POST OFFICE SAVINGS BANKS.

Evening Star, Issue 11693, 26 September 1902, Page 2

POST OFFICE SAVINGS BANKS.

The Ltmdorr«lßrae* * of Juhr2shas a leafing article on the of the Select Committee Evtir sines 1817 thtte Offiee SavipM Banks have Deed' in the wme positum Ttoj rate Of has boon reduced by steps from £4 IJs 3d per cento to £2 10s, aud it is now proposed to make rt £2 7s 6d. The reason is that the Act ]ust: mentioned required . the ' Commissioner* ■ to t invest a certain proportion in ? as the .banks are under' the control of the National Debt Commissioners ; the

paid .by these securities-have depositors.' No furtherlesteffing, gf^6 v 'cost of management seems impossible. N«toApril\ Consol*- will only give £2, IQs instead of - £215s, «t *t present, and the loss thtminflictedi 2“ vpfl.ln the'segregatebp ammm.v; It is. estimategL,fh*t .the IOW witoitt .the next stir ye*rs .will ,]be kt> least t £1,854,553,. arid- pfdbahiy 'even, nwrito unless Soma rejiefig given. -A ißrge' ffnfduffr is invested in 1 securities' th*,t phy fetter interest than Consols do, - but: a* these are'not. readily marketable: it would be jmogt-un-t wise tOi increase very largely amount go' invested, since -the savings: banks- depositsmay be -withdrawn at very short notice; ■ 1 ~v-