s, that the organization
already existed for making Post Office Savings Banks practicable
throughout the kingdom. Wherever the local inspector found that as many
as five money-orders were required in a week, the practice was to make
that branch of the Post Office a money-order office. It was estimated
that such an office was established on an average within three miles of
every working man's door in the kingdom. The offices were open daily.
They received money from all comers, and gave vouchers for the amounts
transmitted through them. They held the money until it was drawn, and
paid it out on a proper voucher being presented. The Post Office was, in
fact, a bank for the transmission of money, holding it for periods of
from twenty-four hours to weeks and months. By enabling it to receive
more money from more depositors, and by increasing the time of holding
it, allowing the usual interest, it became to all intents and purposes a
National bank of deposit.

The results of the Post Office Savings Banks Act have proved entirely
satisfactory. The money-order offices have been largely extended. They
are now about four thousand in number; consequently the facilities for
saving have been nearly doubled since the banks were established. The
number in the London district is now about four hundred and sixty, so
that from any point in the thickly populated parts of the metropolis, a
Savings Bank may be found within a distance of a few hundred yards. The
number of the depositors at the end of 1873 amounted to more than a
million and a half; while the amount of deposits reached over twenty-one
millions sterling.[1] At the same time the amount deposited with the
original Savings Banks remained about the same.

[Footnote 1: The amount reached L23,157,469 at the end of 1874.]

Post Office Savings Banks possess several great advantages which ought
to be generally known. The banks are very widely diffused, and are open
from nine in the morning until six in the evening, and on Saturdays
until nine at night. Persons may make a deposit of a shilling, or of any
number of shillings, provided more than thirty pounds is not deposited
in any one year. The Post Office officers furnish the book in which the
several deposits are entered. The book also contains the regulations of
the Post Office Savings Banks. Interest is allowed at the rate of two
pounds ten shillings per cent, per annum.

Another most important point is, the Security. Government