Postal savings

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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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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter V - Investment of postal savings funds

Collection:: Economics Books

INVESTMENT OF FUNDS 125 annum, which rate shall be uniform throughout the United States and Territories thereof.” Al though there was considerable sentiment for a higher rate, the Board of Trustees, at its meet ing of December 31, 1910, fixed the rate at 2J per cent per annum payable January 1 and July 1 each year “upon the average monthly bal ances.” The term “average monthly balances” was at first interpreted to mean the average of the balances held on the last of each month. In asmuch as the balances were normally growing throughout the month, the amount on the last day was unduly high, and this method of computing led justly to complaints on the part of depository banks. The basis was accordingly changed to the average daily balance, and this has been gener ally satisfactory. Profits Realized by Banks on Postal Savings Accounts Concerning the extent to which postal savings accounts have been profitable to depository banks it is unsafe to generalize. The profit varies with the prices of bonds acceptable as security; and the last few years have been years of unstable bond prices, and years of great uncertainty as to bond values in the future. It varies with the ex tent to which the deposits will cover the collateral

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