Show I New Zealand Sa Savings a B a Consul General W v A writ writing writIng writing ing from Auckland on the operations of the government postal savings banks In New ew Zealand calls attention to their I wide use by the people as follows One of the greatest aids aid to the finan financial financial cial elal power of France Franc with Its annual investing surplus of ot to Is the facility with which Its Ita people can Invest their small sav say sayings savings savIngs ings with absolute security The gov government government government system of postal savings banks enables Investors to deposit small sums in the postoffice upon which they draw interest with the right ri ht to withdraw them at will New Zealand Is a young oung country but it has adopted this system with the I most gratifying success Postal savIngs sav savings savIngs ings banks v were established by the colonial government in 1867 On Dec Dee 31 1906 there were open I for tor the transaction of savings bank business with accounts cover covering covering covering ing a total deposit of an I I average of ot a little over to each account and representing a sum equal to 56 a head for the entire of ot the colony colon Deposits may be made of 1 shilling 2413 24 13 cents upward but interest Is reckoned only on complete pounds Interest is allowed from month to month commencing with the first day da Deposits made on the second and subsequent days da s do not draw interest I until the first of at the month succeeding I Accounts may be drawn upon at any time but Interest is allowed on the sum withdrawn only up to the first da day I of the month of withdrawal The Inter Inte Interest interest est due to each depositor is calculated to Dec 31 of each each and Is s then added to the principal The rate rf cf r In Interest Interest interest terest at present is 3 per cent up to 1500 from 1500 to 3 per cent above no Interest Is paid Chari Charitable Charitable Charitable table institutions however may draw bran ra Interest at the maximum rate raie ra e for any amount they the may desire to t deposit The ravings bank Ices aver average average average age a depositary for every 1046 persons and of that number have a savings bank ar account count making the proportion of accounts per head of ot population nearly one in three If these thelle proportions proportions proportions were applied to the United States with a population of say there would be in that country postal depositaries with ac accounts accounts I counts covering a deposit in round I numbers cumbers of But there I were in the time United States in 1906 only 1319 savings banks with ac accounts accounts accounts counts and total deposits of This is an average of to each account indicating that the savings sav savings sa ings banks are being used by people of comparatively large moans and that persons having small smail sums which they the might deposit under favorable condi conditions conditions conditions do not find convenient depositaries ries Of these accounts in New Zealand had deposits not ex exceeding exceeding I I I f |