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savings-banks and similar institutions.
679
stitutions were set up in most of tlie provinces of Sweden, though in the
northernmost provinces not till the close of the forties and the
commencement of the fifties. The Province in which the savings-bank system
first won extensive dissemination was Malmöhus Län, where as early
as 1850 fourteen savings-banks of some size and importance had been
established.
The following figures exhibit the growth of the savings-bank system
since 1860.
Number of Number of Balance of Average Balance, kr.:
Year Savings- Depositors Depositor per ...... i j..... i
Banks (pass-books) kr. Pass-book *
1860 . . . 149 187 675 27 291 937 145 7
1870 . . . 234 353 867 57 301 804 162 14
1880 . . . 340 762 638 146 071 708 192 32
1890 . . . 378 1 072 735 275 039 102 256 57
1900 . . . 388 . 1228 930 437 391 160 356 85
1905 . . . 415 1 374 632 601751 390 438 114
1910 . . . 436 1560 317 808 788 530 518 146
1911 . . . 438 1 612 113 857 007 143 532 154
1912 . . . 438 1 664 163 904 235 925 543 161
1913 . . . 440 1 717 694 952 605 043 555 169
Out of the savings-banks existing in 1913, reckoning according to the
situation of the head office, 112 belonged to the towns and 328 to the
country. »’ i|f!:S
The Swedish savings-banks are institutions for the benefit of the public, but
of a private nature, and with an almost unlimited range of liberty as regards
administration. They are distinguished in this respect from the savings-banks
of other countries: from those of Great Britain and France, which are obliged
to place their monies under the custody of the Government, or to invest them
in Government papers; from those of Belgium, whose Caisse générale d’épargne
et de retraite is a Government institution (which collects deposits partly through
the post offices, and is thus in a manner a post office savings-bank); and
from those of the German states, where the administration of the savings-banks
often devolves on the commune. The first Swedish Savings-Banks Act, that
of 1875, taboos the making of dividends in the case of savings-banks. The
Act now in force, that of 1892, defines a savings-bank as a monetary
institution, which, without right for the founder or his assigns to derive any benefit
from the business, has for its object to receive money from the public at simple
and compound interest, and repay it on due notice being given. Moreover, it
is prescribed that no other financial institution may carry on business under the
designation of savings-bank, without special authorization.
Foundation Capital and Reserve Funds. The foundation capital and
the reserve funds of the Swedish savings-banks corresponded during the
early nineties, according to an average computation, to approximately 9
per cent of the balance of the depositors, but after 1895 this average
dwindled for a series of years with almost steady persistence. After
1906, however, the average has remained almost stationary; in 1913 it
was 8-1 per cent. The decrease in the ratio between the funds and the
deposits derives its explanation from the rapid growth of the deposits,
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