

[221] Of this sum, which includes the Allowances to Postmasters, Letter Receivers, and others, for conducting Savings Bank business, 126,839l. 10s. 3d. was recovered from the Commissioners for the Reduction of the National Debt prior to 31st December, 1865, and 14,535l. 10s. 11d. has since been recovered from the Commissioners.

General Post Office,
March, 1866.

Stanley of Alderley,
Postmaster-General.

George Chetwind,
Receiver and Accountant General.

A. C. Thomson,
Assistant-Controller of Post Office Savings Banks.

(I.)

As the last sheet of this work was passing through the press, the Postmaster-General's Report for 1865, to which reference has already been made, has been printed. The information therein given respecting the progress of some of the measures which we have had under consideration is so important in itself, as well as illustrative and corroborative of our text, as to justify us in making the following extracts. These extracts, which are here given in his Lordship's own words, plainly show the deep interest he takes in those schemes, which have all been commenced during his term of office, and carried out under his immediate oversight and direction.

Post Office Savings Banks.

The depositors in Post Office Savings Banks increased in number during 1865 at the rate of 29 per cent.; the total sum deposited increased at the rate of 30 per cent. During the first part of the present year the business has increased in a still greater proportion. In the first nine weeks of 1865, the number of deposits was 258,917, and 48,777 new accounts were opened; in the first nine weeks of 1866, 331,027 deposits were made, and 58,472 new accounts were opened. “It is evident, therefore,” says Lord Stanley of Alderley, “that great as had been the progress of the Post Office Banks up to the close of last year, there are good grounds for expecting a greater progress hereafter. And I am happy in being able to state, that the Scheme which was framed for the conduct of the Post Office Savings Banks, before any one of them was established, has been found to work well in each and all of its parts, and to admit of any expansion of business, no matter how great or how sudden that expansion of business may be. The officers by whom this Scheme was framed calculated, as a matter of course, upon a large and constant growth of business; but sudden augmentations, arising from causes which could not be foreseen, have been by no means unfrequent. In the first week of the present year, for instance, no less than 10,000 new depositors entered the banks; but even under such sudden and unexpected augmentations of business the scheme of operations has been found to work well.”

The following is a comprehensive Statement of the Business of Post Office Savings Banks from their commencement to the close of the Year 1865, of the Cost of that Business, and of the Funds in hand at the close of each Year.

Period.
From 16th Sept. 1861, to 31st Dec. 1862.From 31st Dec. 1862, to 31st Dec. 1863.From 31st Dec. 1863, to 31st Dec. 1864.From 31st Dec. 1864, to 31st Dec. 1865.From 31st Dec. 1861, to 31st Dec. 1865.
1Number of Post Office Savings Banks at close of Period.2,5352,9913,0813,3213,321
2Number of Deposits received during Period.639,216842,8481,110,7621,302,3093,895,135
3Total Amount of Deposits received during Period.£
2,114,669		£
2,651,209		£
3,350,084		£
3,719,017		£
11,834,979
4Average Amount of each Deposit received during Period.£ s. d.
3 6 2		£ s. d.
8 2 11		£ s. d.
3 0 3		£ s. d.
2 17 1		£ s. d.
3 0 9
5Number of Withdrawals during Period.97,294197,431309,242407,4121,011,379
6Total Amount of Withdrawals during Period.£
438,637		£
1,027,154		£
1,834,849		£
2,318,610		£
5,619,250
7Average Amount of each Withdrawal during Period.£ s. d.
4 10 2		£ s. d.
5 4 0		£ s. d.
5 18 8		£ s. d.
5 13 9		£ s. d.
5 11 1
8Charges of Management during Period.£
20,591		£
25,401		£
45,856		£
49,627		£
141,375
9Average Cost of each Transaction, viz. of each Deposit or Withdrawal.[222]d.
6-7⁄10		d.
5-8⁄10		d.
7-7⁄10		d.
6-9⁄10		d.
6-9⁄10
10Number of Accounts opened during Period.205,928185,934226,153239,686857,701
11Number of Accounts closed during Period.27,43344,76074,96498,725245,882
12Number of Accounts remaining open at close of Period.178,496319,669470,858611,819611,819
13Total Amount standing to credit of all open Accounts, inclusive of Interest, to close of Period.£
1,698,221		£
3,377,481		£
4,993,163		£
6,526,400		£
6,526,400
14Average Amount standing to credit, of each open Account at close of Period.£ s. d.
9 10 3		£ s. d.
10 11 4		£ s. d.
10 12 1		£ s. d.
10 13 4		£ s. d.
10 13 4
15Total Sum standing to credit of Post Office Savings Banks on Books of National Debt Commissioners at close of Period.[223]£
1,659,032		£
3,328,182		£
4,995,663		£
6,582,329		£
6,582,329
16Balance in hands of Postmaster-General, after allowing for Charges of Management, at close of Period.£
35,692		£
44,413		£
5,522		£
4,327		£
4,327
17Total Balance in hand, applicable to payment of Depositors, at close of Period.[224]£
1,694,724		£
3,372,595		£
5,001,185		£
6,586,656		£
6,586,656
18Number of Old Savings Banks and Post Office Banks combined, at close of Period.3,1573,5943,6593,8223,822
19Number of Depositors in Old Savings Banks and Post Office Banks combined, at close of Period.1,732,5561,876,3891,967,6632,078,3462,078,346

[222] The falling off in the cost per transaction during 1863 and the increase in that cost during 1864 are attributable to one and the same cause, viz., to the payment during 1864 of various charges properly belonging to 1863.

[223] These sums do not include the dividends accruing to the Post Office Savings Bank on the 5th January; that is, five days after the close of the account in each year.

[224] These sums do not include the dividends accruing to the Post Office Savings Bank on the 5th January; that is, five days after the close of the account in each year.

Insurances

"Of the whole number of persons whose proposals have been accepted:—

501decided to pay their premiums- annually.
20"   "- half-yearly.
81"   "- quarterly.
5"   "- six times a year.
181"   "- monthly.
3"   " - fortnightly.
and
18have paid their premiums in one sum

"Of the whole number of persons who have commenced to pay premiums, 8 have allowed their policies to lapse by default, and 14, having defaulted, have on application been re-admitted. In no case, however, have I found it necessary to impose the prescribed fine for default.

"The total sum insured at the present time is 60,874l., and the gross annual premium income, exclusive of the sums received in single payments, is 1,924l.

"Of the whole number of proposers, 866 have been males, and 68 females. In a very few cases it has been necessary to charge an extra premium for extra risk, arising out of somewhat defective health; and in the case of a few married women, who were pregnant at the date of the insurance, it has been thought right to add to the first premium, but only to the first premium, a special premium of 10s. per 100l. to cover the risk attendant on confinements.

“No deaths have occurred up to the present time amongst the persons insured.”

Annuities.

"Since the commencement of business, 238 proposals for the purchase of Annuities have been received; of these, 4 have been dropped, 4 are under consideration, and 230 have been accepted. Of the proposals which have been accepted, 150 have been for the purchase of Immediate Annuities, the amount of annuity purchased being 3,430l., and the purchase money being 39,774l. Of the remainder, 15 were for the purchase, by immediate payments, of Deferred Annuities, the amount of deferred annuity purchased being 232l., and the amount of purchase money paid down being 1,543l. The remainder, 65, were for the purchase of Deferred Annuities by annual or more frequent payments, the amount in course of purchase being 1,368l., and the amount of purchase money annually payable being 759l. Of the 238 intending annuitants, 103 were males and 129 were females. The remaining six proposals were for insurances on joint male and female lives.

"While the Government Insurance and Annuity Act was under consideration by the Legislature, an opinion was expressed that Friendly Societies which had undertaken to provide, in return for a single subscription, sick pay, old age pay, and death pay, would do well to make arrangements for the transfer of their old age and death risks to the Government, by payment, of course, of a proper consideration, and to confine themselves to dealing with the liabilities contingent on sickness. I have recently received a proposal from a large Friendly Society for the transfer of its old age risks to the Government, and the terms of the arrangement are now under consideration. I am informed, moreover, that other proposals of this kind are likely shortly to be made.

“On the whole, I am able to conclude my observations on this subject by stating, that the Scheme framed for the conduct of Insurance and Annuity business has worked smoothly and well; that the checks established for the protection of the Government have hitherto proved sufficient for their purpose; that the advantages of the measure are gradually becoming known to the classes for whose benefit it was devised, and that, looking to all the circumstances of the case, and the steady and continued growth of the business, the success of the measure may be regarded as established.”

Government Annuities and Insurances granted under Act
27 & 28 Vict. Cap. 43.

An Account showing the Number and Amount of Sums received and paid, and the Number and Amount of Contracts granted by Her Majesty's Postmaster-General, under authority of the Act 27 & 28 Vict. c. 43, from the Commencement of Business on the 17th April, 1865, to the 31st December, 1865. together with the Number and Amount of Contracts in existence on the 31st December, 1865, and the Amount paid for Charges of Management.

(I.)

An Account showing the Number and Amount of Sums received and paid on Account of Government Annuity and Insurance Contracts from the Commencement of Business on the 17th April, 1865, to the 31st December, 1865.

ReceiptsPayments
No.AmountNo.Amount
£ s d£ s d
To Cash received for the purchase of Annuities, viz.:—By Cash paid to the Commissioners for the Reduction of the National Debt for Investment on Account of Sums received for the purchase of Annuities.23,046 8 9
No.Amount
£ s d		By Cash paid to Annuitants, viz.:—
For Immediate Annuities8722,738 9 9£ s d
For Deferred Annuities, Money not returnable27845 7 10Cash paid423 13 4
Ditto, Money returnable40497 7 615424,081 5 1
Warrants issued, but not cashed at date		5 10 033429 8 4
To Cash received for Fees on Annuity Contracts
139 14 0		By Cash paid to the Commissioners for the Reduction of the National Debt for Investment on account of Premiums received on Contracts for Sums payable at Death984 0 0
To Cash received from the Commissioners for the Reduction of the National Debt for payment to Annuitants:—By Balance remaining to be paid to the Commissioners for the Reduction of the National Debt on the 31st December, 1865, viz.:—

Gross		£ s d
430 5 0		On account of Annuity Contracts, including Fees£ s d
1,174 10 4
Less Income Tax0 16 8429 8 4
To Cash received on account of Contracts for the payment of Sums at Death1,0761,165 13 1
On Account of Contracts for Sums payable at Death		181 13 11,356 3 5
£25,816 8 6£25,816 6

(II.)

An Account showing the Number and Amount of Contracts entered into by Her Majesty's Postmaster-General from the Commencement of Business on the 17th April, 1865, to the 31st December, 1865, and the Number and Amount of Contracts in existence on the 31st December, 1865.

Contracts.
No.Amount.
Contracts for Annuities granted from the commencement of business on the 17th April, 1865, to the 31st of December, 1865, viz.:—£ s. d.
£ s. d.
    Immediate Annuities872,100 0 0
    Deferred Annuities, Money not returnable20438 4 0
    Deferred Annuities, Money returnable25511 10 01323,049 14 0
Contracts for Sums payable at Death granted from thecommencement of business on the 17th April, 1865, tothe 31st December, 186554740,649 2 4
Contracts for Annuities in existence on the 31stDecember, 1865, viz.:—
£ s. d.
    Immediate Annuities872,100 0 0
    Deferred Annuities, Money not returnable20436 4 0
    Deferred Annuities, Money returnable25511 10 01323,049 14 0
Contracts for Sums payable at Death in existence on the 31st December, 186554440,349 2 4

(III.)

An Account showing the Amount paid for the Charges of Management from the Commencement of Business on the 17th April, 1865 to the 31st December, 1865.

£ s. d.
Salaries of Officers159 0 10
Stamps on Policies32 10 0
Fees to Medical Officers13 7 6
Incidental disbursements, including Travelling Charges7 3 8
Postage123 4 5
£335 6 6

INDEX.

A.

B.

C.

D.

E.

F.

G.

H.

I. J. K.

L.

M.

N.

O.

P. Q.

R.

S.

T. U. V.

W.

THE END.

LONDON: PRINTED BY R. CLAY, SON, AND TAYLOR

Transcriber's Notes:

Missing letters were added to incompletely printed words.

Punctuation was made consistent.

Footnotes were numbered sequentially and moved to the end of the chapter in which they occur. Footnote 49 refers to the table following the anchor. The table was moved to fall between paragraphs, rather than interrupt the paragraph, as in the original book.

Wide tables were divided so that all data will display on small screens.

Other changes:

'Artizan' to 'artisan' in various places.
two instances of “i. e.” to “i.e.”
[a)] 'Rotherdam' to 'Rotherham'
[b)] removed l from '5l percent'
[c)] 'Monquhilter' to Monquhitter
[d)] 'pamphet' to 'pamphlet'
[e)] 'gnee' to 'gone'
[f)] space removed from 'sm all'
[g)] 'busi-' to 'business'
[h)] 'effected' to 'affected'