BANKS, POSTAL SAVINGS

Such government banks operating through the post office for the encouragement of thrift among the ma es have long been established in most large countries. They enable small sums to be saved and earn a small rate of interest, and depositors can draw both principal and interest on demand. In the United States, postal savings banks were created. in 1911 under the control of a board of trustees composed of the Postmaster General, the Secretary of the Treasury, and the Attorney-General, with the United States Treasurer as treasurer of the funds deposited. Any person ten years old or over can open an account with a dollar. Sums le than a dollar can be saved by purchasing postal savings cards and stamps at ten cents each. Accounts are limited to $1,000, exchangeable at the depositor’s option for postal savings bonds for that sum or for $20, $100 and $500, In 1911 there were 162,697 depositors credited with savings amounting to $10,614,676. In 1922 the depositors had increased to 12,538,997, or 1,800,000 over those in 1921, and had $7,181,248,000 to their credit, or $1,162,000,000 more than in the previous year.