Extracts. SUMMARY OF SAVINGS' BANKS.

New Zealander, Volume 3, Issue 107, 9 June 1847, Page 2

Extracts. SUMMARY OF SAVINGS' BANKS.

A summary of the collective accounts of the savings' banks distributed over Great Britain and Ireland, has recently been drawn up and published by Mr. John Tidd Pratt, the barrister appointed to certify the rules of Jriendly societies and savings' banks. The account is closed to the 20th November 1844, and presents data for reflections and deductions of an extremely gratifying and interesting character. It would be rash to conclude that the amount of deposits in these provident institutions is an indication

ol universal prosperity ; because two sections of Ihe community do not share in their advantages — namely, those who are too poor to have money to save, and those who, being too rich, make use of banks of higher pretensions. There is, however, a third section of the nation — happily far from a small one— consisting of frugal and industrious individuals in the humbler ranks of society, who may be designated the savings' bank class. They arc the woikmg part of the community — its sinews ; and, in so eminently productive and manufacturing a courtry as ours, unquestionably the most impoitant part of the nation. The inference, tlierelbie, is as inevitable as it is pleasing, that the larger the capital in savings' banks, the more healthy the condition of the nation at large. Keeping these considciations in view, all must be gratified to learn that at the end of the year 1844, the deposits in the 577 savings' banks existing in the three kingdoms amounted to the amazing sum of ,£ 31,275,636, accruing from 1,012,475 sepaiate accounts; the average amount cf each account being £27 18s. Since 18-14, twelve additional savings' banks have been established — a circumstance which leads to the anticipation that, when the 1845 account comes to be made up, it will be found greatly to exceed its immediate predecessor. By the rules of regularly appointed savings' banks, no depositor can invest more than £30 in any one year, ending on the 20th November; nor more than £150 altogether. Should the maximum sum be permitted to he and accumulate at interest, no interest is allowed after it has risen to £'200. The rate of interest payable to the trustees and manageis by the government is £3 ss. per cent., whilst that payable to depositors must not exceed £3 0"5. lOd. per cent, per annum. The difference in these rates provides a fund for office expenses When we look into the particulars of the summary, we find a few iacts which speak for themselves, and others which admit of interesting comment. To begin with England : At the end of 1844 it had 445 bunks, in whichB l 3,6ol single depositors had p1aced £23,469,37 1 . More than half of them (namely, 461,295) were creditors for sums not exceeding £20. Besides individuals, 18,689 iriendly and charitable societies had placed in English savings' banks £1,643,494 ; so that the total of accounts was 832,290, and of deposits £25,112,865. Taking these facts as a data for England, we iind that, contrary to general expectation, the English are more provident than their neighbours ; for, as the single depositors amount to 813,601, out of a population of more than 15,000,000, it follows that one individual out of 18| was in 1844 a savings' bank depositor. Ihe average amount of each deposit was £28. In turning to Scotland, it is natural to expect cvi' dences of that frugality lor which the people of the north are celebrated, brought out by the savings' bank returns. But the very reverse is the fact. In Scotland (population in rB4l about 2,600,000) there were, at the end of the savings' bunk year, thirty-six savings' banks, containing £960,149, arising from 68,791 single depositors, thiee-lourths (namely 52,442) of whose accounts were for sums not exceeding £20 ; whilst 1033 chari« table and friendly societies were creditors to the amount of £77,034 more, making a total of 69,824, and £1,043,183 sterling. Thus we find that only one person in about every 3 .\ was in 1844 a depositor; whilst the average amount Of each deposit, as well as the proportionate number of depositors to the gross population was half that of England, being only £14. These figures might be apt, without explanation, to overturn the current notions of the frugality and haording habits of the Scotch. The fact is, that the excellence and general efficiency of the local banking system of Scotland ofters so many advantages to persons possessing small accumulations, that it draws away the better class of depositors from the savings' banks. A small tradesman will, for example, go on making use of the latter till he has accumulated from £10 to £20, and then withdraw it to establish a credit at a bank of issue. Although such banks allow him but one per cent, less interest than the savings' banks, yet his capital in their hands is more current and pliable ; he can draw and pay in when it suits him ; he can get accommodation m loans and discounts ; and, in shoit, render his little stock of cash of infinitely more use, and therefore of more value to him, than if it were locked up in a savings' bank. For these reasons, the line which separates the savings' bank class from that which deals with issue banks, must be drawn much lower in reference to Scotland than in England, and we must expect it to cut off a vast proportion of the more affluent amongst the savings' bank depositors. And thus it happens that, while in England not much above half the depositors before referred to were in possession of sums not exceeding £20, the propoilion of that rate of depositois to the whole of the savings' bank contributors was in Scotland above three-fourths. In \Vale3 there were, at the period so often referred to, 13,007 single depositors, whose accounts united make up to £518,348; and adding 683 friendly and charitable societies' deposits, which came to ,£8 1,448, there was a total in Wales of 18,690 accounts, and £599,796. The Welsh, who have no superior facilities of general banking, or perceptible cause to remove them from the rule we have laid down, appear to be either poorer or less provident than the linglish; for, out of their population of about 911,000, they had only 18,007 depositors; and it follows that, according to this calculation, one person in fifty only contributes to the twenty-three savings' banks distributed over the principality. Ireland, when brought to this test, bears out its unfortunate character for poverty and improvidence ; for in it only one individual in about 90* had dealings with the savings' banks (of which theie were 73) in 1844; there having been 90,144 single depositors to a population of more than eight millions. Their united capital was £2,685,698 ; to which, when we add 1099 societies, with a deposited capital of £63,319, we obtain a total for Ireland of 91,243 accounts, and £2,749,017 in deposits. The average of each deposit was £29. The proportion of persons whose savings did not exceed £20, was below that of the others we have instanced, being less than half, or 41,546. In regarding the savings' banks of Great Britain and Ireland through the medium of Mr. Pratt's comprehensive summary, one of the most interesting points of view from which to observe them, is in reference to their local situation. The topography of savings' banks forms a study, by which we arrive at a knowledge of the comparative providence of people in various localities. We naturally turn to the English manufacturing dis- . tricts to seek for the most extensive employment of these institutions. Though not the largest, the most populous county in England is Lancashire,— and here we find that to a population (in 1841,) of 1,667,064, there are 67,159 accounts in thirty five banks, (only one less than all Scotland can boast of,) yielding £2,150,766, making an average of £30 for each account. Yorkshire presents a more flourishing state of things; for although the population is much lower in number than that of Lancashire, (having in 1841, been 1,591,584), the savings banks accounts were larger in 1844. They stand thus— -45 banks, 71,114 accounts, and £2,256,843 sterling. Warwickshire, which though it includes Birmingham, is partly an agricultural county, had with a population of 402,121, seven savings banks, and 21,684 accounts, from which an accumulation arose of £502,389. The amount of deposits in the great commercial and manufacturing towns was as follows: — Manchester, the highest in the empire, £568,313 ; Liverpool, £474,452 ; Newcastle, £261,077 ; Leeds, £262,908 j Birmingham,

250,080/.; Shefllelcl, 182,838/. In Staffordshire, the seat of the pottery trade, population 510,206, theie were 520,470/. accumulated fiom 15,953 accounts. The mining districts make a vciy respectable show in this summary for 1544, Cornwall, with its 341,209 inhabitants, had ten sa\ings banks, and 13,167 accounts, amounting to 525,1)22/. In Cumberland, population 177,912, there wore seven establishments, 7038 accounts, and 219/157/. Duiham had 7467 accounts, and an accumulation of 209,!)58/. to a population ot 0ti'1',277. Northumberland, with a population of 200,j.65, contained sc\cn banks, holding- J 3,1 14 accounts, and 477,4767. in deposits. • Amongst the agricultural and sea-board districts, Devonshne appears to stand forward for tlirilt, in inference to dealings w ith banks lor savings, even when we consider its largo population. Plymouth, including Devonport, and its dockyard, had, in four banks, 15,902 open accounts, the total of which was 505,999/. In the quiet city of Exeter, the smpusing sum of one million three thousand pounds had iound its way into one bank. In Scotland, the greatest amount of wealth, and pcr-j haps of prudence, appears to prevail in the capital. InJ the thiee savings banks, two m Edinburgh, and one in Leith, 23,479 accounts remained open iv Nov. 1844, amounting to 350,197/. The other savings bank m this county is in Dalkeith, which quiet little place contributed 008 accounts, and 53567. deposits, in Glasgow, with a vast excess of population over Edinburgh and Leith, there were only 20,118 accounts, and 322,141/. The highest accounts in Ireland, arc those made up in the noith, over which a large proporliun of prudent Scotch blood is diffused. Antrim contains three savings banks, which do business with 0209 depositors, and hold 131,993/. The population of the county is 270,188. The noisy county of Tipperary in the south, with double the population, hah only 3507 accounts, and 110,000/. in live savings banks. In the city of Dublin there are two banks, containing fi0'8,947/., belonging to 23,512 depositors. Few materials for considering savings banks with relerence to the occupations of depositors exist. Those however, to which we have had access, prove that the most frequent depositors are domestic servants ; next come clerks ; shopmen and porters ; atter them operativesj and last of all, persons employed in agriculture. One class, much in need of saving habits, have recently been altbrded an opportunity oi putting by the very small spare sums they may have ; we mean soldiers. By a wairant issued in October, 1843, regimental banks for savings were established. They have succeeded beyond expectation. From the date of their commencement to the 31st March, 1844, (scarcely six months,) there had been 15,069/. 3s. 2d., placed at interesl by 1890 depositors. Besides the banks we have already referred to, a few are set on foot by individual-., — chiefly with the view of encouraging prudent habits amongst such poor as they happen to possess any influence over. These are private concerns, not in communication with the authorities, and from which consequently, no official accounts can be obtained. Though existing in England and Scotland, they abound most in Ireland, While giving the originators of these concerns credit for the best intentions, we must lament that they should keep aloof from the great national system ; thus depriving depositors of the broad security which that system otfers, and also contributing to defeat an important end— the realization of exact statistics as to general savings. In some instances, there is reason ,to believe, these private savings banks are illegal, in consequence of not having their rules certified by the author of the summary before us. For various considerations, we earnestly press on the managers of these concerns, the necessity and propriety of uniting them with the national system.— Chambers' Edinburgh Journal. The following notice respecting the celebrated Peter Parley lately appeared iv the Sun newspaper. " Fancy a pretty and picturesque, suburb of a large city, and that in this village there is one of the most charming cottages iv the world, shadowed by graceful American elms, and surrounded by acanthus, clicsnul, and dogwood trees. Enter ttie door, around the trellis work of whose portico, luxuriant creepers twine, and- you will finif yourself afier passing tbiough an entrance hall, in an apartment, every article of furniture in which, whether lor use or ornament, displays the perfect taste of ihe owner. Pictures by the best English, European, aud Auieriean artiats, adorn the walls, aud articles of veriu are scalteicd about in vanous parts of the room. From the windows we have a charming view of the surrounding country. Away to the right rises the capitol crowned city of Boston. A hot summer day, even so far north as Boston, is no joie, and that it is unusually warm, is proved by a green and golden humming bird, which, (a rare thing" iv the neighbourhood), is busy in the bell of a trumpet vine just outside the window. > '"Will you walk into the library, Sir?'' says a servant, — and following her, we were ushered into a small room, adorned with • Statues, books, and pictures fair ; ' and a gentleman cordially welcomes us. It is Peter Pailey himself,— the beloved ot boys, and the glory of girls. He is tall, and rather slightly made ; for s moment he has laid aside a large pair ot smoked glas3 spectacles, and we obseivethat he has a pair of very bright, small, intellectual eyes, aud soft and kindly in their expression. 1 had imagined him an elderly, bald-headed, venerable looking man : he was quite the reverse of the picture ot him which I had hung up iv my own private and.pdrticular image chamber. Over a beautilully shaped head, grew short, crisp, curly, dark hair, ami his features weie rather mote youUituliti cast than might be supposed in those belonging to a man of some half a century old,— lor that I take to be about his age. He was about the best dressed man I had met in America ; and the whole appearance and bearing of Peter Parley was that of the perfect and high-bred gentleman. Of his mental qualifications, which arc not,' as they ought to be, appreciated iv this country,! shall speak presently. " Peter Parley's real name is Samuel Griswold Goodrich. He is the son of a clergyman of Connecticut,—a state which has sent forth more literary men than any other in America. Mr. Goodrich was educated in the common school of his native home ; and soon after attaining the age ot twenty -one, he became engaged iv the business of publishing- at Hertford, where he resided for several years. In the year 824, he was compelled by ill health to travel, and he visited Europe, travelling over England, France, Germany and Holland, devoting his atleution particularly to those institutions for education, aud on bis return, having determined to attempt au impiovemeni iv the books for the young, established himself in Boston, aud commenced the trade or profession, as it is more genteelly called of authorship Siuce that time he has produced some thirty aud odd volumes under the signature of ' Peter Parley,' which, have passed through a great number of editions in. America and in this couutry, and many of them' have been translated into foreign languages. Mr. Goodrich informed me that a iriend of his had actually met with one of his books ' done' into Persian ; ami

1 have seen a Constantinople edition of one of the earliest of the Parley scries. " Of some of these works more than 50,000 copies are circulated annually. In 1824- Mr. Goodrich published • The Token,' the first annual which ever appeaicd in America; and for fourteen years he continued to edit it, during which time he contributed most of the poeun, of which he is known to be the author. His • Fireside Education,' was composed in sixty days, whilst he was, discharging his duties as a member of the Massachusetts senate, and superintending his publishing establishment. " He told me, in the course of conversation, that he had adopted the name of ' Peter Parley,' as he wished the talcs he told children to be related by a gossipping old gentleman, who could talk and 'parley' with them. 'When I first used it, J litile thought,' said he, ' that before long it would be better known than my own.' " During the disastrous panic which occurred some years ago in the American money-market, Mr. Goodrich in common w itli hundred of others, was a sufferer to a very serious extent. Previously to the calamity he had built himself a heautilul mansion at Roxbury, near Eoslon, and near it a liuLje of very elegant design. Here he fondly hoped to spend the evening of his days in the enjoyment of competence, and even of affluence. But tiie crash came, and one dreaiy day Peter Parley, after all his hard work, found himself stripped of every dollar, and instead of being independent in circumstances, ten thousand dollars in debt. But he was not the man to despair ; and acting upou the principle of perseverance and industry he had so olten inculcated, he' never gave up, 1 but set Vr, shoulders once mure lo the wheel, and with a willing heart, nud cheerful hope, commenced lile anew. He was not so young as when he first wrote books, but the mine was unexhausted} his arm was slill vigoions, and he re-commenced working in the veins at knowledge. He. was a prudent man, and so he sold his large house, and with his accomplished wife and young family removed to the lodge, which his taste soon converted into a charming home ; ' and ' said Mrs. Uoodricli to vic, when I visited tlicm a lew months ago, ' we arc just as happy as we were there.' Day and in^ht toiled Peter Parley, flinging off book after book with unexampled rapidity, until fortune smiled on her patient wooer, and partially restored him that of which chance had deprived him. Still he is toiling for the children, and i am happy to say, not without earning his just wages. "'Mr. Goodrich's eyesight obliges him to sock the nid of his wife's pen ; and it is not impossible that a ccitam indescribable charm which pervades Peter's jater works may be ascribed to this circumstance."