SAVING’S BANK IN SCHOOLS.

New Zealand Times, Volume XXXIII, Issue 5401, 19 July 1878, Page 6

SAVING’S BANK IN SCHOOLS.

Clause 78 of the Act of 1877 provides that any school committee, with the approval of the Board, may establish savings banks for the use of children attending the school. At the ordinary meeting of the Board of Education yesterday the Venerable Archdeacon Stock brought under the notice of the Board the desirability of writing to the various school committees with a view to having penny banks established in the various schools under tho jurisdiction of the Board, remarking that in his opinion they would be productive of a vast amount of good. In support of this assertion the Archdeacon sited the case of the St. Peter’s Parish Penny Bank, which was established on the 6th of August, 1872, in which .420 children were at the present time weekly depositors. .During the first year the deposits amounted to £199 Bs. 4d; 1873-74, £202 12s. 5d.; 1874-75, £181135.2d.; 1875-76, £269 14s. 6d.‘; and J 876-77, £3lO os. 6d., or a total daring the first five years of £1163 Bs. lid. In the first year the fines amounted to Is. aud in the second year to 6d., but no fines have since been incurred. In the .first year the interest on deposits amounted to 13s. lOd.; in the second year to £4 17s. 6d ; in tho third to £6 17s. Id.; in the fourth to £7 Bs. 9d; aud iu tho fifth to £9 3s. Bd. During the first five years the total amount in the bank to tho credit of depositors was £ll9O 6s. 9d., and the withdrawals during the same period amounted to £932 19s. lid, leaving a balance in the bank of £263 6s. 10d,; and the profit on tho bank’s operations from August 6, 1872, to June 30, 1877, was £ll 12s. 7d. plus a donation of £5 which had been given to the library. The Board decided on referring the Archdeacon's suggestion to the Scholarships Committee, with instructions to report on the subject to-day.