Postal cheque system

Bibliographic data

Monograph

Identifikator:: 1772401838

URN:: urn:nbn:de:zbw-retromon-155456

Document type:: Monograph

Title:: Postal cheque system

Place of publication:: London

Publisher:: Stationery Off.

Year of publication:: 1928

Scope:: 10 S.

Digitisation:: 2021

Collection:: Economics Books

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POSTAL CHEQUE SYSTEM. REPORT OF A COMMITTEE OF THE POST OFFICE ADVISORY COUNCIL. REPORT. In accordance with the wishes of the Council at the 24th meeting held on December 15th, 1926, we have considered the question of instituting a Postal Cheque System in this country and we report as follows :— 1. Inquiry into Existing Systems.—As a preliminary to our investigations a questionnaire was circulated to the leading con- tinental countries using Postal Cheques. Summaries of some of the figures collected are attached as appendices to this report. 2. Success of Postal Cheque Systems Abroad. —From these figures and from other information obtained it appears that the Postal Cheque System operates on a widespread basis in these countries and in most cases is run at a profit. -It is noteworthy, however, that in Germany where Postal Cheques have been most developed losses have been sustained, which are understood to have amounted to the considerable sum of 16,000,000 R.M. in 1926 and to a similar large figure in 1927. 3. Factors in Profitable Working. —It is evident that the financial success or otherwise of a Postal Cheque System turns very largely apon the interest on current balances which is credited to the system and consequently upon the size of the average balance kept in the individual accounts. Where this is comparatively large, expenses can be met with the addition of reasonably low charges upon individual transactions. But if the average balance is small, the system can only be made to pay its way by raising the transaction charges to an unduly high level. 4. Development of Banking on the Continent.—In continental countries commercial banking facilities are less developed than in this country. Not only are there fewer branch offices per head of population but the procedure of payment and acceptance of cheques is in some cases encumbered by additional formalities and delays. The Clearing House system is only in embryo on the continent and the number of ordinary cheques in use, so far as can be ascertained, is very small compared with those circulating in this country. Postal Cheque facilities consequently are likely to attract a greater number of good accounts in continental countries than in Britain where the needs of a considerable section of the moneyed population are already catered for. Unless, therefore, the facilities offered by a Postal Cheque System in England were such as to compete advantageously with commercial banks or to break fresh ground, it seems probable (13497C) Wit. 7972/4541 2000 7/28 Harrow G.811

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