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

104 POSTAL SAVINGS year; and of the 18 per cent that still remains, 48 per cent is withdrawn within the third year, leav ing approximately only 9 per cent of the deposits in the custody of the Government at the end of the third year.” 50 As a matter of fact the interest rate paid is so low that it makes a very weak appeal to the class of people who deposit in the postal savings banks. Their motive is primarily security. The Govern ment is now realizing large profits from the postal savings system 51 —for 1916 the estimated profit was $481,816 52 —and this profit is coming from a class of people in the community, the thrifty poor, from whom it is bad social policy to take it. Of course it would be administratively impracticable to pay interest to depositors on average daily balances—no savings banks do that. Would it be expecting too much, however, to ask for our postal savings depositors the allowances of inter est on half yearly or even quarterly balances? Moreover, is it unreasonable to ask the Board of Trustees, in view of the nomadic character of our foreign born population which patronizes 60 U. S. Post. Savs. Sys., 1916, p. 5. 61 The first two years the system was run at an esti mated loss of $1,000,000. Since that time every year has witnessed a substantial net profit to the Government. 52 Board of Trustees, Ann. Rep. Post. Savs. Sys., 1916, (House Doc. No. 1433, 64 Cong., 2 Sess.), p. 61.

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