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1
435
Her Majesty's Mails
·
William Lewins
337
Savings'
banks
have
suffered
most
severely
from
frauds
in
the
management,
and
the
feeling
of
insecurity
which
these
frauds
have
engendered
from
time
to
time
has
gone
far
to
mar
their
usefulness.
Government
is
only
responsible
to
the
trustees
for
the
amounts
actually
placed
in
its
hands.
The
law,
previous
to
1844,
gave
the
depositor
a
remedy
against
the
trustees
in
case
of
wilful
neglect
or
default.
In
1844,
the
Legislature
thought
right
to
make
a
most
important
change
in
the
law,
by
which
trustees
of
savings'
banks
were
released
from
all
liability,
except
where
it
was
voluntarily
assumed.
It
remains
a
most
significant
fact,
that
all
the
great
frauds
with
this
class
of
banks
have
occurred
since
that
date.
We
have,
indeed,
to
thank
only
the
influential
gentlemen,
who,
as
a
rule,
take
upon
themselves
the
management
of
savings'
banks,
that
such
cases
have
been
so
rare
as
they
have.[180]
The
known
frauds
in
savings'
banks
are
calculated
to
have
swallowed
up
a
quarter
of
a
million
of
hard-earned
money.
The
fraud
in
the
Cuffe
Street
bank,
in
Dublin,
amounted
to
56,000l.;
the
Tralee
bank
stopped
payment
in
1848
with
liabilities
to
depositors
to
the
extent
of
36,768l.,
and
only
1,660l.
of
available
assets;
in
the
same
year,
the
Killarney
savings'
bank
stopped
with
liabilities
of
36,000l.,
and
assets
of
only
half
that
amount.
About
the
same
time,
the
Rochdale
bank
frauds
became
known,
and
losses
to
the
extent
of
40,000l.
were
the
result.
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