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SAVINGS-BANKS.
1037
to a total number of 1,558,676, but in 1886 (at 1,559 post-offices and
3,022 private sellers) only to 1,049,292, and in 1902 (when such sale
occurred at 2,795 post-offices and 1,545 private sellers) to 1,196,948
saving-stamps were sold.
The rate of interest at the P. 0. savings-bank was 3" 6 % till the end of
1896, when it was lowered to 3’3 %, but has from July 1, 1899 inclusive again
been raised, until further notice, to 3"6 %. Thus it is lower than the average
rate of interest at the savings-banks (3-83 % in 1896, 4-25 % in 1902), and
considerably lower than that generally paid by the smaller savings-banks to their
depositors — a necessary consequence of the stricter regulations for the
administration of the P. O. savings-bank means, which regulations until 1902 did not allow
of any other investments than in the bonds of the State, of the General Mortgage
Bank (see p. 599), and of communities, or else in community loans, against
promissory notes. In 1902, however, the P. O. savings-bank obtained the right of
investing at the most 1/i of its capital in bonds against surety of mortgage. —
With respect to the costs of administration, they amounted in 1902 to 0’4 4 %
of the total capital deposited, and were thus of about the same relative size as
in the largest private savings-banks in 1898 (0’33 see above). Here it should,
however, be remembered that the remaining average amount per pass-book in the
P. 0. savings-bank was only 93 kronor, whereas it was 387 kronor in the private
savings-banks, and if we reckon the costs in proportion to the transactions of the
respective year, they come to 0’87 % for the P. 0. savings-bank, but for the
private savings-banks to 1*09 ^ (and for both kinds altogether to 1"06 ’/.).
Regarded as savings-banks, the so-called Solidariska Folkbanker
(conjointly responsible People’s banks) are of rather little importance —
28 of them being taken up in the official statistics for 1902, with
33,296 depositors on the savings-bank accounts, and 15,204,112 kronor in
savings-bank deposits. The People’s banks have not the character of
institutions for public benefit, possessed by the savings-banks, but are
pure business enterprises on a small scale, giving dividends and
principally aiming at the benefit of their shareholders; besides the
savings-bank business, they carry on discounting of bills of exchange. With
respect to their savings-bank business, the law of 1903 is valid for their
inspection, but the stipulations of this law are very brief.
The oldest of the still existing conjointly responsible People’s banks,
and at the same time the one which carries on the most extensive
business, is the Örebro Folkbank, opened in 1867. — Several of the
original »Solidariska Folkbanker» are now reorganized into joint-stock
banks, and as such carry on their business with or without retaining
their name of »Folkbank».
Besides by the People’s banks, reorganized into joint-stock banks,
savings-bank business has since long ago been carried on also by a
majority of other Joint-stock banks, and during later years the same
business has been taken up by most of the Private banks (see p. 1026
and 1029). This savings-bank business of the different banks, has from
Jan. 30, 1897, (there being no complete statistics previous to this date)
to Dec. 31, 1903, increased in the way shown by the following figures:
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