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The Pamphlet Collection of Sir Robert Stout: Volume 69

Post Office Savings Banks

Post Office Savings Banks.

In 1867 Post Office Savings Banks were instituted, and during the year 46 branches were opened. At the end of 1872 there were 91 offices in operation, and a total of deposits was left amounting to over £490,066 to the credit of 13,566 depositors. The depression of trade in 1879 had comparatively little effect on its deposits, which have gone on annually increasing up to the end of 1888, when the total amount standing to the credit of all open accounts, inclusive of interest, amounted co £2,048,441, the average amount standing to the credit of each open account being £24 4s 10d. The years 1883 and 1886 were the less prosperous, as the excess of withdrawals over deposits amounted to £117,245 and to £87,881 respectively.