S A V S A V 331 In New England the depositors number 36 in every 100 of the population, and the average amount of each account is 66, or 24 for each individual if distributed over the entire population. In New York State the deposits would give 1 7 per head if distributed in like manner. The following table gives for each State the number of depositors, and the amount and average of deposits, in 1885 : State. Depositors. Deposits. Average. Maine 106,000 6,500,000 62 New Hampshire 121,000 8,700,000 72 Vermont 39,000 2,200,000 57 Massachusetts 826,000 52,500,000 63 Rhode Island 116,000 10,200,000 88 Connecticut . 252,000 18,100,000 71 New York 1,165,000 87,400,000 75 New Jersey 87,000 4,800,000 55 Pennsylvania 136,000 7,000,000 52 Maryland 78,000 5,700,000 73 District of Columbia. . . . Ohio 7,000 35,000 100,000 2,500,000 20 62 Indiana 9,000 400,000 48 Minnesota 12,000 600,000 53 California 82,000 11,700,000 142 3,071,000 218,400,000 71 Brazil. The savings banks of the empire of Brazil have been made instruments in the gradual extinction of slavery in that country. Since 1871 each slave is allowed certain hours a week to labour for his own benefit, and when his earnings deposited in the pavings bank amount to a given sum the remainder of the price of his emancipation is provided by the state out of public funds. The children of slave mothers, who since 1871 have been born free, are also encouraged to place their earnings in school savings banks. >By a law passed on the 14th August 1885, immediate enfranchise- ment at the cost of the state is conferred upon slaves employed in agricultural establishments, upon condition of their remaining with the master at fixed wages for five years and paying half the wages into the savings bank towards repayment of the price paid for their freedom. Continent of Europe. In several of the countries of Europe savings banks have been established and are flourishing. In Prussia the first savings bank was founded by the municipality of Berlin in 1828. In 1838 they were taken under the supervision of the Government. Their formation has been much aided by an association called the " Central Union " for the good of the industrious classes. A great variety of investments is permitted. In 1874 there were 979 banks, having 2,059,000 depositors and 49,315,000 of deposits, being a little over 2 per head of the population. Besides savings banks, there are the credit banks established by the late Herr Schultz-Delitzsch, which perform a similar function. In France 79 per cent, of the deposits are invested in the public debt, on which interest at the rate of 4 per cent, is guaranteed, ,but the savings banks are private institutions ; 19 per cent, are invested in mortgages and 2 per cent, on municipal securities. Post office savings banks also exist. The average amount of each deposit account is smaller than in England, 79 per cent, of the deposits being under 20 as against 63 per cent. The follow- ing statement shows the progress of savings banks in France since their first regulation by law in 1835 : Number Per Per Date. of Banks, Number of cent, of Amount of Head of including Depositors. Popula- Deposits. Popula- Branches. tion. tion.
s. d. 31st Dec. 1840 430 351,808 1 7,695,293 4 6 1850 540 565,995 2 5,572,738 3 1 1860 638 1,218,122 3 15,054,184 8 3 1870 1121 2,079,141 5 25,280,000 1878 1320 3,173,721 9 40,646,656 22 The depositors now number nearly five millions. Savings banks were greatly affected by the Revolution of 1848 and by the Franco- German War. Previous to the former event, the deposits had risen on 31st December 1845 to 15,822,164, falling on 31st December 1849 as low as 2,965,802. In the early part of 1870 they had risen to 28,800,000 or 15s. for every individual of the population. The separation of Alsace and Lorraine reduced the deposits. Postal savings banks were established in 1875, but only as auxiliaries of the ordinary savings banks ; school savings banks, mainly through the enlightened exertions of M. de Malarce, were commenced in 1874. These are now established in 23,222 schools, have 488,674 depositors and 451,402 deposits. - A national postal savings bank was instituted on 9th April 1881, and was extended to Corsica on 1st March 1882 and to Algeria and Tunis from 1st April 1884. On 31st December 1883 it had already 374,970 depositors and 3,097,200 deposits. The Paris savings bank had on 31st December 1882 440,728 depositors and 3,513,433 deposits. In Italy, at the end of 1872, 282 savings banks were in existence, Italy, of which 142 were principal banks and the rest branches. AVith two exceptions, all are managed without profit to the promoters or guarantors. In 1825 there were 11 savings banks in which 108,000 had been deposited ; in 1850 the deposits amounted to 1,600,000, and in 1872 to 17,860,000, belonging to 676,327 depositors. Of these funds, 21 per cent, was invested on mortgage, 10 per cent, only in the public debt, 11 per cent, in obligations of local authorities, 12 per cent, in shares and bonds of companies, 16 per cent, in bills of exchange, 15 per cent, in loans on public funds and commercial securities, 11 per cent, in current accounts, and 4 per cent, otherwise. The average rate of interest allowed to depositors is 4| per cent. The transactions of the year Were deposits 7,911,000, withdrawals 6,514,000. The system of school savings banks has been adopted in many com- munes. In addition, deposits are made in popular banks and other establishments of credit, and post office savings banks have also been established. In Denmark savings banks are private institutions, but must Denmark, not be managed for profit, nor invest in foreign securities ; and they are required to make annual returns to Government. In 1860 the amount of deposits was 3,221,000 ; by 1871 it had increased to 6,651,031, and by 31st March 1881 to 12,707,521. The savings banks have increased in number during the ten years from 188 to 446, and the depositors from 285,991 to 492,296. Twenty-six banks have more than 100,000 deposits. The oldest and largest is that of Copenhagen, established 1st May 1820, having 2,320,892 deposited, which has increased from 832,874 in the ten years. The number of depositors has increased from one in six to one in four of the population, and the deposits from 3, 14s. 8d. to 6, 9s. per head of the population. The transac- tions of the year ending 31st March 1881 were deposits 8,141,627; withdrawals 6,702,470. Of the deposit accounts, 74 per cent, are under 23 and 15 per cent, above 23 and under 43. One half of the funds are invested on mortgage. The reserve funds of the banks had increased in ten years from 226,329 to 665,597. The following are statistics of savings banks in other European Other countries as published by the Italian Government a few years ago: European Country- Population. Number of Banks. Number of Deposit Accounts on 1st January. Amount of Deposits on 1st January. Belgium (1874) Austria (1874) (Cis- Leithau provinces) Hungary (1873) Saxonv (1872) Thuringia (1873).... Mecklenburg (1872) Hamburg (1874) Bremen (1873).! Liibeck(1873) Bavaria (1869) Wiirtemberg (1874) Baden (1874) .. 5,336,000 21,366,000 15,417,000 2,556,000 899,000 557,000 370,000 135,000 52,000 4,824,000 1,818,000 1,461,000 10 275 282 156 7 31 8 4 2 260 121 99 132,000 1,269,000 517,000 33,000 91,000 81,000 48,000 14,000 279,000 141,000 2,510,000 53,931,000 15,209,000 11,445,000 1,897,000 1,072,000 1,616,000 1,404,000 138,000 2,490,000 2,766,000 4,142,000 Alsace and Lorraine (1872) 1,549,000 41,000 283,000 Holland (1872) Sweden (1873) Norway (1873) Switzerland (1872).. Russia (1872) (cer- tain governments only) 3,579,000 4,297,000 1,750,000 2,669,000 56,408,000 240 271 262 312 99,000 563,000 220,000 542,000 71,000 1,127.000 6,035,000 5,201,000 11,581,000 735,000 Finland (1872) 1,838,000 36 18,000 346,000 126,881,000 2376 4,159,000 123,928,000 countries. M. de Malarce has obtained for the Dictionnaire des Finances Aggre- some more recent statistics, the details of which have not yet gate, reached us, but from information he has been so good as to com- municate we infer an increase in deposits during the last 10 years in twelve European states of 123,000,000, making the aggregate of savings bank deposits for all countries, as far as ascertained, 725,000,000. ( E - w - SAVOIE, a department of south-eastern France, formed in 1860 of the districts of Upper Savoy, Savoy proper, Tarentaise, and Maurienne, which formed the southern part of the province of Savoy in the kingdom of Sardinia.
