Postal savings

Bibliographic data

Monograph

Identifikator:: 869930397

URN:: urn:nbn:de:zbw-retromon-49420

Document type:: Monograph

Author:: Kemmerer, Edwin Walter http://d-nb.info/gnd/101827717

Title:: Postal savings

Place of publication:: London

Publisher:: Humphrey Milford

Year of publication:: 1917

Scope:: 1 Online-Ressource (VIII, 176 Seiten)

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter IV - Depositors and deposits

Collection:: Economics Books

102 POSTAL SAVINGS The amount of interest of which these regula tions deprive depositors every year is large. Take the year 1916 for example. The fiscal year began with a balance to the credit of depositors of $65,684,708 and ended with $86,019,885. The mean deposit balance was therefore $75,852,296. At 2 per cent per annum the interest on this sum would have been $1,517,046. As a matter of fact, the interest “allowed and entered to the credit of depositors” was but $964,187, or 1.27 per cent on the mean annual balance. On the other hand, aside from the 5 per cent reserve kept with the Treasurer of the United States, the Government deposited practically 48 all of its postal savings funds in banks at interest at the rate of 2J per cent per annum on average - daily balances. The interest received on these bank deposits for 1916 was $1,764,368. Adding to this the $34,966 received on the 2J per cent but as yet undue interest unless he decides to transfer his account to his new place of residence. The Department has recognized, however, that this procedure is sometimes incon venient, and plans for the transfer of accounts have from time to time been under consideration. The matter is one which seriously affects our present methods of accounting. It is believed that a solution of the problem will soon be reached provided it is deemed advisable, in view of all the circumstances, to adopt a plan for the transfer of accounts.” 48 A small amount was invested in 2y 2 per cent postal savings bonds, but the entire income of these bond invest ments for the year 1916 was only $34,966.

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