Depositors in savings banks represent about twentynine in every hundred persons, and in 1906 the sum deposited amounted to £37,205,000 in the names of 1,152,000 persons.
There was distrust in the minds of the depositors, especially those whose holdings were small, and most of the banks were, at a very early period, subjected to the strain of repaying a large proportion of their deposits as they fell due.
In March 1907 there were 8159 depositors in the government savings bank, with £569,731 to their credit.
At the same date more than £ 10,000,000 stood to the credit of small depositors in post office and private savings banks, nine-tenths in the former.
All taxes on savings banks are distributed to the towns in which the depositors reside, the tax on non-resident depositors constituting a Literary Fund which is distributed to the towns on the basis of the number of pupils in each.