The following outline, necessarily brief, gives all the material points of the plan proposed, and which has in its integrity been since carried out, and forms the basis of existing arrangements:—
1. That every holder of a Money Order Office shall act as an agent of a Central Savings Bank, and shall receive deposits of any amount within the limit fixed by statute.
2. That he shall enter each deposit in a numbered depositor's book, to be kept by the depositor, and in an account to be forwarded to London daily with his Money Order account. That on the occasion of a first payment, the depositor shall make the declaration prescribed by statute, and also sign his name in his depositor's book.
3. That the holder of the Money Order Office shall charge himself in his Money Order account with the total of the deposits thus received.
4. That this account should, on arrival in London, be regularly examined by the examiner of the Money Order accounts; and that when this has been done the daily schedule shall be forwarded to the Central Savings Bank.
5. That the Central Savings Bank shall immediately send an acknowledgment for every deposit direct to the depositor through the Post Office.
6. That a depositor who may wish to withdraw money, shall give notice in writing[166] to the Central Savings Bank, and shall receive therefrom a warrant for the required amount, payable at the nearest Money Order Office.
7. That in presenting this warrant for payment, the depositor must also present his depositor's book.
8. That the holder of the Money Order Office shall enter withdrawals in the depositor's book, and shall account for the money he shall pay, in the same manner as already described in the case of deposits, and shall be credited with the sums daily.
9. That the depositors' books shall be forwarded to London annually, in order that they may be compared with the ledgers in the Central Savings Bank, and in order that the interest due may be inserted in them.