would be required for withdrawals up to £5, unless the manager should see reasons to pay on depositors’ request; and that 1d. be paid for a pass-book. Some other details were explained by Mr. Lucas-Shadwell, who the(sic) offered advice upon the advantages of saving, adding that if a man saved 1d. a day from the age of twenty to sixty, he would be in possion(sic) of £70. A Penny Bank, he said, had been established at Southampton, and in the first year there were 3,377 depositors whose deposits amounted to £1,668. The speaker also related in a pleasing manner the circumstances connected with the working of Mrs Shadwell’s penny Bank at Rye Harbour, and the one at the Tivoli, manged(sic) by Mr. William Scrivens, formed in 1859, which had upwards of £50 invested in the Hastings Savings Bank. He hoped they would all try their luck in the Penny Bank, in which there would be no blanks, but all prizes.
The Rev. J. Parkin next addressed the assembly in his always pleasant manner. He had come as one of the managing trustees of the Savings Bank, to learn all about Penny Banks, and what they could do otherwise than the Savings Bank did, which received sums as low as a shilling[1], and allowed interest at 3 per cent. He had heard the rules read, and he thought there must be an alteration made to give greater facility in drawing out, as there might be many occasions when it would be necessary for the depositor to withdraw his money immediately. Mr. North, at the Bank on Saturday had told him he had received a circular, and when he had also received a copy of the rules, he would submit them to Mr. Tidd Pratt, and if that gentleman certified that the Penny Bank was established on a safe footing, and that the working people were sure to get their money back again, with the proposed interest then he (Mr. North) would belong to it [Hear, hear!]. It was to tell them this from Mr. North that he came there amongst them that evening. He thought Mr. Tidd Pratt would most probably sanction the rules as being safe. The reverend gentleman then heartily wished the Bank success and properity(sic) to each individual present, trusting that the deposters(sic) might have a good balance in the bank.
Mr. Beazley, at the call of the chairman, related some facts connected with the formation of a Penny Bank, two years ago, among the lads belonging to the St. Mary Magdalen Recreation and Improvement Society. About 70 came to the first meeting, and on the following week 30s. was deposited the first night the bank was opened. At the end of the first year, eighty members had deposited £102 [Cheers] At the end of the second year there were 150 on the books, and their deposits were £154. He thought that if the lads of St. Mary Magdalen could deposit £256 in two years, the working men of Hastings could do even better. -
- ↑ An explanation of old currency and coinage may be found at the following website Pre-decimal currency, accessdate: 16 June 2022
