POSTAGE STAMPS. 303 POSTAL SAVINGS BANKS. the centre of a stamp, and in some cases it is en- tirely lacking for this reason, and, where the margin of a sheet contains lines or large letters, these are found in the stamps. The colors of the paper on which stamps are printed appeal strongly to all collectors, also the quality of the paper itself. Laid paper is a variety showing parallel lines, similar to those of the water-mark, such as may be found in many varieties of writing paper. All paper that does not have laid lines is known as wove, some of it being of even texture and showing no jiiarks whatever, while other varieties show that which is similar to the weaving of cloth which gives the name. Collectors who are spe- cialists note the differences of hard and soft paper. Thin and thick paper varieties are also collected. The value of stamps depends, not, as is com- monly supposed, upon their age, but upon the number that have been is- sued and the number pre- served. Great countries, like the United States and the (irincipal nations of Eu- rope, issue large numbers of every stamp that they put into circulation. Thfi stamp which corresponds to the ordinary letter rate in any large country is al- ways common. Very old issues of small coun- tries whose postal service was limited attain high value. Confederate postmasters during the War of Secession issued stamps of a class similar to United States postmasters' stamps. Some of these in fine condition are rare, bringing 5 Cents. a POSTAGES $500 each and upward, according to their condi- tion. The United States Baltimore stamp of the 10-cent denomination, which differs from the 5-cent only in the numeral, is one of the rarest known. The first issue of Mauritius brings a very high price, exceeding .$2000 for a fine speci- men. All early issues of stamps are continually increasing in value, for the supply of them is limited and the demand grows constantly. There are very valuable col- lections of stamps held in all the principal countries of the world. The British Jlusemn o^-ns one which was left to it by a late member of Parliament and which contains very fine specimens of the rarest stamps of all countries. The most com- plete collection in the world is owned in France. The actual value of these collections is difficult to estimate, as they contain stamps of which few specimens are known and varieties which are unique. Consult: Caiman and Collin. Cntiiloqup for A'h-anced Collectors (New York. 1002)'; Luff, TJif Poxtnqp fftnmps of the United f^tates (ib., 1902) ; Wright and Creeke, The Adhesive Stamps of the British Isles (London, 1899) ; Krotzsch, Fcrmanentes Handbiich der Postfreimarkenhunde (Leipzig, 1895 et seq. ). POSTAL SAVINGS BANKS. The system of savings banks conducted by various govern- ments through the Post-Olfiee Department. This institution has become increasingly important since it was first introduced in England in 1861, and to-day all the principal nations of the world, except Germany and the United States, have adopted it. Its adoption in England was due to the inadequate facilities and incompetent management of the trustee banks. In 1860, out of a total of 638 of these banks, 350 were open only one day in the week, and then for only a few hours, while 20 towns and 14 counties, each containing over 10,000 inhabitants, were wholly without savings facilities. Similar conditions existed in the countries of Continental Europe. Thus in France Leon Say estimates that prior to 1875 34,000 communes were without any savings bank facilities whatever. While differing in details in the various coun- tries, the general features of the system are the same. Deposits may be made by any person at any post-office. Depositors are provided with pass-books in which the amount of the deposit is entered by the local office, and within a few days an official receipt is mailed to the depositor from the general office. In rural communities carriers are allowed to receive deposits. To en- courage employees to extend the system, Holland, Finland, and Russia allow local officials commis- sions upon pass-books issued and deposits en- tered. Most countries provide for a minimum and maximum deposit. The minimum is usually about 20 cents, but a card is issued upon which stamps may be alfixed until they amount to that sum, when the card is taken by the bank and the deposit is credited. This device has been found especially adapted for use in schools. In England and France the fund representing the aggregate deposits is invested in Government bonds. In other countries a wider latitude of in- vestment is permitted, such as municipal and corporation bonds, real estate mortgages, and even personal security. The deposit is in all cases guaranteed by the Government. Interest on deposits is computed annually, the usual rate being 3 per cent. The maximum deposit is £200 in England and 1000 lire in Italy. If this sum be exceeded no interest is allowed on the ex- cess. Withdrawals, like deposits, may be made from any post-office. A delay of a few days is usually necessary for withdrawal, though a system of withdrawal by telegraph has been pro- vided. Postal savings banks usually serve two other functions besides receiving deposits. These are: ( 1 ) the providing of annuities and the writing of life insurance ; ( 2 ) serving their customers as agents in purchasing Government securities. Aus- tria and Hungary have gone a step further and provided for accounts subject to check. In England 18.43 per cent, of the total num- ber of depositors are artisans; 8.14 per cent, tradesmen and assistants; 8.61 per cent, domestic servants; 50.41 per cent, married women, widows, spinsters, and children. In Austria more than half the depositors are under twenty years of age. Details of the various systems are shown in the following table:
