A History of Banks for Savings in Great Britain and IrelandLewins, William
History
A History of Banks for Savings in Great Britain and Ireland
Lewins, William
Postal savings banks -- Great Britain; Savings banks -- Great Britain
In all the above cases it is difficult to explain the method of
working without giving examples; but the interested reader may
receive, as he will doubtless seek, every information from the popular
Abstract which will be presented to him free, on application, and from
the Official Tables which may be seen at any Post Office. It only
remains to add, as regards the payment of Annuities or Monthly
Allowances, that they will be made half-yearly or monthly, as the case
may be, at any of the offices opened for this business, _i.e._
eventually every Money Order Office; and that if a person be prevented
by age, infirmity, or illness, from going to a Post Office to receive
this allowance, it will be taken to him by an officer of the
department.
As the operations of the Government Insurance and Annuity Office have
only extended over a few months, and as the scheme is only in process
of introduction into many localities, it is manifestly impossible to
get exact information respecting the amount of business done, or tell
how far the prediction, freely hazarded soon after the measure became
law, as to its importance and utility, is likely to be realized. In
the Report of the Post Office recently issued, the Postmaster-General
states that this information will be supplied, in proper course, in
his Report for 1865. Meanwhile, the following facts, which have been
ascertained by the examination of some hundreds of proposals, will
probably interest some of our readers.
The average age of the persons who make Life Insurance proposals to
the Government is thirty-five years; the sum for which they propose to
insure is, on the average, 76_l._ Out of the whole number of persons,--
40 per cent. propose to pay their premiums annually.
25 " " " " monthly.
22 " " " " quarterly.
6 " " " " half-yearly.
6 " " " " weekly.
One proposer in each hundred proposes to pay his premium in one sum;
and twenty-three per cent. wish the payment of their premiums to cease
on their attaining the age of sixty.
The proposals come from all classes of the community; thus--
per cent
Clerks in public and private offices contribute 32
Porters, messengers, letter-carriers, and labourers 22
Mechanics, artisans, and skilled labourers 18
Tradesmen 17
Clergymen, and professional men generally 6
Women 6
Of those who make proposals for the purchase of Annuities, 56 per
cent. are men, and 44 per cent. are women; and the amount of Annuity
which they propose to purchase is, on the average, 26_l._ The average
age of the proposers for the purchase of Annuities is fifty-eight
years.[205]
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