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 sav 
ings 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 fol 
lowing 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 let 
ter 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 with 
drawals by mail for such time as suits his pleasure. It is 
not necessary, therefore, that he should forfeit accumulated