THE Otago Daily Times. "Inveniam viam aut faciam." WEDNESDAY, DECEMBER 25, 1861.

Otago Daily Times, Issue 35, 25 December 1861, Page 4

THE Otago Daily Times. "Inveniam viam aut faciam." WEDNESDAY, DECEMBER 25, 1861.

It is somewhat singular that there should have been no attempt made to establish a Savings Bank in the Province of Otago ; the more especially as in other Provinces the Savings Bank system has long been in beneficial operation. As long ago as 1846 a Savings' Bank was established in Wellington ; in the next year Auckland was able to boast of one; in 1850, 1855; and 1858, respectively, similar institutions were established at New Plymouth, Lyttelton, and Christchurch, and in 1860 Nelson followed their example. Still Otago made no sign, and up to the present moment we are not aware of any movement having been made to provide this most convenient means for the poorer classess to capitalize their little savings. The omission is the more remarkable because the steady industry, and frugal habits, of the majority of the original population of Otago would seem to make them as a community eminently capable of availing themselves to the fullest extent of the advantages of a system, specially contrived to afford facilities for the industrious and prudent to better their condition. That the Savings* Bank system can be worked to advantage in New Zealand is proved by the fact, that at the end of 1860 there was in the Savings Bank at Auckland a balance of nearly eleven thousand pounds. It is true that the other Savings Banks have not equally large balances, but it must be borne in mind that, the population of Auckland was at that time nearly double that of Wellington, Nelson, or Otago, and fully fifty per cent, more than that of Canterbury, and, moreover, that from peculiar circumstances the proportion of persons in the receipt of small fixed wages would naturally be larger in Auckland than elsewhere. The same causes which operated in preventing the Savings Banks of the other provinces from prospering as well as that .of Auckland, would

doubtless have militated against the success ©c any similar institution in Otago before the gold discoveries, but the large influx of population caused by these discoveries will have completely altered the relative position of , Otago as compared with the other provinces, not only as to actual numbers, but as to the class of employment pursued, and there is now every reason to believe that if a Savings Bank were established in Dunedin. it would speedily surpass that of Auckland both in tke^ number of depositors, and in the amount of deposits. The experience of Victoria, warrants this anticipation, for ifc has been found thafc the business of the Savings Banks has immensely increased in that Colony since the gold discoveries, and, indeed, it has becoaie necessary to establish separate banks on the principal gold fields. We have now before ms an abstract return of the business of the Victorian Savings Banks for the year ending 30th June, 1861, by which it appears that the total amount of deposits received during the year by the Savings Banks of Melbourne, Geelong, Portland, Belfast, Castlemaine, Sandhurst, Ballarat, Maryborough, Warrnambool, and Kyneton, was £426,359 3s. lOd.; the total amount of repayments in the same period, £346,209 17s. 7d., and the interest allowed^ 18,145 Bs. 1 d.; while the total sum remaining on deposit on the Ist July, 1861, was £582,795 14s. 3d. f being an increase of nearly £100,00© on the previous year. So much for the success of the Savings Bank system in a gold country, and it is not easy to see why it should not be proportionately successful in Otaga. The occupation of gold mining is one of am altogether exceptional nature, and the gold digger is, perhaps, of all men, the most likely to derive benefit from inducements and facilities for the formation of provident habits. Gaining large sums at uncertain intervals, the miner is particularly exposed to the temptation to spend his money foolishly ; to dissipate in a few days, or even hours, the results of months of patient toil. Unfitted in most cases for at once embarking in any other pursuit, the miner is at a loss to find profitable investment for his money; but if he knows that by depositing it in a Savings Bank he can not only secure the principal, but obtara also a moderate per centage in the shape of interest, he is easily induced, to lay by. It is difficult to over-estimate the advantage of provident habits not only to the miner himself, but to the community among whom his lot is cast; alternately making large gains, or working for weeks for nothing, the gold miner, if improvident, is liable at times to suffer the extreme of poverty, and thus to be exposed to the strongest temptation to crime, while the mad excesses into which he is liable to be betrayed in the day of his sudden wealth are equally pernicious to himself, and dangerous to his neighbour. But let the same man have been induced to become a depositor in a Savings Bank, and the feeling of self-respect produced by the consciousness of having " money in the bank" will make him moire circumspect in his conduct, and his savings will thus at the same time preserve him from poverty and from, disgrace. So highly is the advantage of the Savings Bank system estimated in England that it is considered worth while to maintain it, although it has beea found, on an average of forty years, that the annual expense to the State is nearly £70,000. In Victoria, if we are not misinformed, the system has hitherto been made entirely selfsupporting, although the interest allowed has been considerably higher than that paid by similar institutions in England. The Englisk rate is £3 os. lOd. per cent, per annum, and that of Victoria £4; but the difference is more than made up by the enhanced value of money in the colony. Similar causes will produce similar results, and it will be at least as cosy to afford four per cent, on deposits in Otag® as in Victoria. But it is not our present intention to enter into detailed calculations; our object is merely to direct attention to the necessity for the establishment of a Savings Bank in Otago, to show what success has attended the Savings Bank system elsewhere, and to endeavour to rouse some of our leading citizens to take measures to supply what is undoubtedly a great desideratum to the province.

Christmas Day has long been regarded as & day sacred not only to the lofty religious associations with which it is so inseparably connected, but also to the " religion of the affections"—to that dear home sentiment which is so deeply rooted in every English heart. It is the day for bringing families together, for reconciling enmities, for renewing intimacies, and for cementing friendships. Ta those whose fate it is to wander far from home to seek their fortune in distant lands Christmas time never fails to bring fond recollections of the dear old home beyond the seas, and of the friends whose thoughts are they know at the same time directed towards themselves. Like the parted lovers who agreed to look at the moon at the same hour, or like the mystic philosophers who established an occult sympathy b}' looking at the same star, the distant v wanderer and his friends in the old country, when Christmas-tide arrives, are in spirit brought together, although actually seas may roll broad between them. Christmas being the time, of all others, when "the heart untravelled fondly turns" towards home, it is with feelings of no ordinary pleasure that we this day lay before our readers the English news brought by the vessels which arrived at this, port yesterday. It is, to say the least,

a happy coincidence that the news from home should come to hand exactly at Christmas time; and we trust that the news, although not very exciting or of any absorbing interest, ■will yet be received as a most opportune contribution towards the observance of Christmas as a social and national festival. It affords us the more satisfaction on this occasion to be thus able to add our quota to the general stock, because this is our first Christmas Day in Otago; but, although the first, we sincerely trust that it is far from being the last, and that for many years to come it may be our pleasing duty to wish the inhabitants of Otago a Merry Christmas and a Happy New Year.

Tasmania.—By the courtesy of the Captain of the Warren Goddard, which vessel made a splendid run from Lauceston of five days, we are in possession of p'&pers of late date. The news is unimportant. The passengers by the wrecked ship Tyne were in great distress, and subscriptions were being got up in their aid. A small find of gold has been made at Fingal, and efforts are being made to get up a subscription of £1000 to reward the finder of a payable gold field. Colonel Gore Brown had been installed Governor of the Colony. An inquest was held at the Royal Hotel yesterday evening on the body of John Clarke, who had died that day in a tent in Walker-street. From the evidence of one of his mates it appeared that the deceased had been in ill health for some time past; that no medical man had attended him, and that although he had applied for admission to the Hospital he had been refused in consequence of want of room. Dr. Wilson after having made a post mortem examination, stated that he believed the deceased died from dropsy in the chest, caused by disease of the heart, and that no medical aid could have saved him, although it might have prolonged his life for a short period, The jury returned in accordance with the medical evidence. We hear that considerable auxiety exists in Gabriel's Gully in consequence of the mysterious disappearance of the Manager of a certain wellknown Mining Company. He was last seen one evening last week going up a spur behind the Commissioner's Camp, and soon afterwards one of his men was seen leading his horse down the gully. Since that time no trace of him has been discovered, although the most diligent search has been made, as he was summoned as a witness in an important case for the day after that on which he so strangely disappeared. It is rumored that considerable deficiencies will be found to exist in the accounts of the Company. In|spite of the Liachlan .Diggings we may expect to have a large number of arrivals from Sydney. The Hirondelle, from thence, .which has just arrived, states that she was filled up before the news had arrived of the late large shipments of gold, and there were several vessels to be laid on for Otago. The intelligence from here, which was received in Sydney four hours before the departure of the Hirondelle, had created considerable sensation. As an instance of the character of the rush from Melbourne, we are informed that the fine clipper ship Genii, which left Melbourne on the Isthinst., was filled up before she had been laid on the berth twenty-four hours. A considerable number of stow-aways managed to get a passage "on the cheap" in this vessel. The powerful paddle steamer Samson, now hails from this port, having been purchased jby a company of merchants old residents of this town. We believe her price was about £3000. His Honor the Superintendent is taking a tour down South, for the double purpose of enjoying the Christmas recess, and for inspecting the Southern roads. - On his return Mr. Hardy, the new Provincial Secretary, will proceed to the gold fields on a semi-official visit of enquiry into various matters, which it is considered by the Executive require personal investigation. On Mr. Hardy's return, His Honor will proceed on an ofncicial tour of investigation to the North. A serious accident occurred on the Jetty, on Monday evening, to a man named Drummond, while he was engaged in discharging the cargo of the steamer Rainbow. He aud another man of the name of Ellis, were in the act of removing a plank which had been placed as a gangway from the Jetty to the schooner James Daly, when Drummond lost his balance and fell over the side of the Jetty on a small boat which was lying beneath. He was immediately conveyed to the Hospital, but we are glad to state that from enquiries made there yesterday we believe he is not dangerously hurt. We regret to learn that Captain Boyd, of the Geelong, steamer, while in Lyttelton, last week, fell and dislocated his thigh.