PENNY BANKS.

New Zealander, Volume XVIII, Issue 1670, 19 April 1862, Page 3

PENNY BANKS.

Last night, the Rev. C. F. D. Priddle, of Liverpool, delivered in the schoolroom of Christ Church a peculiarly interesting lecture on " Penny Banks"—there being a -respectable auditory, chiefly composed of younff people. Having introduced his subject with a few pleasing and humorous remarks about " taking care of the pence" calculated to arrest the attention of hit hearers, the reverend gentleman adverted to the vast superiority of the new over the eld method of saving, in former times a labouring man of careful habits would put away his savings in a cracked teapot on the top of the cupboard, or in an old stocking, at the botton of his clothes chest. For a week or two, the copper hoard increases, but one fine summer evening the train or the steamer brings up a brother whom he has not seen for many months, and of whose identity he cannot be quite sure till he has surveyed his features across the top of a foaming pot of beer. The week's wages are not due, but his savings are within reach—they are poured into his pocket, and thence pass into the capacious till of the" Red Lion,"or " Wheelwright's Arms." Or, perhaps, is a cousin from Old England, or a shipmate from a job in the country somewhere, and under these circumstances following the kindly sympathies of his nature, his savings are taken and spent. Or a neighbour calls in to borrow a few shillings, just for a day, and he, warm-hearted man, cannot refuse. And who that knows how soft of heart John Bull is, even in a fustian jacket, would, under such pressure preach to him about taking care of the pence in the teapot? But yet, said the lecturer, there is the almost need that he whose strong arm is his only capital, the interest of which is the sole support of his home —that he who may be laid aside any day by sickness, or the slackness of his work, should learn to take care of the pence, and to make some provision for the rainy day. For those who receive pounds a week, in return for their services, the saving's banks are available ; but with such as are paid with, say from 30s. to 40s. weekly, or it may be even less, the case is different, and thepenny bank comes into play, and acts upon those for whom the saving's bank is unavailable. And it hat been found that, in numberless places in Great Britain, where efficient savings' banks are in operation, there also do penny banks flourish, the one being a feeder to the other. It seems, he said, a sound maxim, that those whose money comes to them in pounds many save in shillings ; but those who earn in shillings must save in pence. The shopboy, the children of the working classes, cannotlayby a whole shilling, but they gladly leave their two or three pence to bo taken care of for them till they have a few shillings to make some purchase, or even to enjoy some holiday. By way of illustrating this statement, reference was made to the working of the Penny Bank in the town of Derby, where more than one-tenth of the whole sum received was paid in in actual copper money, and a large proportion of the remainder in threepenny and fourpenny bits. Having fully explained the method of paying in and receiving the deposits, and the system of keeping and checking the books of the penny bank, the rev. gentlemen remarked that these institutions were not so much saving as safety banks, intended to check small spendings, and to be the poor man's purse,keeping his pence till they became shillings, and his shillings till they became pounds. If then, naturally enough, he is desirous of obtaining interest for his money—which the penny banks cannot pay—he will lodge it in the Sydney Saving's Bank, or invest it in the purchase of Government debentures. The lecturer here pave some details of the operations of these banks at home. At the Birmingham Penny Bank, in one year, £11,500 was paid in, in 84,000 sums; and £10,700 was drawn out in 15,000 sums. At Derby, in two years, £2051 was paid in 32,751 sums ; and £lOl9 was drawn out in 2495 sums. The Birmingham Penny Bank was established in 1851. From the commencement up to December, 1857, that is six years, 68,927 accounts were opened, 55,683 accounts were repaid in full, varying fr»m one penny upward ; leaving 13,244 open accounts. Number of deposits for year ending December, 1857, 96,973 : amount received, 10,042. Number of repayments were 18,761, and the amount repaid, £14,775. The following summary of the business of the bank for the seven year of its existence, illustrates in a striking, way the immense value of penny banks : Receipts £52,354 4 1 Repaid 47,921 4 2 Balance, December 3lst ... £4,432 19 11 The population of Birmingham is about 250,000. There is an efficient Savings' Bank open three times a week, and on Saturday evening. The Derby Working Men's Association Penny Bank, established in March, 1857. The trade of the town was at the-time most depressed, still there were 4772 depositors, 32,758 deposits having been made. Amount deposited £2115 15 5 Withdrawn Balance £IOB6 12 6 In still smaller populations there has been a proportionate degree of success. In the parish of Pues, a penny bank was started in April, 1838 : From the commencement, 89 depositors bavp paid in £52 0 S Withdrawn 5 6 0 Balance 40 14 3 At Thurston village near Lichfield, a penny bank was established in February, 1858. From the commencement there have been (though 6d. each has been charged for the pass book), 87 deP° sitors ' .pao a. a They have paid in X * J * ° Withdrawn 27 18 6 Balance £2l 6 0 In conclusion, he remarked that the success that has attended the opening of penny banks, wherever they have been set on foot in such a way as to secure the confidence of the handicraft classes, is a proof how deeply their value is felt. And if only penny banks were as plentiful as they should be, and as fully used as they should be, there would be far less need of those numberless charitable institutions, refuges for the destitute and infirm: and the elevation of the maMM l in the scale of mpeettbitity «nd comfort fo rtb'ar?cli— ZiirtfHm JtWW,