Her Majesty's Mails

There can be no doubt that the state of the law is still most anomalous, and that the great majority of the people of this country are under the impression that there is Government security for each deposit in every savings' bank. Year by year, changes have been proposed in the Legislature for giving more security to depositors, but the body of managers have hitherto been successful in their opposition. Whilst legislation is thus deferred, the risks to the provident poor still continue. In the report of a Government Commission appointed during one of these annual discussions "on the savings of the middle and working classes," several well-known authorities in such matters, such as Mr. J. Stuart Mill, and Mr. Bellenden Kerr, expressed decided opinions of the insecurity of savings'-bank deposits. Mr. J. Malcom Ludlow spoke to the feeling of the working-classes themselves: "I should say the great reason why the working-classes turn away from savings' banks, is the feeling of insecurity so largely prevailing amongst them." Mr. J. S. Mill, when asked for any suggestion on the subject, said: "I think it would be very useful to provide some scheme to make the nation responsible for all amounts deposited. Certainly the general opinion among the depositors is, that the nation is responsible; they are not aware that they have only the responsibility of the trustees to rely upon."