The Government, therefore, is only responsible for the money _after_ it is paid to the National Debt Office: it is not accountable for deficiencies arising in the course of Savings’ Bank transactions, or from the embezzlement or mismanagement of local officers. Still depositors are seldom defrauded; for when such defaults have happened, the Trustees and Managers of the Bank concerned have stepped in to cover the deficiencies, except in a case which occurred in Wales in 1824, and in other instances subsequently in Ireland. In no one case, on the other hand, has the Government ever rendered assistance to the value of a farthing. Why, will be seen when the dealings between the local authorities of these banks and the National Debt Office are explained. They are simply as follows:—The accumulated deposits of each Savings’ Bank, are paid over to some neighbouring banker, or other person, who acts gratuitously as treasurer. The treasurer pays the money, by check or otherwise, to the National Debt Commissioners, who invest it in Exchequer Bills or Stock. At the end of the year they allow an interest upon the amount deposited. Out of this interest the Savings’ Banks Trustees are authorised by law to pay interest to the depositors at the rate of not less than 2_l._ 15_s._, nor more than 3_l._ 0_s._ 10_d._ per cent. per annum. The Banks vary in the precise rate; the average rate of interest afforded by all the Banks in the United Kingdom is 2_l._ 17_s._ 6_d._ Thus 7_s._ 6_d._ per cent.—which constitutes the difference between 2_l._ 17_s._ 6_d._ and the 3_l._ 5_s._—forms the fund out of which is defrayed the charges of management. In the majority of Banks, there is only one paid officer; but of course the number varies according to the amount of business. The St. Martin’s Bank is the most complete establishment of the kind, and consists of sixteen persons. Some Banks have only one remunerated official. In every case, the National Debt Commissioners have power to make such regulations, under the Savings’ Bank Act, as enforce each paid officer giving heavy security for his honesty.