Evening Post. TUESDAY, MARCH 8, 1881.

Evening Post, Volume XXI, Issue 55, 8 March 1881, Page 2

Evening Post. TUESDAY, MARCH 8, 1881.

PENNY DEPOSITS IN POSTAL SAVINGS BANKS. «. Some time ago we mentioned that it had been decided to introduce in New Zealand the new system of penny deposits by means of postage stamp 3in Postal Savings Banks which has lately been established in Great Britain by Mr. Fawcbtt, the present Post-master-General. This intention has sines been modified, we believe, so far as to restrict the application of the plan for the present to the children attending schools. We understand that to this extent the arrangement will be brought into operation almost immediately, the necessary preparations, which have unavoidably caused some delay, being now practically complete. So Boon as everything is ready for a commencement to be made, notice will be sent to all postmasters in charge of Savings Bank offices to the effect that with the object of "encouraging habits of thrift among children, the PostmasterGeneral has decided to receive for lodgment in any Post Office Savings Bank deposits of penny postage stamps of the value of one shilling when affixed to the cards provided by the department for this purpose. It is therefore provided that a pupil attending any school, who may wish to' save one shilling by penny contributions' for ultimate deposit in the Post Office Savings Bank, may do so by purchasing with every penny so Bayed a penny postage stamp and affixing it to'the" card. When the squares are filled, the card may be taken to any Post Office Savings Bank, where it will be received by the postmaster, who i 3 required to accept it either as the first deposit in a new account then to be opened, or as a subsequent deposit if the depositor has already opened an account. As some fears have been expressed that the acceptance of single stamps as deposits may lead to theft, it will be specially intimated to all depositors that if any stamps affixed to the card are defaced or otherwise damaged it will result in the rejection of the entire number. Postmasters will be instructed to be particular in examining each postage stamp before accepting the deposit. As it would be difficult to remove stamps from letters without causing some damage or defacement, this provision will form some safeguard against dishonesty by imposing the penalty of total rejection of the whole shillingsworth if one defective stamp be found among the number. This also will compel the children to keep their cards clean, and so will onoourago habits of cleanliness and order. Further, the provision for making deposits by means of purchased stamps to be affixed to an official card will remove most of the drawbacks which attached to all previous proposals for establishing savings banks in connection with schools. Various other provisions will be made to ensure the efficient working of the scheme. Postmasters will have to see that the name of the school and the name of the depositor have been written on the cards in the spaces provided for the purposes, also to enter on the cards the number of the Savings Bank book issued to the depositor, whethfr in the case of a first or subsequent deposit. Each postage stamp will be obliterated with the dated stamp of the office, and an impression of the office stamp made on the card in the space provided for the purpose. Supplies of the cards will be forwarded to the chief post offices for distribution either to schools or to the children attending schools; sub-postmasters will be supplied from the chief offices Such are the general provisions which will be made for carrying out this important advance in our Postal Savings Bank practice. It remains to be seen how it will work, but, judging from the enthusiastic account given of its success in England by its originator, Professor Fawcet r, in a recent speech, it may fairly be anticipated that it will answer equally well in New Zealand. It is asserted that advantage has been very widely taken of the facilities thus offered for making small savings, and that hitherto no instances have come under notice of children pilfering postage stamps to use them as deposits, which was rather dreaded as a possible result of permitting single stamps to be treated as cash. It has also been found that the deposit cards are kept with care and cleanliness, hardly any having to be rejected on the score of dirt, damage, or defacement. So far then the result of the experiment has been satisfactory, and if the tentative plan about to be tried by the New Zealand Government should hare an equally favorable experience, then we may expect to see its scope of operation very largely extended. In that case, the present limitation will probably be abandoned, and the system applied to all Savings Bank depositors. Its working among school children will afford a fair test of its' suitableness to the Colony, and it is judicious to ascertain this in the first instance before making so marked a change general. Without wishing to see the rising generation converted into so many little moneyrgrnbbers, we nevertheless deem it highly desirable that those who are willing to make small sayings should have an opportunity of doing bo, and certainly a penny is much more usefully employed in this way than in tie purchase of "lollipops." It will probably be a* matter for subsequent consideration whether the further novelty introduced into Great Britain by Mr. Fawceit can be applied to this Colony. We allude, of {course, to the provision for small investments in the national Consols. Whether sufficient inducements can be offered to render investment in New Zealand Consols attractive to investors may, perhaps, be doubted, but certainly the idea is well worthy of careful consideration, especially at the present time when there is so large an amount of money lying comparatively idle, which possibly might be utilised in this direction were the needful facilities afforded.