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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that the average balances maintained in accounts would be relatively small and that there would be a difficulty in making the svstem pay its way. 5. Postal Cheques.—As Postal Cheques involve a preliminary reference to headquarters before transmission to the payee, they are in some ways at a disadvantage compared with the direct despatch of ordinary cheques. In order to compete effectively with such cheques they would probably have to cost less to the user and it is doubtful whether this would be practicable if anything in the nature of Stamp Duty were levied on the cheques. 6. Stamp Duty om Postal Cheques.—We have given careful consideration to the question of exemption of Postal Cheques from Stamp Duty or an equivalent charge, and while it has been urged that such exemption is commonly given on Government cheques both in this country and elsewhere and that the Stamp Duty revenue would not suffer materially as the majority of Postal Cheques would probably represent additional business, we think that it would be invidious and undesirable to discriminate between Government and other banking in this respect. While expressing this view we do not think that it necessarily applies to a reduction in the case of cheques for very small amounts. We refer again to this in paragraph 12 below. 7. Postal Transfers—The Postal Transfer which occupies a prominent position in Postal Cheque systems is an attractive feature where a sufficiently large number of customers hold Postal Cheque accounts. By this means payments can be made by a simple book- keeping transfer from one account to another, a notification that the transaction has been carried out being sent to the parties concerned. To popularise this means of payment, however, a large number of customers would be essential and in view of the development of other forms of banking in this country it seems doubtful whether a clientele on the Continental scale would be forthcoming. 8. Cash Receipts from Third Parties. —As a machinery of receipt a system of Postal Cheque accounts operated by ‘the Post Office would offer facilities for payment by third parfies into a central account which would probably have attractions for large institutions such as friendly societies, trade unions, etc., who receive regular contributions of small amounts from a large number of members. We think, however, that there is no case for setting up a Postal Cheque system mainly to afford this convenience, and that if it were shown that a considerable demand existed for such facilities it would probably be feasible to institute suitable machinery otherwise for the purpose. 9. Views of the Trade Union Congress—At the meeting of the Trade Union Congress in 1926 a resolution in favour of the Postal Cheque System was adopted. We therefore thought it advisable to invite the views of the General Council of the Trade Union Congress

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