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Un das symbolas suivants apparattra sur la darni*ra imaga da chaqua microficha, salon la cas: la symbols — ^ signifia "A SUIVRE", la symbols ▼ signifia "FIN". Maps, platas, charts, ate, nay ba filmad at difftfrant raduction ratios. Ti>oaa too larga to ba antiraly includad in ona axfioaura ara filmad baginning in tha uppar laft (land cornar, laft to right and top to bottom, as many framas as raquirad. Tha following diagrams illuatrata tha mathod: Las cartas, planchas, tablaaux, ate, pauvant *tra filmte * das taux da reduction diffArants. Lorsqua lo documant ast trop grand pour itra raproduit an un saul clichA, 11 ast filmA A partir da I'angia supiriaur gaucha, da gaucha A droita, at da haut an baa, an pranant la nombra d'imagas nicassaira. Las diagrammas suivants illustrant la mAthoda. 1 2 3 1 2 3 4 5 6 TrryrrY-~TTrr ■'. ■ ■■■''yi ' • '• ':'''T~TT'^^?^^''*?'fl''F nana "WJIS* jL POST-OFFICE Atlt^^W*!^'™ Savings Bank system OF IS K CANADA: (PBOVlNOaS OF ONTABIO ANl) QtJBBBCJ.) ITS HISTORY AND PROGRESS. A Pi^EE BEAD BEFORE THE BOOlfOMIC SECTlOi^, BRITISH ASSOCIATION, AT ITS MEETING IN MONTREAL, AUGUST, 1884. BY J. CUNNINGHAM STEWART, SkiiBiermiendeni Mimeg Order afki Saotnga JBankBrmiehet, JPoat Qffke JksMvtmmt, Ottwya. . 1'- ¥;■ .A € ^^ MONTJSEAL; GaSSETTB ^Simxm COHPAMY. i884. WUMli ■taaMaMMi^HH '■■ffis. i' Mt'jf., POST-OFFICE Savings Bank system OF CANADA: (provinces ^ ONTARIO AND QUEBEC.) ITS HISTORY AND PROGRESS. A PAPER READ BEFORE THE ECONOMIC SECTION, BRITISH ASSOCIATION, AT ITS MEETING IN MONTREAL, AUGUST, 1884. BY J. CUNNINGHAM STEWART, Superintendent Money Order and Savings Bank Branches, Post Office Department, Ottaxoa. MONTREAL: Gazette Printing Company. 1884. 1 -:• l^k^S n n a TJELTa POST OFFICE SAVINGS BANK SYSTEM OF CANADA. r The enquirer into the origin and history of Post Office Savings Banks in a new country must not expect to meet with what may be termed the « prehistoric " element. As applied to the Post Office Savings Bank system in the United Kingdom, this term may not inappropriately be given to the condition of things existing in the three Kingdoms during the sixty years, or thereabouts, preceding the maturing and final development of that scheme in 1861, but which it is not the purpose of the present paper to discuss, further than to describe it as possible only in a country of dense population, where time and the operation of the laws of wealth had opened a gulf between the upper and lower strata of society, and where im- providence and squalor in the latter found among the former men of independent means with the leisure and philanthropic desire to take The Postal Savings Banks have not os yet been extended to the Maritime Provinces, there being in these Provinces a system of savings banks differing in organization, under the direct management of the Finance Department ; nor lias the system been extended to Manitoba and the Northwest, the de- mands upon tlie Departpaent in that direction in matters of ordinary postal and money order accommodation having, up to the presenti compelled the de- ferring of the establishment of savings bank facilities. their humbler brethren by the hand and teach them lessons of ira- gality and providence. The successful launching of the Post Office Savings Bank in the mother country afforded instant relief from a condition of uncertainty and doubt begotten of the cruel and gigan- tic frauds which from time to time had startled society under the ol^ Trustee Savings Banks. In the circumstances of its birth, then- no parallel must be looked for between the Post Office Savings Bank of Canada and the parent institution. The successful engrafting of a savings bank system on the ma- chinery of the post office in England has been followed by the al- most universal adoption by other nations, as well as, it is believed, by all the principal British colonies, of measures more or less akin to the original. This circumstance, added to the varied experiences of different countries, with the desire to interchange such exper- iences, has given birth to a savings bank literature of especial value to those interested in postal savings banks. It is possible, there- fore, although the Post Office Savings Banks by no means occupy the entire savings bank field in Canada, and are, as already stated, wanting in those earlier annals which give zest to the study of the parent system, that there are social and economic aspects under which it may be interesting to examine the Canadian system, and to these broader aspects may be added those features which are of peculiar interest to the accountant. In the year 1867 there appear to have been in the Provinces of Ontario and Quebec regularly organized savings banks at Toronto, Cobourg, Hamilton, Montreal and Quebec, with deposits amounting to $3,489,000 at an average rate of interest of 4 per cent. Only three of these savings banks now remain (1884), those at Hamilton, Quebec and Montreal. The proposition to adopt the Post Office Savings Bank system in Canada was introduced in the Canadian legislature during the November session of 1867, being the first session after Confederation. Public attention had been attracted by the marked success of the British post office banks, and several pri- vate individuals had addressed communications to the Government urging the adoption of a similar measure in Canada Among these may be mentioned Lawrence Hill, Esq., LL.D., and Mr. N. 0. Wal- lace, of Woodbridge, near Toronto, the latter now M.P. for the West Biding of York, these gentlemen being at that time active co-work- ers in a philanthropic institution styled the « Vaughan Cent Savings Banlt," which, when dissolved in December, 1868, shortly after the opening of Post Office Savings Banks in the neighbourhood, had a list of about four hundred depositors, principally of very small sums from ten cents upward. The proposed legislation received little attention in the Canadian press. At that time party politics were dormant, and the measure provoking no hostile criticism, it inspired little comment of any kind. The scheme was presented to Parliament as part of a gen. eral measure for the adoption of " an uniform postal system" (in the words of the Speech from the Throne). The measure was introduced in the Senate by the Hon. Mr. Campbell (now Sir Alexander Camp, bell, E.C.M.G.,) then Postmastor-General. The savings bank clauses of the measure were very briefly discussed ; in the Senate, as in the House of Commons, where the bill received its second and third readings only on the last day of the session (20 December, 1867,) the discussion being confined to the limit to be fixed for the deposits of a single depositor. The necetisity for such limit was urged, not thereby to exclude from the use of the savings>bank persons outside the wage-earniug' classes — this being the fundamental idea in fixing a limit in the old British Savings Banks — the same prin- ciple being followed in the British Post Office system — but to guard the interests ot the Canadian chartered banks whose working capital consists largely of deposits. The fears on the part of those representing the banking interests that many of the deposits in those institutions would seek the Post Office Savings Bank, may have been emphasized by the financial panic of October, 1867, which shook many of the Canadian banks, one Buccumbing altogether. Sixteen years' experience, hotrever, has, it may be believed, satisfied the Banking institutions that they have so far little to fear from the Post Office Savings Banks. To this result the limit fixed for one person's deposits in the latter, vis., $1,000 (say £200 stg.), may have contributed. A really influential factor in swelling the deposits in the Post Office Savings Banks may be found in the general foil in the value of money since the year 1880, the Post Office Savings Bank rate of four per cent, remaining undisturbed. The subjoined figures (made up to June in each year), however, show that, wb^^e the deposits in the Post Office Savings Banks have very largely increased since the year named, the deposits in the chartered Banks themselves have never been so large as during the last five years, when low rates of interest have prevailed :— Year. P. 0. Savings Chartered RftnkH Average interest allowed by Savings Bank departments of chartered Banks. 1876 $ 2,926,000 $65,918,000 .<; 1876 2,741,000 59,516,000 1877 2,640,000 58,444,000 4 and 5 per cent. 1878 2,754,000 58,946,000 1879 3,105,000 58,659,000 1880 3,946,000 69,742,000 3 " « 1881 6,208,000 77,078,000 3 . u u 1882 9,474,000 89,uGo,000 3 « « 1883 11,976,000 89,553,000 3 and 4 " " 1884 13,245,000 87,341,000 3 " " . The Canadian Post Office Act of 1867, in its savings bank clauses followed very closely the British Post Office Savings Bank Act. Later legislation, in 1876, abolished the requirement that the Post Office Savings Bank balance, as required by the Act of 1867, should be funded in Canadian government securities. The balance now forms part ol the unfunded debt of the Dominion payable in Canada. Thegygtem went into operation on the Ist April, 1868, at eighty- one of the larger places, including the chief cities, in Ontario and Quehec. The following year this number was increased to 213, and at present (July, 1884) the number is 343. The rules, so far as they affect the public, being almost a transcript of those of the British Post Office Savings Bank, need not be more than touched upon here. A depositor, when making his first deposit, signs a declaration that he is not already interested in any deposits in the Post Office Savings Bank in his own name or any other. The postmaster or other officer receiving the deposit~which must not he less than $1, and must not exccdd $300 in any one year (except by special per- mission from the Department first obtained, when any sum not exceeding $1,000 may be deposited at once), or $1,000 in all — gives the depositor a pass book, in which are entered the particulars of the deposit, affirmed hy the official date-stamp of the office. The postmaster sends to the head office at Ottawa daily a list of the sums lodged with him for transmission, the keynote to the deposi- tor's safety lying : 1st. In the foot that in the head office only is his account kept; and 2nd. In the requirement that he must see that he gets for every deposit paid in a direct receipt from the head office by return of post. A tabular statement exhibiting the operations of the Post Office Savings Bank from 1st April, 1868, to 30th June, 1884, will b& found further on. From this the gradual expansion of the system may readily be seen. The number of deposits made in 1869 was 16,000, in 1884, 109,000 ; the amount deposited in 1869 was $927,000, in 1884, $6,441,000. The years from 1873 to 1878 were marked by no increase. Since then the increase in the deposits has been rapid. There are now 66,682 depositors' accounts in the ledgers of the Bank, and the balance standing to their credit is $13,246,652.64,.being an average of $198.63 (say £40 stg.) in the name of each depositor. There have been in all, since the begin- ning, 852,143 deposits and 410,259 withdrawals. Of the total num- 8 ber of transactions 101,461 (or about one in every eleven) have been at places other than where the depositors' accounts were originally- opened, showing how far depositors take advantage of their privi- lege of moving from place to place and depositing or withdrawing at pleasure without change of passbook. 223,834 persons have opened accounts, of which 157,152 were subsequently closed. The total amount of interest credited to depositcTS has been $2,570,904.42. The following figures, compiled partly from an examination of the ledgers, and partly from estimate, show with approximate accuracy the depositors classified according to occupation, and the sums * sld in the Savings Bank by each class : — Occupation. Farmers Mechanics Trust accounts and young children L&bourers, including sailors Clerks Tradesmen Farm and other male servants .... Professional Miscellaneous Married women Single women Widows It O 00 « 14,000 7,850 5,500 4,270 3,000 1,600 1,470 1,572 1,680 1 2,000 10,500 3,240 To credit of each Class. $4,722,000 1,422,000 170,000 724,000 522,000 468,000 277,000 392,000 215,000 2,350,000 1,275,000 708,000 $13,245,000 Average of each Class. $337 181 31 169 174 293 188 249 128 196 120 214 r Explanation of the large number of accounts held in the names of women, particularly married women, may be found in the diffi- ■; 9 culty which farmers and artizans experience in leaving their work to visit the post office, the consequence being that the accounts are opened m the names of their wives or other female members of their iamilies. The deposits are held in the two Provinces, Ontario and Quebec, in the following proportions : '\ Depositors. Amount. ^'^^f'^^ #?7.296 $10,932,000 ^'''^"" 9,386 t2,3l3,000 The number of Post office savings banks in proportion to the number of inhabitants is as follows :— n^^^ ^^^ ^' ^^^ for each 6,965 inhabitants. *^"®'^c 64 or one " lo 840 «« It may be interesting to note that in the United Kingdom there IS one Post office savings bank for each 5,000 inhabitants ^ The average number of depositors at each Post office savinjrs bank is : — ® Ontario ^ , 205 Quebec 145 United Kingdom 406 The proportion of depositors to population is :— Ontario , , „^ ^ . 1 to 34 Quebec , . ,„^ • 1 to 136 J\^!'u^''''^ ^^^ proportion is 1 to iO, and Scotland 1 to 35, to which the proportion in the Province of Onterio bears a close analogy. Depositors in the Canadian cities consist to so large an extent of persons from the surrounding rural districts that it would be value- t Half of this is held in the two cities of Montreal and Quebec. 10 less to pursue to a comparison, which would be interesting were the conditions a1 A^-«> 7 < 17 The opportunity was taken to simplify the pattern of Ledger Account, a specimen of that now in use (there being twelve oa each page) being introduced here. " BROCK VILLE " LEDGER. [972.] Henry Brown, Farmer. Date. With- drawals. J Deposits. B lances. Balance of Interest. Balance Special Account. $ a 1 1 i ( Refer- ences. 1878 Dec. 20 • • • • 1 • • • • • • • • 12.00 • • • • • • • • 31.00 • • • t • • • • • • • • t • • • 119.74 $ 50.00 3.00 7.00 • • • • 1.01 30.00 • • • • 1.93 62.00 3.20 4,60 • • • t $ 50.00 63.00 60.00 48.00 49.01 79.01 48.01 49.94 111.94 ' 115.14 119.74 0.00 $ 1 00 06 67 Dec. 29 1.06 07 70 Mrch. 11 1.13 12 103 Aprl. 9 1.01 51 1879 1.96 90 20-12-79 Sept. 14 Oct. 21 2.86 93 1.93 170 • 51 1880 1.96 1.24 23-12-80 Dec. 9 1881 3.20 4.60 320 19-12-81 188^ 4.76 3.99 Sept. 2 77 51 162.74 162.74 1 18 la the above account, the process followed on the 30th June in each year is illustrated by the figures in italics. In the original ledgers these entries are made in red ink. The figures in the right hand column refer to the record where will be found the particulars of each transaction as extracted from the ledgers on the date of entry. The dates in the same column indicate the day on which the Pass book was received for annual verification. It will be observed that the process of ruling off and balancing the account at the end of each year is entirely dispensed with. The accuracy of the deposits and withdrawals having already been estab- lished, all that it is necessary to do is to insert in the "deposit" column the interest, already computed in advance, add it to the balance of principal, and compii';o the interest for the following year. The three columns, Deposits, Balance, and Interest, are conveniently grouped together. An abstract is then made, which not only gives the total of the year's interest, but furnishes a final and conclusive proof on the ledger entries. So rapidly can accounts in this form be treated at the close of the year that, in respect to the fiscal year just closed, 30th June, 1884, it may be said that the labour of balancf ^g all the ledger accounts, 66,8^2 in number, was completed on the third day after — that is, on the 3rd July — necessarily during extra hours, but without interrup- tion to the daily work. On the 18 th July the labour of extracting irom the ledgers the year's balances and transactions in 87,621 accounts, of adding them, and of bringing the year's operations to a final proof was concluded. It will be apparent with what ease a depositor's account can be closed and interest paid him under the above system, and what smoothness this fact imparts to the daily work — little more labour being involved in making an entry of this kind than in entering an ordinary withdrawal. The great object is also attained — the advantage of which will be understood by all persons having had practical experience of the management of large numbers of accounts, involving numerous transactions— of condact- \l It Ing the business of the Department on a Btrictly daily basis. There is no linlc in the worlc of a weekly, monthly, or quarterly character requiring constant supervision lest it be neglected. There are neither arrears, nor the possibility of any. It is believed that the system of computing interest prospectively, now followed iu the Savings Bank departments of the Canadian banks generally, was first introduced in Canada by the Post Office Savings Bank. It is right to saf that the officers of the Canadian Department, when making what seemed a bold departure from tbe conventional form of keeping and balancing deposit accounts, took no little cour- age from an examination of the evidence given before the Select Committee appointed by the British House of Commons in 1868 to enquire into the operations of savings banks ; particularly that of Mr. Craig, agent in Cork oi the Bank of Ireland, and Treasurer of the Cork Savings Bank, and of Mr. Maitland, Treasurer of the Edinburgh Savings Bank. Those who take an interest in such enquiries will be rewarded by a perusal of these gentlemen's testi- mony and views. The sta£f of the central or head office of the Canadian Post Office Savings Bank numbers twenty-one. These are not all employed in the ordinary routine of treating deposits and withdrawals, there being a constantly growing class of work in connection with claims to the moneys of deceased depositors, and other matters arising out of the regular duties. Then there are the postmasters' daily returns to bo checked, and acknowledgments of deposits to be written, and the cross transactions (already described as one in eleven) adjusted, so as to bring the ledgers into agreement with the postmasters returns, an agreement which cross-entries disturb. To these must be added many other minor duties. The clerical force of the Cana- dian department is in the pioportionof one to each 3,200 depositors' accounts, or one to each 7,900 transactions in the year. It is be- lieved (although the figures given are subject to correction) that in the British Savings Bauk Department the force is in the proportion 1^ of one to each 3,100 accounts, or one to each 8,770 trangactions. If the analogy in the relations between labour and achievement be as close as these figures indicate, the Canadian Department may feel encouraged, the British Post Office Savings Bank being deservedly and universally looked upon as a model of organization and success- Ail administration. long. If nt be as lay feel servedly success- STATEi/rom let April, 1868, to SOth June, 1884. 1 •sis. Three months Year ended 30 Year ended 30 Year ended 30t Year ended SOt Year ended 304 Year ended 30< Year ended SOt Year ended SOt Year ended SOt Year ended SOt Year ended SOt Year ended SOt Year ended spti Year ended 301 Year ended SO Year ended SOt * The fifrures ment to be iDsori 44 1,319 2,867 4,449 6,940 9,628 10,606 11,190 10,097 9,312 8,697 8,846 10,487 10,491 13,920 17,631 20,939 4Sd| ill •s I '3 d go 2,102 7,212 12,178 17,163 21,069 23,626 24,968 24,294 24,416 24,074 25,636 27,446 31,366 39,606 61,463 61,069 66,682 S Is "8 I I $ 939 37 21,094 72 48,689 08 84,273 68 116,174 66 126,932 88 126,273 31 120,768 06 110,116 08 104,067 86 103,834 29 110,912 66 136,076 47 184,904 81 291,066 07 407,306 17 477,487 46 Total Amount standing to the credit of all Open Accounts, inclu- sive of Interest allowed, at close of period. 204,688 89 866,814 26 1,688,848 83 2,497,269 66 3,096,600 01 3,207,061 67 3,204,966 46 2,926,090 48 2,740,962 69 2,639,937 47 2,764,484 03 3,106,190 80 3,946,669 11 6,208,226 77 9,473,661 63 11,976,237 31 13,246,662 64 ish, but at their request paid over to the Finance Depart- STATEMENT of the Business of the Post Office Savings Bank, Canada, PERIOD. Threi months ended 30th June, 1868. . Yeai- eroded 30th June, 1869 Yeai' ended 30th June. Teai ended 30th June, Teai ended 30th June. Year ended 30th June, Year ended 30th June. Year ended 30th June ^^^ .^ar ended 30th June Year ended 30th June Year ended 30th June. Year ended 30th June Year ended 30th June, Year ended 30th June, Year ended 30th June, Year ended 30th June Year ended 30th June. 1870.. 1871.. T872.. 1873.. 1874.. 1875.. 1876.. 1877.. 1878.. 1879.. 1880.. 1881.. 1882.. 1883.. 1884.. c 3,247 16,653 24,994 33,256 39,489 44,413 45,329 42,508 38,647 36,126 40,097 43,349 56,031 71,747 97,380 109,489 109.388 o V O o « " - S 55 212,507 927,885 1,347,901 1,917,576 2,261,631 2,306,918 2,340,284 1,942,346 1,726,204 1,521,000 1,724,371 1,973,243 2,720,216 4,175,042 6,435,989 6,826,266 6,441,439 •3 II $ 166 4,787 9,478 15,148 19,326 829 22,159 1,641 24,248 1,566 24,637 1,317 23,127 1,025 21,643 841 21,065 879 22326 900 26,043 673 28,398 112 35,859 45,263 56,026 bo ■*' 3 5 ^ o t> ^1 8,857 296,754 664,555 1,093,438 1,571,665 206,90< 1,925,999 397,30< 2,086,243 382,40 2,041,879 300,10 1,783,257 238,20 1,525,682 200,40 1,486,158 227,5(1 1,475,048 258,4( 1,820,213 ]95,6( 2,072,28J 25,1( 3,46 1,6 li 4,730,99{ 5,649,61 * The fibres in smaller type in these two columns exhibit further withdrawals not paid t menr to be inscribed in their names in Dominion Stock. igs Bank, Canada, year by year, from Ist April, 1868, to 30th June, 1884. CD "3 II $ 166 4,787 9,478 15,148 19,325 829 22,159 1,641 24,248 1,566 24,637 1,317 23,127 1,025 21,643 841 21,065 879 22326 900 26,043 673 28,398 112 35,859 45,263 bo ■M 3 o tJ • ^1 8,857 48 296,751 35 664,555 51 1,093,438 86 1,571,665 19 206,900 00 1,925,999 32 397,300 00 2,086,243 42 382,400 00 2,041,879 04 300,100 00 1,783,257 97 238,200 00 1,525,682 98 200,400 00 1,486,158 73 227,500 00 1,475,048 79 258,400 00 1,820,213 16 195,600 00 2,072,289 15 25,100 00 3,461,619 31 4,730,995 39 56,026 5,649,611 13 No. of Accounts opened during period. No. of Accounts closed during period. hi §§•1. o a « " $ - 2,102 $ 2,146 44 6,429 1,319 7,212 7,823 2,857 12,178 9,424 4,449 17,153 10,846 6,940 21,059 11,995 9,528 23,526 12,048 10,606 24,968 10,516 11,190 24,294 10,218 10,097 24,416 8,971 9,312 24,074 10,058 8,697 25,535 10,755 8,845 27,446 14,407 10,487 31,365 18,731 10,491 39,606 25,778 13,920 51,463 27,127 17,531 61,059 26,562 20,939 66,682 s o § « § « Si I 939 37 21,094 72 48,689 08 84,273 68 116,174 55 126,932 88 126,273 31 12a,7f 06 110,116 08 104,067 86 103,834 29 110,912 56 136,075 47 184,904 81 291,066 07 407,305 17 477,487 46 Total Amount standing to the credit of all Open Accounts, inclu- sive of Interest allowed, at close of period. $ 204,688 89 856,814 26 1,588,848 83 2,497,259 65 3,096,600 01 3,207,051 57 3,204,965 46 2,926,090 48 2,740,952 59 2,639,937 47 2,764,484 03 3,105,190 80 3,945,669 11 6,208,226 77 9,473,661 63 11,976,237 31 13,246,452 64 withdrawals not paid to depositors in cash, but at their request paid over to the Finance Depart-