Rensselaer Semi-Weekly Republican, Volume 41, Number 16, Rensselaer, Jasper County, 3 November 1908 — PRACTICAL DEMONSTRATION. [ARTICLE]

PRACTICAL DEMONSTRATION.

Actual Operation of Postal Savings ... Banks in Philippines. Two Tears’ Experiment Indicates __the Plan Is Successful.

The only postal savings bank system "mi operation under the American flag is that in the Philippines, where, after two years of. experiment, the institution has been declared a gteatt success. In the report Sf the Philippine- commission, just published, the postal savings bank Is discussed brief-' In part as follows: “The postal Savings bank was first opened in Manila on Oct. 1, 190&. The law provides few three daßseji, with limitations as to the amounts that can be received at any one tluje In each class. Following'tee opening of the Manila office, other poktil sayings bank offices were opened In various cities, gif different cltuDges, uni'll at the close of the year 235 had been opened, df wiiicfi 0 Vere flrstf 86 tvefe second ans~l4o were third class. Filipino* Adoption Sr at* to. “At first the Filipinos did not to any grea? extent, airall ' theffieelVes of the opportunity of depositing a portion of their receipts In the postal skyings bank, and a great bulk of the' depositors were Americans and Of other Wtioiialitles. As the advant&gea of this gyptejn have been disseminated through means of schools, government bureaus, private agencies and others, thb proportion of Filipinos Is continually increasing. and gives very good promise that tee Filipinos will Warn to trust their money to the care or the government, and welcome the opportunity. “The accounts opened up to the close of the fiscal year 4 numbered 2,676, of which 347 Were dosed, leaving 2,329 still *pen. ~ The deposits reached the total sum of 786,361.03 sesos—an average of 108.21 pesos. Withdrawals reached the total amount of 280,490.21 pesos, leaving a net deposit of 509,463.31 pesos at the end of the fiscal year—or the first nine months of the operation of the postal savings bank —but by no means tb£ first nihe months of operation of the average number of offices, the smaller odes having been opened from tithe to tiibe during the year, so that many hud not been opened more than a month or two at the time these figures ware taken. • - -•'! A * '