SAVINGS BANKS.

North Otago Times, 14 September 1865, Page 3

SAVINGS BANKS.

(To the Editor of the O AMARU TIMES.) Sir, — The subject of establishing a Savings Bank at Oamaru as advocated in your columns some weeks ago, is well worthy of serious consideration on the part of the community. InDunedin the Institution has met with great success. In Invercargill a Bank was established, and the results were surprising ; a large number of accounts were opened, and notwithstanding the wellknown commercial and general depression prevailing there, it has continued to prosper. Other places are following the example, among which you last week mentioned East Taieri. It appears to be thought by some that a Building Society, such as we have here, absorbs the accumulations which would otherwise find their way into a Savings Bank, but this is by no means the case. The Building Society is an excellent investment for those who can afford to wait for a number of years, and for them it will probably return their money at the end of a lengthened period with compound interest, but a Savings Bank is still wanted, its object being to receive small sums to be repaid with interest on demand. A creat deal of money ii unnecessarily spent when there is no small deposit Bank available, and even those who are careful to save and who make desks, or trunks, or perhaps old stockings, the places of deposit are losing the interest which » Savimgs Bank would give them. "It is the pence that make the pounds ;" once introduce facilities for laying up these pence, and you will very soon improve the prudential habits and independence of your population, and there will, every year, be less reason to complain that " there is no money in the place." The public, however, to my thinking, stands in need of more detailed information as to the constitution and mode of working of these Banks, and you will be conferring a favor on many as well as furthering the object in view, by publishing full particulars. Are they constituted by act of the General Government ; if so, an outline of it should be given. What security is" afforded to depositors ; what rate of interest piven ; what are the general rules adopted ; and what the mode of working ? If you were to put the matter more fully before the public you would probably be successful in arousing attention to its advantages, and then a public meeting could be called for the purpose of putting the machinery into motion. 1 am, yours, &c, Querist. Oamaru, 11th Sep., 1865. [We shall take an early opportunity of furnishing the information desired by "Querist," and are glad to observe that the importance of the subject of Savings Banks is at length being recognized. " Better late than never."- Ed.]