Publications of National Monetary Commission Volume 22

Publications of National Monetary Commission Volume 22

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1910 edition. Excerpt: ...service the bank receives a moderate expense allowance from the insurance office. The record of the Swedish postal savings bank is unique in this, that while enjoying a high degree of prosperity, the total deposits have steadily declined since 1898, when the amount was 64,033,595 crowns, or $17,161,004, until in 1907 the total was 50,680,934 crowns, or $13,582,491, a loss of more than 20 per cent. During the same years the number of depositors increased from 535,305 to 566,976. Another item of interest is that the expenses of management have increased in these ten years from 200,104 crowns in 1898 to 288,755 in 1907, and the net profits have decreased from 236,240 crowns in 1898 to 26,005 crowns in 1907. The steady decrease of deposits has not apparently been caused by the change in the rate of interest, as this has been uniformly 3.6 per cent from January 1, 1884, until the present time, except for a brief period--from January 1, 1897, to July 1, 1899----When it was 3.3 per cent. In the oflicial report of the post-oflice savings bank for 1899, when the withdrawals had exceeded the deposits by 6,132,286 crowns, it was claimed that the unfavorable result was due to the fact that the rat-e of interest granted by private banks had been considerably increased during the year, and also that the private banks now accept small deposits on terms more favorable than those of postal savings banks, and that they allow depositors to withdraw larger sums without giving notice in advance. Sweden has a higher rate of interest than other countries, as is attested by the fact that from year to year the postal savings bank receives from 3.6 to 5 per cent on its investments and pays its depositors 3.6 per cent. The postal savings bank of Egypt was...
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Product details

  • Paperback | 108 pages
  • 189 x 246 x 6mm | 209g
  • United States
  • English
  • black & white illustrations
  • 1236944291
  • 9781236944290