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1034 XIV. CREDIT AND INSURANCE ESTABLISHMENTS OF SWEDEN.
The savings-banks in Sweden are institutions for public benefit, but of *
private nature, and with an almost unlimited freedom of administration. In this
they differ from those of several other countries, e. g., Great Britain and France,
whose savings-banks must chiefly place their means into the care of the State or
invest them in State bonds; those of Belgium, whose Caisse Générale d’Épargne
et de Retraite is a State institution (which collects savings also through the post
offices, and therefore, in a certain manner, is a P. 0. savings-bank); and those
of the German States, where the administration of the savings-banks is most
frequently an affair devolving upon the community. The first Swedish Savings-Bank
Law, of 1875, ordains that there must be no distribution of dividends in
savings-banks; the law of 1892, now in force, defines a savings-bank as a »financial
institution which, without right for its founders or their assigns to appropriate any
share in the profits which may arise from the business, has for its object to
receive money from the public, to put it out to interest, to increase it still more
by adding the interest to the capital, and to repay the money when notice is
given to that effect», besides which it is ordained that no other financial institution
must carry on its business under the name of savings-bank without special license.
The subscribed capital and reserve funds of the Swedish
savings-banks corresponded, during the first years of the nineties, on an average
to about 9 per cent of the deposit fund, but in 1902 only amounted to 8*6
per cent of this fund. The regress in the relation between funds and
deposited capital finds its explanation in the rapid growth attained by
the latter during the nineties and with which the deposits to the funds
have not been able to keep pace. — "With respect to the manner of
augmenting the savings-bank money, the following Table shows the
relation between the different kinds of investment.
In 1880. In 1890. In 1900. In 1902
Bonds, claims on communities, and the like........ 16-04 % 11-60 % 16 48 % 15 59*
Claims on private persons, secured by mortgage... 42-70 > 51’54 » 5187 » 52 55 >
» > » »on personal caution..... 30 76 » 24 61 » 1798 » 1810 >
In cash and other accounts............................... 10’50 > 12-25 » 1417 » 13’76 >
It will be seen by this Table that claims on personal caution have,
since the eighties, been relatively decreasing in number, whereas
investments on mortgage have come into more general use. Loans on personal
caution, however, still play a very considerable part in the small
savings-banks, principally those situated in the provinces, where a more personal
relation exists between the banks and their customers, and it is only in
proportion to the size of the savings-banks that the significance of such
loans decreases, and the money of the bank is rather placed in loans
secured by mortgage or in public bonds. For 1902, we have the following
statistics:
In Savings-banks with total deposits of: Bonds, Community claims, etc. Claims on private persons. u„ Personal Mortgage. caution. Cash and other accounts.
Below 50,000 kronor 4-20 % 3810 % 43 59 % 1411 %
50,000— 100,000 » 2 36 » 37-85 » 48 91 » 11S8 >
100,000- 250,000 » 4-53 » 41-52 » 44 25 » 9 70 .
250,000- 500.000 » 3 87 » 46-96 » 38 87 » 10-80 .
500,000—1,000,000 » 6 87 » 46 53 > 35 58 » 11 02 »
1,000,000-5,000,000 » 12-48 » 53-05 » 19-36 » 15 11 >
Above 5,000,000 » 23-20 » 55-28 > 7-67 > 13 85 »
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