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The safe keeping and productive investment of smaller savings
are partly effected through the common banking institutions, partly,
and more especially, by the means of the savings banks. In order
to protect the depositors, some general rules have been established
by law, relating to the organisation and business of these
institutions. For instance their plans must be sanctioned by the king, and
they are under the supervision of the Finance Department. They
must have a minimum working-capital and the surplus resulting from
the operations of any bank must be added to its fundamental fund
until the latter reaches one tenth of the amount of the obligations
of the bank. The excess may be employed for purposes of public
utility. The plans of the banks are not sanctioned unless they
contain satisfactory stipulations, guaranteeing an appropriate and
sufficiently controlled activity. The money deposited is chiefly
made productive either by loan on mortgage of real estate, or
on personal security with two or more endorsements. To these
transactions, however, legislation has set certain limits. As the
savings banks are primarily calculated to make smaller savings
productive, they do not, as a rule, accept deposits beyond a
certain amount fixed in the plan of the bank. The deposits are
made on the conditions peculiar to savings bank, i.e. that they
cannot be taken out except after notice having been given a
certain time in advance, the length of the time being proportionate
to the amount that is to be paid out.
The first savings bank in Norway was established in the year
1822; in the year 1850 the number of savings banks had been
increased to 90, and in 1897 to 394. The number of the depositors
(or rather of bank books) and the amount of money deposited was
at the end of:
| Number | Number per 1000 inhabitants | Amount deposited | Amount deposits per inhabitant | |||
| 1850 | 52,811 | 37 | kr. | 16,721,000 | kr. | 11.90 |
| 1870 | 194,839 | 112 | » | 81,667,000 | » | 46.90 |
| 1890 | 470,799 | 236 | » | 194,141,000 | » | 97,10 |
| 1897 | 586,606 | 278 | » | 251,615,000 | » | 119.20 |
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