DEPOSITORS  AND  DEPOSITS

101

of  irony  in  the  following  quotation  from  the  1914
annual  report  of  the  Third  Assistant  Postmaster-General:
  “Interest  on  deposits  [of  postal  savings ­
  funds]  in  banks  is  computed  on  the  basis  of
average  daily  balances.  .  .  .  Interest  on  postal
savings  certificates  is  computed  on  the  basis  of
deposits  which  have  remained  for  one  or  more
full  years  from  the  first  day  of  the  month  following ­
  the  month  in  which  the  deposits  were
made.” 46
Furthermore,  it  has  been  ruled  that  a  depositor
who  moves  away  from  the  town  or  city  in  which
his  postal  savings  account  is  held  cannot  transfer
his  account  to  his  new  place  of  residence,  before
the  end  of  his  “deposit  year,”  without  forfeiting
his  accumulated  interest.  He  can  make  the
transfer  only  by  closing  his  old  account,  and
opening  an  entirely  new  one  at  his  new  place  of
residence. 47
46  Report,  p.  6.
47  Third  Assistant  Postmaster-General  Dockery,  in  a  letter ­
  to  the  writer  on  this  subject,  dated  February  12,  1917,
said:“.  .  .  .  I  have  to  inform  you  that  no  provision  is  made
in  the  postal  savings  regulations  for  the  transfer  of  accounts
between  depository  offices.  Provision  is  made,  however,  for
the  transfer  of  accounts  between  stations  of  a  depository
post  office,  or  between  a  station  and  the  main  office.  If  a
depositor  removes  to  a  distant  locality,  he  is  not  compelled
to  transfer  his  account  for  he  may  make  deposits  and  withdrawals ­
  by  mail  for  such  time  as  suits  his  pleasure.  It  is
not  necessary,  therefore,  that  he  should  forfeit  accumulated