PENNY BANKS.
In THE EDITOR Or TER "SPECTATOR:I SIR,—In a recent number of the Spectator, a correspondent, 44M. G. G.," gives some striking facts in regard to the success of 44 the National Penny Bank," an admirable experiment, due to the energy and capacity of Mr. G. C. Bartley. He states, how- ever, in reference to the numerous deposits, that "as no other facilities exist by which the greater part of this money could be saved—for very little could, by existing rules, have been put into the Post Office or elsewhere—the larger part would, no doubt, have been wasted, if not spent mischievously."
This statement needs considerable qualification. Penny Banks -exist extensively all over London,—notably in the East End, with .which I am best acquainted. The one under my own manage- ment, in connection with the Domestic Mission, Spicer Street, E., takes over £650 per annum ; another, Abbey Street, takes, I believe, between £2,000 and £3,000 per annum. In fact, I should • say that in Bethnal Green and Spitalfiebis there are at least a score of these Banks. Even Ragged Schools have them. It is true they are more or less connected with schools, but this very circumstance enables their managers, paying no rentand chiefly withvoluntary aid, to carry on these useful institutione without loss, and make them Self -supporting. I fear that Mr. Bartley'e experiment must be pur- sued for a considerable time by the help of heavy draughts on the subscribed capital. When it has been fully developed, the experi- ment will pay, and yield a fair per-centage to the benevolent share- holders. My long experience confirms your correspondent's remarks -about the Post-Office Banks. While these offer great facilities to the thrifty, they are hampered by too many formalities. If the minimum sum receiveable was sixpence instead of one shilling, the depositors would be far more numerous. One curious feature connected with these Banks is that they do not afford the conceal- ment so much coveted by thrifty wives and others, who greatly dislike dissipated husbands and neighbours to know that they are depositors. The Poet-Office acknowledges every deposit by a letter. This practice, while it adds to security, gives a -certain publicity to the transaction. The outside marks on the setter reveal the source from whence it comes.—I am, Sir, &c., CHARLES L. Conanax.
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