The rate of increase shown in the first year has been continued with inconsiderable variations up to the present time, and, in his last _Report_, the Postmaster-General, in view of all the facts of the case, states: "On the whole, it seems reasonable to expect that the annual increase in the business of the Post Office Banks will for some time be from 130,000 to 140,000 in the number of depositors, and from 1,400,000_l._ to 1,500,000_l._ in the capital of depositors."[180] The correctness of these calculations will not depend to any appreciable extent on the increase of facilities, such as the opening of new banks: the Post Office Banks have already been so widely established that little additional accommodation will be required for some time to come. It is made to depend, we should imagine, on the principles of Post Office Banks becoming more and more widely known, and their facilities more and more appreciated. This has clearly been the experience of the last two years. In 1864, 161 new banks were opened, and the increase of depositors was at the rate of 42 per cent.; in 1865, only 73 new banks were opened, and yet the increase in the number of depositors was at the rate of 40 per cent. _As to the Nature of the business done._ Some idea of the nature of the increased business done may be gathered in several ways. First and foremost the number of Post Office Savings Bank depositors represents an enormous number of accessions to the list of frugal people who have perhaps for the first time begun to save, and of those who, more prudent and less confiding in their fellows, seek the security of the State for the safe custody and prompt repayment of their savings. It is a somewhat remarkable fact, that of the total amount which had up to the end of last year been deposited in Post Office Banks, not much more than a million and a half (allowing for money transferred otherwise than by means of the regular transfer certificate) had been withdrawn from the old Savings Banks. Moreover, out of this large sum more than half seems to have come to the Post Office Banks through the voluntary closing of Savings Banks on the old principle,--the Birmingham Savings Bank contributing a third of the whole amount. From these facts, it seems quite clear that the business acquired by the Post Office Banks, at any rate up to this time, is almost entirely newly-created business, and that the older Savings Banks have only been interfered with to a trifling extent. Besides the amount already referred to, other sums might undoubtedly have been placed with the older institutions, had there been no competition; but by far the greatest proportion is plainly derived from sources hitherto unreached, and consists of money which no amount of persuasion could divert from the hundred forms of indulgence to the older channels of economic hoarding.