THRIFT ANNIVERSARY

Dominion, Volume 11, Issue 94, 14 January 1918, Page 6

THRIFT ANNIVERSARY

A HUNDRED YEARS OF SAVINGS BANKS. '

A hundred years ago—in July, 1817 —the British Parliament passed the Savings Bank Acts for Ireland and England, in that order. Two years later a similar Act for Scotland was placed on the Statute Bool;. To commemorate events so important in tho promotion of thrift, the Lord Mayor of London (Sir William Dunn) and tho Lady Mayoress entertained a representative gathering of savings bank trustees at the Mansion House. The occasion also served to mark the amalgamation of five London savings banks in tho present year, and to recognise the twenty-fifth anniversary of the appointment of the Statutory Committee charged with tho inspection of trustee savings banks under the Act of 1891.

The guests included representatives of the Post Office Savings Bank, and of the Friendly Societies, tEe Charity Organisation Society, the London Chamber of Commerce! and other institutions concerned in the promotion of thrift. The Lord Mayor, in welcoming the guests, emphasised the special importance of thrift in these days. The Bishop of London said that the origin of savings banks, as of so many of our institutions, was to he found m the bosom of the Church, for in the days of old it was the parson and the sqiiire who took steps to induce tho villagers to save. It was tho undoing of many that they took no thought of the morrow. Sir Albert Rollit said that the trusteo savings banks had 400 branches and agencies throughout- the land, and assets which to-day amounted to something like £100,000,000. Sir Henry Davies said that m peace time it had been asserted that war would causo a panic and a rush on the banks. When the present war broke out the deposits amounted to £lH.y 50'),000. Notices of withdrawals to tuo .extent of £3,000,000 had been received, but very soon the whole oi that money came hack, and to-day, dospitc the facilities offered to the small investor to purchase the Four and a Halt Per Cent. Loan of June, Mo, and the Five Per Cent. Exchequer Bonds of January, 1916. the balance, of deposits in trustee savings banks and tie lost Office Savings Bank together had increased bv £8,000,000. The amount invested in War Loan and Bonds was £126,000,000, and in the National War Savings Certificates £94,000,000 (Cheers.)