The Waikato Times. THURSDAY, DECEMBER 28, 1911. THE PENNY BANK.

Waikato Times, Issue 12166, 28 December 1911, Page 4

The Waikato Times. THURSDAY, DECEMBER 28, 1911. THE PENNY BANK.

There was a remarkable " run " last month on the National Penny Bank in the East End of London. It began on Monday, November 6, and for four days the various branches were besieged by depositors anxious to withdraw their saving. The bank met every demand made upon l it, and at length the repeated assurances of the directors and their continued proof of thedr ability to meet the requirements of |doubting clients put am end to the "run." The bank deals very largely with the alien popular tion of the East End, receiving dePosits varying from a single penny to a<ny amount. There are about 15,000 depositors in the Bast End, and, as their average savings amount to £ls or £2O, the bank does a considerable business. The interest added to deposits in 1909 was £69,215, and the total amount due to depositors on October 6, 1910, was £3,169,606. One of the regulations, of the bank prohibits foreigners who have no kniowledga of English from opening accounts, hut some of ite clients possess only a very modest acquaintance with the language ol their adopted country, and it w a s probabljj one of these People who created tbe panic among; deposit rs. On the day on which the run te>gan a depositor •who wished to withdraw all his money was informed that according to the rules of the bank (he must give notice of his intention to withdraw more than £lO. It is thought that he misunderstood the position, fancied that something must be wrong*, a nd told his friends, who also became alarmed and rushed to the bank to demand their money. During two days there were queues of -depose

Itore at the branches in St. Martin's Lane, Stepney, Shoreditch and Islington, and the bank "worked far into tbe night to meet their demands. There were some curious incidents during the run. The police carefully shepherded a down-afc-heels Russian who tm Hovering amongst the crowd at one branch, and were on the point of arresting him as a va.?ra»t when he produced a book showing' over £IOOO to his credit. Another poverty-stricken man was waiting to withdraw £9OO «nd among , the most anriouß of the depositors was a boy who had sixpence in the bank.