Interest is allowed at the rate of two
pounds ten shillings per cent, per annum.
Another most important point is, the Security. Government is responsible
for the full amount paid in; so that the money deposited with the Post
Office Savings Bank is as safe as if it were in the Bank of England. The
money saved may also be transferred from place to place, without
expense, and may be easily paid to the depositor when required, no
matter where it was originally deposited. All that is done, is done in
perfect secrecy between the depositor and the postmaster, who is
forbidden to disclose the names of the depositors.
We have frequently alluded to Mr. Charles William Sikes in connection
with Penny Banks and Post Office Savings Banks. His name must always
hold a distinguished place in connection with those valuable
institutions. He is the son of a private banker in Huddersfield. When at
school he was presented, as a prize, with a copy of Dr. Franklin's
Essays and Letters. He perused the book with avidity. It implanted in
his mind the germs of many useful thoughts, and exercised a powerful
influence in giving a practical character to his life. Huddersfield is a
busy manufacturing town. Although workmen were well paid for their
labour, there were many ups and downs in their business. When trade
became slack, and they had spent all that they had earned, numbers of
them were accustomed to apply for charity in the streets or by the
wayside.
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