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1
435
Her Majesty's Mails
·
William Lewins
336
A
reference
to
the
various
deficiencies
of
the
old
banks
for
savings,
and
the
steps
which
led
to
the
formation
of
those
now
under
consideration,
will
not
be
out
of
place
here.
We
have
said
that,
in
the
early
part
of
this
century,
successive
governments
offered
every
inducement
and
facility
to
the
savings'
bank
scheme.
Such
encouragement
was
indispensable
to
their
success.
When
first
started,
Government
granted
interest
to
the
trustees
at
the
rate
of
4½l.
per
cent.
This
rate,
reduced
to
4l.
as
the
banks
became
more
established,
now
stands
at
3l.
5s.
per
cent.
Of
this
sum
depositors
receive
3l.
per
cent.;
the
difference
paying
the
expenses
of
management.
The
encouragement
which
the
Legislature
has
given
to
the
savings'
banks
of
the
country
since
their
commencement,
has
entailed
a
loss
of
about
four
and
a
half
millions
sterling
on
the
public
exchequer.
From
1817
to
1841,
a
loss
of
nearly
two
millions
sterling
had
been
incurred
by
reason
of
the
rate
of
interest
which
was
allowed
by
Government,
being
greater
than
that
yielded
by
the
securities
in
which
the
deposits
had
been
invested.
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