Daily Record: January 14th 1927
A deputation of the Birmingham Municipal Bank, consisting of Alderman Sir Percival Bower, chairman; Alderman Lovsey, Councillor Gelling and Mr J P Hilton, the manager, visited the County and City of Perth Savings Bank yesterday, to inspect and inquire into the bank’s working, as it is recognised as a model of what such an institution should be.
The deputation was received by Mr W A Barclay, actuary.
In the course of the day the visitors investigated the working of the Schools Bank, making a visit to the Caledonian Road School where they witnessed the bank in actual operation.
Sir, - Your leading article on ‘True Thrift in the Schools’ is opportune at the moment in Birmingham, for many thousands of pounds are being repaid to scholars with deposits in the ‘School Bank’.
The original promoters desired to encourage Thrift – there could be no other object – but 99 per cent of the thousands of teachers who deal with the school bank week after week, can testify that it fails entirely, notwithstanding the impressive statistical summary that is published at the end of each year.
For the most part, the money deposited is not on behalf of the children at all. The greater part of the money is withdrawn, prior to holidays, for a ‘bust-up’ or at best, it is withdrawn for some form of extravagant enjoyment.
The proportion that is deposited by children for themselves is very small, and that is generally withdrawn when a few shillings has accumulated, because it can be withdrawn with such ease and a means of spending it has been devised with greater ease.
It would be an easy matter to improve the School Bank, if it were put into the hands of people who knew a little about banking, and a lot about children, and whose object was to promote the spirit of thrift among the little people, irrespective of impressive Balance Sheets.
A real Thrift Scheme might cost a little money, but it would be worthwhile. – Yours, etc...,
DOMINE
The Glasgow councillors were amused and interested to discover a boy in one branch banking his pocket money. Councillor P J Dollan, who questioned the boy, ascertained he was 11 years old, but had his own separate bank account since he was 10. The councillors asked leave to augument the lad’s account, which was granted.
Boys and girls are encouraged to use the bank, and when paying in money enter the amount on pay-in slips in the same way as adults do in an ordinary bank. Thus they obtain a practical knowledge of business methods in banking.
There are thousands of children, some of them only eight years old, who are regular patrons of the bank. They are allowed to bank even one penny at a time.
Sir, - Your leading article on ‘True Thrift in the Schools’ is opportune at the moment in Birmingham, for many thousands of pounds are being repaid to scholars with deposits in the ‘School Bank’.
The original promoters desired to encourage Thrift – there could be no other object – but 99 per cent of the thousands of teachers who deal with the school bank week after week, can testify that it fails entirely, notwithstanding the impressive statistical summary that is published at the end of each year.
For the most part, the money deposited is not on behalf of the children at all. The greater part of the money is withdrawn, prior to holidays, for a ‘bust-up’ or at best, it is withdrawn for some form of extravagant enjoyment.
The proportion that is deposited by children for themselves is very small, and that is generally withdrawn when a few shillings has accumulated, because it can be withdrawn with such ease and a means of spending it has been devised with greater ease.
It would be an easy matter to improve the School Bank, if it were put into the hands of people who knew a little about banking, and a lot about children, and whose object was to promote the spirit of thrift among the little people, irrespective of impressive Balance Sheets.
A real Thrift Scheme might cost a little money, but it would be worthwhile. – Yours, etc...,
DOMINE