Jubilee of 'Small Man's Safe

Hawke's Bay Herald-Tribune, Issue 29, 18 February 1937, Page 14

Jubilee of 'Small Man's Safe

LONDON. — The British Post Offlce Savings Bank, tho "small man's safe," has now served the public for 75 years. With its xecent jubilee celebrations comes the news that the savings bank now holds £414,000,000 for its depositors, an average of £41 each. The bank. was established at the instance of William Ewart Gladstone. Since the days of the famous Liberal Prime Minister the bank's deposits have -grown fourfold. Better times are now reflected in the faet that the average amount standing to the credit of each depositor is £10 more than the average five years ago. When the bank first opened in 1861., business was started in 300 post offices. Three months later this number was increased to 1700. By the end of the following year more than £2,000,000 had been received in deposits. To-day the staff totals 3500, of whom two thirds are women. The .bank's printing press and envelope-mtJking factory are responsible for an annual output of about 4,000,000 books, 60,000,000 forms and 27,000,000 envelopes. Depositors are able to save by means of stamps, buying them separately whenever they have a few coppers to spare. The total on the card, when handed in at a post office, is then credited to their aceount. Annual interest on deposit is paid at a fixed rate of 2i per cent.