In 1828 a further Act was passed, en titled 'An Act to consolidate and amend the laws relating to Savings' Banks,' and it is under the provisions of this Act (9 Geo. IV. c. 92), and of 7 & 8 Vict. c. 83, that all savings' banks are at present con ducted. It is provided by the 7 & 8 Vict. c. 83, s. 19, that two written or printed copies of all rules or alterations of rules of savings' banks, signed by two trustees, shall be submitted to the barrister ap pointed under 9 Geo. IV. c. 92, for his certificate, and the said barrister must return one of such copies when certified to the trustees and transmit the other to the commissioners for the reduction of the national debt. This provision stands in place of the provision in 9 Geo. IV. c. 92, which required that a transcript of the rules of a savings bank or govern ment annuity society should be deposited with or filed by the clerk of the peace, and a certificate thereof returned to the institution, and that such transcript should be laid before the justices at sessions.
The money deposited in savings' banks must be invested in the Bank of England, or of Ireland, in the names of the commis sioners for the reduction of the national debt. The receipts given to the trustees of savings' banks for money thus invested bear interest at the rate of 3/. 55. per cent., and the interest paid to depositors must not exceed 31. Os. 10d percent. per annum, the difference being retained by the trustees to defray the expenses of the bank. The trustees are not allowed to receive depo sits from any individuals whose previous deposits have amounted to 1501., and when the balance due to any one depositor amounts with interest to 200/ , no further interest is to be allowed ; and not more than 301. can be deposited by one person in any one year. Trustees or treasurers of any charitable provident institution, or charitable donation or bequest for the maintenance, education, or benefit of the poor, may invest sums not exceeding 100/. per annum, and not exceeding 3001., prin cipal and interest included. Friendly societies whose rules have been certified pursuant to acts of parliament relating thereto, may deposit the whole or any part of their fund.
The increase of savings' banks has been great beyond all expectation. On the 20th of November, 1833, there were 385 savings' banks in England holding ba lances belonging to 414,014 depositors, which amounted to 13,973,2434 being on an average 341. for each depositor. There were at the same time in Wales 23 savings' banks, having balances amounting to 361,150/. belonging to 11, 269 depositors, being an average of 32/. for each deposi tor; while in Ireland there were 76 savings' banks, with funds amounting to 1,380,718l., deposited by 49.872 persons, the average amount of whose deposits was 28/. The total for England, Wales, and Ireland was consequently 484 sa vings' banks, with funds amounting to 15,715,1111. ; the number of accounts open was 475,155, and the average amount of deposits was consequently 331. On the 20th of Novembss. 1223, there were 244,375 depositors of sums under 20/. in the savings' banks of England, Wales, and Ireland, whose savings amounted to 1,734,7091., being an average of 7/. Is. 10d. for each depositor.
By the 3 Wm. IV. c. 14, the industrious classes are encouraged to purchase annui ties, to commence at any deferred period which the purchaser may choose, the purchase-money being paid either in one sum at the time of agreement, or by weekly, monthly, quarterly, or yearly in stalments, as the purchaser may deter mine. The transactions under this Act are to be carried on through the medium of savings' banks, or by societies esta blished for the purpose, and of which the rector or other minister of the parish, or a resident justice of the peace, shall be one of the trustees. The 7 & 8 Viet, c. 83, contains some fresh regulations as to these annuities, as well as to other matters that concern savings' banks. This act extends to societies for purchasing annuities as well as to savings' banks, and to Great Bri tain and Ireland, Berwick-upon-Tweed, Guernsey, Jersey, and the Isle of Man.
Rules framed in agreement with the statute have been issued by the commis sioners for the reduction of the national debt. These rules provide, among other things, that no person being a trustee, treasurer, or manager of the society, shall derive any emolument, direct or indirect, from its funds; that the treasurer, and the paid officers of the society shall give security for the faithful execution of their trust ; that the age of the party, or nomi nee, upon whose life the annuity is con tracted, must not be under fifteen years ; that no one individual can possess, or be entitled to, an annuity, or annuities, amounting altogether to more than 2C/.
(30L, by the 7 & 8 Viet. c. 83), and that no annuity of less than 4/. can be contracted for; that minors may pur chase annuities. The annuities are pay able half-yearly, on the 5th of January and 5th of July, or on the 5th of April and 10th of October. If any person wishes to have an annuity payable quar terly, that object may be accomplished by purchasing one half payable in Janu ary and July, and the other half payable in April and October. Upon the death of the person on whose life the annuity depends, a sum equal to one-fourth part of the annuity, beyond all unpaid arrears, will be payable to the person or persons entitled to such annuity, or to their ex ecutors or administrators, if claimed within two years. These annuities are not transferable, unless the purchaser be comes bankrupt or insolvent, when the annuity becomes the property of the cre ditors, and will be repurchased, at a fair valuation, by the commissioners for the reduction of the national debt. If the purchaser of an annuity should be unable to continue the payment of his instalments, he may at any time, on giving three months' notice, receive back the whole of the money he has paid, but without inte rest. If the purchaser of a deferred life annuity should die before the time arrives at which the annuity would have com menced, the whole of the money actually contributed, but not with interest, will be returned to his family without any deduc tion. If a person who has contracted for, or is entitled to, an annuity, becomes in sane, or is otherwise rendered incapable of actin, such weekly sum will be paid to his friends for maintenance and medi cal attendance as the managers shall think reasonable, or any such other payments may be made as the urgency of the case may require, out of the sums standing in the name of the party. Any frauds that may be committed by means of misstate ments and false certificates will render void the annuity, and subject the parties offending to other and severe penalties. The rules of societies formed for carrying into effect the purposes of this act must be signed by trustees, and duly certified by the barrister appointed for the purpose.
Annuity tables, calculated under the direction of Government, for every ad missible period of age, and for every pro bable deferred term, may be had at the office of the commissioners for reducing the national debt, in the Old Jewry London. Every information respecting, and forms of rules, &c., for the establish ment, &c. of friendly societies, building societies, loan societies, savings' banks, and government annuity societies, may be obtained free of expense, on applying by letter, post-paid, directed to the Bar rister appointed to certify the rules of friendly societies.
The 5 & 6 Wm. IV. c. 57, passed in September, 1835, extended the provisions of the 9 Geo. IV. c. 92, and of 3 Wm. IV. C. 14, to savings' banks in Scotland, and enabled existing banks to conform to the said Acts by preparing and depositing their rules pursuant to these Acts.
Military or Regimental Savings' Banks were established by warrant dated Oc tober 11, 1843. The following is the amount of all sums deposited in them within the year ended March 31, 1844; of all sums withdrawn during the same period ; and of the interest allowed upon such deposits; and also of the number of depositors on the 31st of March, 1844: £ s. d. Amount of sums deposited 15,069 3 2 Amount of deposits with drawn . . . 316 11 51.
Amount of interest allowed 96 10 11 Balance due by the public 14,849 1 111 Number of depositors 1,890.
(History of Savings' Banks, by J. Tidd Pratt ; The Law to the Purchase of Government Annuities arough Savings' Banks and Parochial Societies, by the same author ; A Summary of Savings' Banks, ic., by the same author, 1846.)