FOOTNOTES:

Figure V.

Figure VI.

This list is the expression as it were, of a conscious agreement of wills on a more and more extended scale in a common work of reciprocity.

The all round figure which sums up for the service during 1895, the total amount of operations relating to the credit and debit of holders of accounts in the Postal Savings Bank of Vienna is 2,970,170,049 florins. It will be interesting to learn what have been the expenses which have arisen from such a vast amount of business.

The account of the financial administration of the service of cheques andclearingmakes the administrative expenses 899,356 florins, that is three-hundredths of a florin, for every 100 florins of business[M]. The average business done for each possessor of a cheque book is 100,000 florins, and the average charges of the service per person have been about 30 florins.

Going back ten years it is seen that when in 1886 the amount reached 944,997,612 florins, the total expense was 620,247 florins, or six-hundredths of a florin for every 100 florins of business done. The operations averaged about 90,000 florins to each holder of a cheque book and the charges 44 florins each person. The law, in accordance with which the general expenses are relatively reduced by the increase in the figure of business done, receives here a fresh verification.

Such is the summary explanation of the organisation and working of the cheque and clearing system instituted thirteen years ago at the Postal Savings Bank of Vienna.

It is based on the centralisation at Vienna of the accounts of depositors holding cheque books and on the almost absolute perfectness of the regularity and precision with which all those interested are every time fully informed of their position of the Central Bank, and, in consequence, of the extent of the credit they have at their command. This institution implies the free adhesion under conditions fixed by law of all the depositors atthe Savings Bank and the right of each to withdraw as he thinks proper. The institution therefore works on the ground of stipulated contract, but its elasticity is seen in the perpetually widening extension of its operations and its making way in every class of society and in every one of the professions.

Its realization under the international form, for we give this character to an agreement between the Savings Banks of Austria and Hungary, is only a question of time, and the new experiment will prepare the way for a new enlargement of the system.

The basis of the institution is monetary, it differs in this respect in no way from all the other modern institutions of credit and of balancing one account against the other; but the saving of money is ever on the increase. Within the monetary circulation is developed a circulation which if it remains still subordinate to the monetary circulation is not inevitably enchained to it. Our collective effort tends to break for ever this bond of subordination. The papers which will follow will be a contribution to that work.

FOOTNOTES:[H]The account-books ofEmpfang erlagscheineare used as instruments in this first class of operations.[I]Rückzahlungen auf grund von checks, zahlbar an den überbringer bei des Cassa des Postsparcassen Amtes.[J]Rückzahlungen an dritte personen durch zahlungsanweisungen des Postsparcassen Amtes.[K]Auszahlung von beträgen an dritte personen nittelst postanweisungen.[L]To accomplish operations in the remotest part of Dalmatia, five or six days is the maximum required.[M]A kreutzer is charged for posting a sum to the credit of an adherent, but no charge is made on the debit side.

[H]The account-books ofEmpfang erlagscheineare used as instruments in this first class of operations.

[I]Rückzahlungen auf grund von checks, zahlbar an den überbringer bei des Cassa des Postsparcassen Amtes.

[J]Rückzahlungen an dritte personen durch zahlungsanweisungen des Postsparcassen Amtes.

[K]Auszahlung von beträgen an dritte personen nittelst postanweisungen.

[L]To accomplish operations in the remotest part of Dalmatia, five or six days is the maximum required.

[M]A kreutzer is charged for posting a sum to the credit of an adherent, but no charge is made on the debit side.

Law of the 28thof May 1882

with reference to the introduction of Postal Savings Banks in the kingdoms and lands represented in the Imperial Council. (R. G. Bl.[N]No56.) with the alterations made by the law of the 19thof November 1897. (R. G. Bl. No133.)

With the consent of the two Houses of the Imperial Council I will to order as follow:

Under State administration and guarantee there will be founded at Vienna a State Savings Bank, under the control of the Minister of Commerce and belonging to the jurisdiction of the Postal Administration, with the title «Post Office Savings Bank».

The sphere of activity, the organisation and the civil service of the Post Office Savings Bank will be fixed by means of ordinances.

Post Offices in the kingdom and lands represented in the Imperial Council will be appointed by the Minister of Commerce to serve as receiving offices of the Post Office Savings Bank.

To the Post Office Savings Bank will belong the management and execution of the business assigned to it by this law; in which business it will represent before the public the administration of the State.

To give advice as well as to make proposals in the business relating to the Postal Savings Banks, a special Council will be constituted.

Regulations as to the composition of this special Council as well as the determination of its special sphere of action will follow by way of ordinance.

The Post Office Savings Bank will receive savings deposits paid into the Post Offices, and by the agency of the Post Offices will pay back the deposits when reclaimed.

All deposits in excess of the current needs of the Post Office Savings Bank are to be profitably invested.

Such profitable investments of the savings-deposits will be made by the purchase of the Austrian Consolidated Bonds bearing interest.

From the profit of the invested deposits is to be defrayed the interests on the deposits, as well as the whole expenses, administrative or otherwise.

As long as the profit of the funded capital of the deposits is not sufficient to pay the interest of the savings-deposits and to cover the expenses of the administration, the deficit as well as the costs of the establishment of the institution will be advanced by the State as a charge on the Postal Budget.

These advances are to be restored without interest, to the Postal Budget, out of the surplus appearing at the close of the administrative year.

The surplus remaining over after the entire liquidation of the above named advances is to be employed in the formation of a reserve fund.

The receiving office (Post Office) in which a first deposit is made, gives to the party who makes the deposit, a depositbook, in which each amount paid in, each amount paid back and the interest added to the capital is to be entered. Each subsequent payment can be made in any receiving office (Post Office), the amount being entered in the deposit book.

That person is to be considered the depositor on whose behalf the deposit is made.

The deposit-book is to be delivered gratuitously and is stamp free.

The Post Office Savings Bank will open an account for each depositor.

The deposit-book is issued in the name of the depositor and is to contain the notes necessary in forming a judgement of his identity, as well as the signature of the party who makes the first deposit.

A depositor who cannot write will have to bring with him a trustworthy man, who will have to attest the identity of the depositor and to sign the deposit-book in his stead.

An assignment of a deposit-book to another person, is only to be accepted by the Post Office Savings Bank when the act of assignment has taken place at a Post Office entrusted with Post Office Savings Bank business.

This being done, the assignee is to be regarded as the proprietor of the deposit-book. (Art. 21, § 3.)

Minors are entitled to pay in sums as savings and to receive repayments back provided their legal representatives have entered no written objection at the Post Office Savings Bank.

In case of the loss of the deposit-book, a duplicate is, after carrying out the proceedings prescribed by article 14, to be issued.

Whoever causes two or more deposit-books to be issued loses the interests on the capital entered in the second and in any subsequent books.

If the whole amount of the deposits in the two or more deposit-books, that a depositor has caused to be issued, is over the sum of a 1,000 florins, the depositor loses that part of the capital which exceeds 1,000 florins.

The Minister of Commerce is empowered on well considered reasons to be indulgent with reference to the loss of capital, which, in conformity with the regulations occurs to surplus deposits.

Post Office servants are forbidden, except to their superiors, to give any information whatever to anyone, as to the names of depositors, or the amount of their deposits.

Each single payment must amount to at least 50 kreutzers or a multiple of 50 kreutzers.

The balance in favour of a depositor can at no time amount to more than 1,000 florins including deposits paid in and interest added to the capital.

Deposits of 50 kreutzers can be made in postage stamps, or in special postal savings stamps as soon as such stamps are issued by the Minister of Commerce. These stamps are to be fastened on forms supplied gratuitously.

The rate of interest for savings deposits, which is never to exceed 3 per cent per annum, after having been placed before the special Council (art. 1) will be fixed by the Minister of Commerce in concert with the Ministers of the Interior and of Finances, by way of ordinances, and every alteration is to be published in the Imperial Law Pamphlets (Reichs-Gesetz-Blatte) in the official part of the «Vienna Gazette» (Wiener Zeitung) and in the various official gazettes.

The new rate of interest will begin to come into operation on the 1stand 16thof the month which follows its publication and will also apply to deposits made previously.

Savings deposits bear interest commencing from the 1stor the 16thday of the month following the date of their payment, and the interest ends on the 15thor last day of the month preceding the arrival of the notice of the expiration of the agreement with the Post Office Savings Bank at Vienna.

Sums under a florin are not to bear interest.

The 31stof December, each year, the interests accruing are to be added to the capital and from that time forward they also bear interest.

In the calculation of interest each month is to be regarded as 30 days.

The officially prepared table of interest is to be publicly posted up in the receiving offices (post offices).

Any amount exceeding 1,000 florins to the credit of a savings deposit is not to bear interest.

The Post Office Savings Bank is obliged as soon as the deposits and capitalized interest of a depositor surpasses the figure of 1,000 florins, by a registered letter, to require the depositor to lessen his capital.

If during the month following the depositor has not lessened the balance to his credit, then at the expiration of the period, bonds of the state debt bearing interest in notes will in the course of the day be officially bought to the nominal amount of 200 florins, and the depositor is to be informed of the fact.

From the time of the sending out of the notice until the reduction is effected in the balance to the credit of a depositor no interest will accrue.

In case the depositor on whose account the bonds were bought, does not withdraw the documents, the Post Office Savings Bank will receive the interest falling in on the bonds under its care and will enter these interests in the books of the institutions as a new deposit in favour of the depositor.

For the State funds belonging to a depositor lying at the Post Office Savings Bank a book is to be issued.

At the request of a depositor and that the balance in his favour is sufficient, it can be employed in the purchase of Austrian State Funds.

The payment back of the balance in favour of a depositor or any part of it to him or to his legal heir or authorised agent, will take place upon a notice which can be made by the party giving it, at the receiving office (Post Office) which he names in the notice.

The payment back is to made through the receiving office (Post Office) named in the notice, on production of the deposit-book, on the basis of an assignment by the Post Office Savings Bank, except the payment is according to Article 14 barred by legal proceedings having been instituted, or according to Articles 6 and 17, by a protest having been made.

When such notice has been given with reference to sums upto 10 florins, the assignment will be sent by the Post Office Savings Bank by return of post and the payment back will be made by the receiving office (Post Office) immediately after its arrival.

The repayment of sums between 10 and 100 florins will be made in a fortnight at the latest, that of sums between 100 and 500 florins in a month at the latest, that of sums above 500 florins, at the latest within two months after the arrival of the notice.

The Administration is however authorised, with power of countermand and under necessary precautions to permit sums up to 20 florins of which notice has been given to be immediately paid at one of the authorised receiving offices without waiting for the arrival of the foregoing assignment from the Post Office Savings Bank.

If a deposit-book proves to be lost the following proceedings occur:

The owner has, in order to obtain a duplicate to give immediate notice of the loss, either directly to the Post Office Savings Bank, or to the nearest receiving office (Post Office) with as exact an account as possible of its characteristic marks.

The Post Office Savings Bank immediately orders a note of the characteristic marks to be entered in its books with the result that meanwhile no payment is made to anyone on the lost deposit-book.

At the same time the Post Office Savings Bank causes a public placard to be put up at the Post Office where the lost book was issued, and also in that to which perhaps it might be forwarded, by which all persons are informed that at the expiration of a month from the date of its publication, if no claim to the lost book is made in the interval, it will be cancelled and declared null and void, and a new one issued.

If within the month no claim is made, the Post Office Savings Bank will on payment of a fee of 10 kreutzers Austrian currency, issue a duplicate and declare the deposit-book proved lost, to be null and void.

If a claim is made during the course of a month, the Post Office Savings Bank must refer the parties to the ordinary tribunals, and no duplicate is to be issued nor any proceedings permitted with reference to the lost book until the validity of the outstanding claim has been decided by a legal judgement.

The statement of paragraph 1480 of the General Civil Code, by which claims to arrears of interests are lost after three years, has no application to interests of depositors in the Post Office Savings Bank.

In relation to the lapse of Post Office Savings Bank deposits the ordinary legal decisions will be relied upon. Lapsed deposits fall into the postal treasury. Such a lapsing of deposits will be stopped by every new payment, every notice for payment back, every entry of interest in the deposit book.

State bonds bought officially, or at the request of depositors, and kept at the Post Office Savings Bank fall into the postal treasury, if, during a lapse of 40 years, no one has laid claim either to the deposit or to the interest, and the depositor has not forwarded to the Post Office Savings Bank any order whatever with reference to them.

Neither savings deposited at the Post Office Savings Bank, nor the Post Office Savings Bank deposit-books can be sequestered, and in like manner they cannot be used as security. Nor can a deposit-book be seized or taken in distraint.

These restrictions have no application to the books mentioned in Articles 11 and 12, as issued for the state bonds bought for a depositor.

If a depositor declares himself insolvent, the Official Receiver is empowered to give notice to the Post Office Savings Bank to pay him the balance in favour of the depositor, and thereon to give a receipt.

A protest against the payment back of a savings deposit can only be considered in case a lawsuit has been entered into with reference to the right of property in a deposit-book, or on the hypothesis which Article 6 meets.

The reserve fund which is primarily intended to cover every possible loss which may occur to the Post Office Savings Bank is to be formed by the laying aside of the surpluses which remain at the close of the administrative years from the produce of the savings-money deposited, after deduction for interest paid, administrative and other expenses, and after restitution of the advances made from the postal budget.

The reserve fund is to be gradually stored up until it reaches 5 per cent of the total amount of the deposits, but it must never go beyond the point of two million Austrian florins.

The reserve fund capital is to be placed at interest and whatever it brings in is to be added to the reserve fund so long as this last has not reached the maximum fixed.

When the reserve fund has reached the above mentioned point, all the business profits will be entered to the credit of the Postal Revenue.

The Post Office Savings Bank is to render a formal account of the administration of the savings-money paid in at the receiving offices (Post offices), and the duty of the control lies with the supreme audit-office.

At the end of each solar year the Minister of Commerce will communicate to both Houses of the Imperial Council, a detailed business statement with reference to the administration, working and position of the Post Office Savings Bank and will publish the same in the official part of the «Vienna Gazette».

The Post Office Savings Bank will periodically make known the actual position of the institution in the «Vienna Gazette».

The correspondence of the Post Office Savings Bank and its organs with the depositors is post free.

The revenue of the Post Office Savings Bank is exempt from duty.

In the business of the Post Office Savings Bank all legal documents passing between the Bank, the authorities or the organs of the Bank and the depositors, their legal heirs or authorised agents, are free from stamp duty and taxes. In like manner the interest of savings-deposits is exempt from the Income-tax and from any tax which may replace it in time to come.

The exact time when the Post Office Savings Bank in Vienna, as well as the receiving offices will commence their work will be fixed by the Minister of Commerce.

The carrying out of this law is entrusted to the Minister of Commerce.

containing alterations in the Law of May 28^{th} 1882 (R. G. Bl. No56) and decisions with regard to the Orders' (Cheque and Clearing) Service of the Post Office Savings Bank (R. G. Bl. No133).

With the consent of the two Houses of the Imperial Council I ordain as follows:

The arrangements of the Law of May 28th1882, contained in the Articles 5, 6, 7, 8 and 13 (R. G. Bl.No56) will no longer be in force.

In their stead will come the following arrangements, indicated in the articles bearing the same numbers.

(The articles altered: 5, 6, 7, 8 and 13, are with their new text given in Appendix I, containing the Law of May 28th1882.)

To the existing Orders' (Cheque and Clearing) Service of the Post Office Savings Bank the modifications in the Law of May 28th1882 (R. G. Bl.No56) as well as the alterations refered to in § 1 of the present Law, have no application.

An exception, however, occurs with reference to articles 1, 20 and 21 of the above mentioned Law which are to be applied to the aforesaid service conformably to their sense.

In addition to which the Government is authorized to regulate this service by way of ordinances.

Apart from such regulations the service is to proceed according to the following determinations.

The administration and keeping of the accounts of the Orders' (Cheque and Clearing) Service at the Post Office Savings Bank are to be carried on separately from those of the Savings' service.

Participation in the Cheque service with or without inclusion in the Clearing service is to be granted by the Post Office Savings Bank on paying in a guarantee deposit.

The Post Office Savings Bank will open an account for each participant.

The guarantee deposit remains in the Post Office Savings Bank as long as the holder of the account continues a participant in the Cheque service and contingently also in the Clearing service.

In case a holder of an account on the one side, or the Post Office Savings Bank on the other, wishes to give notice to withdraw, which either can do at any time, the guarantee-depositwill, within a fortnight at latest after receiving the notice, be repaid.

To the Post Office Savings belongs also the right by giving notice of the repayment of the guarantee-deposit to cause the immediate withdrawal of a participant and it has also the right to decline, without giving any reason a request to participate in the Cheque and Clearing service.

The amount of the guarantee-deposit, which is on every occasion to be paid in specie, will be always fixed by way of ordinance.

This fixing can be arranged in such a way, that in the event of the whole transactions exceeding an agreed maximum sum the guarantee deposit is to be increased.

The rate of interest for deposits in the Orders' (Cheque and Clearing) service cannot rise higher than two per cent per annum.

The Government is empowered within this maximum point to fix the rate of interest for deposits.

The Government can also ordain that the abovementioned deposits, especially the guarantee deposits shall either bear no interest at all or only partially do so.

Of the money paid into the Orders' (Cheque and Clearing) Service of the Post Office Savings Bank there will always be kept in hand a portion in specie adequate to meet probable needs.

The surplus remaining is to be placed out at interest in such a way as always to assure the complete fulfilment of the engagements entered into.

The placing out can be made:

1. By acquiring partially mortgaged bills of exchange (salt mine, treasury bonds).

2. By opening at a banking establishment a running account at short dates of payment (a deposit running account).

3. By advances on security of bonds of the United National Debt and of the National Debt of the kingdoms and lands represented in the Imperial Council, also those Austrian bills upon which loans are permitted by the statutes of the Austro-Hungarian Bank, finally upon stock and other securities in the Austro-Hungarian Bank. (Advances with the exception of accounts booked.)

4. By discounting coupons of the funds pointed out in No3, also in prize-tickets in the Austrian State Lottery, also of other funds indicated in No3, repayable by draft, last on discharge certificates of Customs duties.

5. By discounting Bills of Exchange to be cashed at a Bank, a Savings Bank, or else at a Deposit or Credit Company, registered according to the Law of April 9th1873 (Z. 70 R. G. Bl.).

6. By purchase of bonds of the National Debt, deeds of mortgage or bonds having priority rights, in so far as such stocks are, in conformity with No3, capable of being taken in deposit.

The duration of the loans described in No3, as well as the paper to be discounted, described in No4, and the bills of Exchange within the kingdoms and lands represented in the Imperial Council as described in No5, is limited to three months.

In selecting what to take in deposit, or what to buy, in fixing the extent of the sum to be lent out, as well as the choice of the institutions with which it is to enter into business relations, the Post Office Savings Bank is to seek direction from the Ministry of Finance.

The Orders (Cheques) issued in the Orders' (Cheque and Clearing) Service are subject to no other tax than that fixed by the Law of February 29th1864, § 7 (R. G. Bl. No20) of 2 kreutzers a piece.

The declarations which, in conformity with the regulations of the Orders Service are added to the order (cheque) by the Drawer, especially such as the declaration by which a third person is designated as Receiver of the sums assigned, or by which commissions are given for the issuing of post-office orders or the retiring of bills, etc.; also the authorisations for the Post Office Savings Bank and the receipt-vouchers, reciprocally given by the Post Office Savings Bank Office and participants, are free from stamp duty and taxation.

In like manner the extracts forwarded to parties from their accounts are free from stamp duty and taxation.

In respect of sums received in current account by the Post Office Savings Bank, the payment of the percentage tax fixed by the Law of February 29th1864, § 7, paragraph 2 (R. G. Bl. No20) does not operate.

For the use of the Orders' (Cheque and Clearing) Service the Post Office is to impose special fees.

In addition to the already existing fees and repayment of the cost price of printed matter supplied to parties interested, the Government is empowered to impose to the amount stated below the following fees:

1. A record-fee of 2 kreutzers for each official act with reference to the account (Deposit, Assignment, Entry to credit or debit).

2. A commission up to the maximum of ¼ the thousand on the paying out side of the account (Entering to the debit). These fees are to be taken by the Post Office Savings Bank deducting them from the account.

For the Orders' (Cheque and Clearing) Service, a special Reserve fund is to be formed, which is primarily intended to cover possible losses which may result from the service.

This Reserve fund is to be formed from what remains of thesurpluses at the close of the administrative year after deduction resulting from the possible deficit in the Savings Service.

This allotment of the surpluses is to continue as long as the Reserve fund designated has not reached the point of 5 per cent of what remains of the deposit capital in the Orders' (Cheque and Clearing) Service, at the close of the year, after deduction of the payments back.

The money of the Reserve fund formed for the Orders' (Cheque and Clearing) Service is to be placed out at interest under the restrictions of § 7 as to the nature of such arrangements, and the produce accruing from time to time, is to be added to the Reserve until it has reached the abovementioned point.

The Reserve fund having reached this point, the whole of the profits on the business done in the Orders' (Cheque and Clearing) Service will accrue as receipts to the Postal Revenue.

To what remains the determinations of Article 4 of the Law of May 28th1882 (R. G. Bl. No56) understood in conformity with their sense will apply.

The determinations of §§ 2 to 10 of the present Law apply from the time it comes into operation, also to deposits paid in before that time to the Orders' (Cheque and Clearing) Service of the Post Office Savings Bank.

With the execution of this Law which comes into operation from the date of its publication, together with the partially altered Law of May 28th1882 (R. G. Bl. No56) My Minister of Commerce and My Minister of Finance are charged.

in agreement with the Ministry of the Interior and with the Finance Ministry, November 22nd1887, by which on the basis of the Law of November 19th1887 (R. G. Bl. No133) Regulations with reference to the Orders' (Cheque and Clearing) Service in the Post Office Savings Bank are issued.

In carrying out the Law of November 19th1887 (R. G. Bl. No133) by which alterations were made in the Law of May 28th1882 (R. G. Bl. No56), and determinations with regard to the Orders' (Cheque and Clearing) Service in the Post Office Savings Bank, the Ministry of Commerce in agreement with the Ministry of the Interior and the Finance Ministry ordains as follows:

The highest point of the rate of interest, according to the determination of the Special Council of the Post Office Savings Bank, is to be fixed atthreeper cent per annum.

Whoever pays the first deposit in favour of another—of the Depositor and signs the deposit-book in this name, is to be called the Payer.

The Depositor is at any time entitled without the intervention of the Payer to appear at a Receiving Office and to have his own signature accepted.

As long as the Depositor has not exercised this right, the Post Office Savings Bank will consider the Payer as authorised in the name of the Depositor to dispose of the balance in his favour, unless the Post Office Savings Bank has been made aware that it is against the depositor's will.

Until further notice Repayments may be made of sums up to 20 florins, immediately upon notice of recall, by duly authorised Receiving Offices, without previous assignment from the Post Office Savings Bank.

Business regulations which have been made by the Post Office Savings Bank not in present agreement with the arrangements of articles 5, 6, 7, 8 and 13 of the Law of November 19th1887 (R. G. Bl. No133) in relation with §§ 2 and 3 of the present Ordinance are out of force.

In carrying out § 2 of the Law of November 19th1887 (R. G. Bl. No133), the Orders' (Cheque and Clearing) Service of the Post Office Savings Bank is to be regulated by the rules existing with reference to them in the Post Office Savings Bank applied in such a manner as the alterations of the aforesaid Law as well as the following determinations render necessary.

The Post Office Savings Bank will keep separate the accounts and administration of the Orders' (Cheque and Clearing) Service from those of the Savings Service.

Participation in the Orders' (Cheque and Clearing) Service is also to be allowed to persons who are not depositors in the Savings Service. It will be granted on payment of a Guarantee-deposit, and of course if the participant wishes he can enter the Clearing as well as the Cheque Service.

In order to obtain permission to be a participant in the Orders' Service the person wishing to enter has to ask for an account to be opened and to pay in the Guarantee-deposit.

This request is to be made on one of the forms issued by the Post Office Savings Bank, which are to be delivered gratuitously at all post-offices and to be forwarded to Vienna post paid under an enclosure containing the sum for the desired Cheque and Receipt books.

To the Post Office Savings Bank belongs the right to refuse a request for admission as participant in the Orders' (Cheque and Clearing) Service without giving reasons (§ 4 of the Law).

The Guarantee-deposit is to be paid within a month at any Receiving Office after the grant of the said request by using a Receipt (Pay) certificate.

The Post Office Savings Bank opens an account for each participant. Deposit-books are no longer to be used in the Orders' (Cheque and Clearing) Service.

The amount of the Guarantee-deposit will until further notice be fixed at 100 florins.

The Guarantee-deposit will remain at the Post Office Savings Bank as long as the holder of an account continues a participant in the Orders' (Cheque and Clearing) Service. During participation in the Orders' (Cheque and Clearing) Service, the Guarantee-deposit cannot be disposed of and in case the participant should withdraw from the Service it can only be paid back upon 15 days notice (§ 4 of the Law).

The deposits in the Orders' (Cheque and Clearing) Service, including the Guarantee-deposit, will until further notice bear interest at 2 per cent per annum. The interest begins from the 1stor from the 16thof the month following the booking of the deposit, and terminates at the expiration of the 15thor from the last day of the month which precedes the writing off from the account of the sum assigned for payment.

Sums under one florin will not bear interest.

On the 31stof December in every year the interest accruing will be added to the capital and will in like manner bear interest.

In reckoning the interest every month will be regarded as thirty days.

The Post Office Savings Bank has always the right to give notice to a participant to withdraw his Guarantee-deposit, with the result that from the day the participant receives the notice he can no longer dispose of the balance to his credit by way of cheques (§ 4 of the Law).

For making use of the Orders' (Cheque and Clearing) Service, besides the fees at present existing—under which are included the fee of 2 kreutzers the cheque, already fixed by § 8 of the Law of November 19th1887, and according to rule the equivalent of the cost price of the various printed documents furnished to participants in the service,—the under mentioned fees will be taken:

1. A record-fee of 2 kreutzers for each official act with reference to the account (Deposit, Assignment, Entering to Credit or Debit);

2. A commission on each entry to the debit up to the sum of 3,000 florins at the rate of ¼ the thousand, and 1/8 the thousand for sums exceeding that amount.

These fees will be taken by writing them off the account.

From the commission, however, are free:

a) The Debit Entries in the Clearing Service;

b) Sums sent by means of Post Office Orders through the Post Office Savings Bank;

c) Sums written off in the Cheque Service on account of a purchase of State-bonds made for a participant, finally;

d) Every entry of fees, commissions, etc. in favour of the Post Office Savings Bank.

The Post Office Savings Bank will keep for three years the accounts, documents and writings in the Orders' (Cheque andClearing) Service relating to business concluded; it can only therefore give consideration to claims with reference to payments in, assignments, payments back, interest and fees, etc., when they come within this period.

To claims which refer to a Post Office missive (Paying in Order, Post Office Order, Registered Letter and the like) the Post Office regulations as to the time in which such claims can be made will apply.

The foregoing regulations §§ 5 to 11 apply from the time this ordinance comes into operation, and will also apply from the same time to all deposits already made in the Orders' (Cheque and Clearing) Service, (§ 11 of the Law).

The Officials of the Post Office Savings Bank and of the Receiving Offices are bound by duty to keep the business and official secrets, and not to give to any third person, except their superiors, any kind of information whatever with reference to the name of a depositor, to the sums paid in or paid back, or to the amount of the balance in hand.

The Receiving Offices of the Post Office Savings Bank will receive at the End of each calendar year an indemnity for business done in the Post Office Savings Bank Service.

This indemnity amounts to:

a) Two kreutzers at the close of each year for every deposit-book issued at the Receiving Office in question during the year and then existing.

b) One and a quarter kreutzer for every payment during the year effected at the Receiving Office in question, into the Savings Service and into the Orders' (Cheque and Clearing) Service.

This Ordinance will come into force at the same time as the Law of November 19th1887 (R. G. Bl. No133).

All post offices in the kingdoms and lands represented in the Imperial Council are appointed to be Receiving Offices of the Post Office Savings Bank, and have daily during the prescribed hours to carry out the Post Office Savings Bank Service. They receive deposits, effect payments back, give information about all branches of the Post Office Savings Bank Service, and in connection with this Institution, aid the depositors in every way.

Any one can become a Depositor in the Post Office Savings Bank and obtain a deposit-book, or cause another person to obtain one, upon making, in conformity with the regulations, a payment at a Receiving Office, of a given sum within the prescribed limits.

Societies, Unions, Cooperative Associations and persons having a legal position are competent depositors in the Post Office Savings Bank.

The person in whose name the book has been issued is to be regarded as the Depositor.

No Depositor is permitted to obtain, or cause to be obtained on his behalf, more than one deposit-book issued in his name; on the other hand every one is free, beyond their own deposit-books, to obtain for other, wholly distinct persons, deposit-books and to pay in deposits on their behalf.

Whoever in favour of another,—the depositor,—pays in the first payment and signs the deposit-book in his name is called the Payer.

Any one can be a Depositor who can read and write. Minors no more than persons having a legal position are debarred from being depositors.

The Post Office Savings Bank regards the Payer as empowered in the name of the Depositor to dispose of the balance to his credit as long as the latter has not informed the Post Office Savings Bank that it is against his will.

This can be done by the Depositor signing his own name in the deposit-book at a post office.

The admission of the signature can take place:

a) In the presence of and with the consent of the Payer;

b) Without the intervention of the Payer.

In the first case the Payer confirms the authenticity of the signature, in the second case the Depositor has to establish his own personal identity.

The smallest deposit is 50 kreutzers, larger deposits must be a multiple of that sum.

In order to render possible the saving of smaller sums than 50 kreutzers, Post Office Savings Cards have been issued.

Post Office Savings Cards are cards imprinted with a postage stamp of 5 kreutzers, and having the necessary room to fasten on further stamps; these cards are sold at all Post Offices, and by all postage stamp vendors on payment of the value of the imprinted stamp. Such a Post Office Savings Card with stamps fastened on to the value of 50 kreutzers will be accepted at the Receiving Offices of the Post Office Savings Bank as a deposit.

One and the same depositor can only be permitted to bring for deposit three Post Office Savings Cards during one week, either singly or at the same time.

The balance of a depositor in paid up deposits and capitalised interests is not permitted to amount at any time to more than 1,000 florins.

The Depositor must with the first deposit inscribe his signature in the place appointed on the third page of the deposit-book and must further give an account of his calling or occupation, the place, day, month, year of his birth, as well as the place where he lives and his address. He must moreover sign with his own hand the so-called «Gegenschein» (Counter-certificate) to be found in the deposit book. And he himself choose a given private «Watchword» (Losungswort) and inscribe it in the appointed place in the counter-certificate.

The result of this will be that payments back in the customary way can only follow on giving this watchword.

A person who cannot write is obliged to bring with him a witness who authenticates the depositors mark by his own signature. To those known personally to the Post Office official, or, who identify themselves by means of a certificate of domicile, a passport or a work-or service book, the Post Office official can himself become the witness.

In the case of Societies, Unions, Cooperative Associations and persons having a legal position either the bringer of the first deposit can give his signature and be then regarded as the Payer, or no signature will be received. In the latter case nothing can be done with reference to the deposits until the Payer by means of an official document, No14, signifies to the Post Office Savings Bank who will be authorised to give notices of withdrawals and to collect payments.

Subsequent payments can be effected on each book at any office without further notice and without its being necessary for the person to come personally.

Every deposit must be at once entered in the deposit-book by the Post Office official and this entry is to be certified by the imprint of the Receiving Offices stamp of the day and the signature of the Post Office official. The Depositor (Payer) is bound before leaving the office to examine the entries sufficiently so as to see that they are correct.

Deposits are also received from Rural Agents to the limit of300 florins for each deposit-book and for each commission bought. Deposits up to 5 florins pay no fee. For deposits of more than 5 florins a receiving-fee of 5 kreutzers is charged.

The Post Office Savings Bank receives from Depositors, Coupons of Austrian Bond falling due and enters the proceeds in the deposit-book and to the depositors account.

To this end the coupons together with the deposit-book are either to be given in at the Bank of the Office, or forwarded post-paid to the Post Office Savings Bank at Vienna.

Each single coupon given in or forwarded must have legibly written on the back, the number of the deposit-book and the depositor's name, if not, a list of the sorts and numbers of the coupons as well as the number of the deposit-book will have to be given.

For receiving the coupons the Post Office Savings Bank charges a commission of 1 kreutzer the coupon, which will be deducted from what it produces.

The sending-back of the deposit-book will be post free.

It is moreover allowable when a depositor has to receive at a post office not dependent on the Treasury a sum by order,—whether it be an ordinary post office order, or a repayment—or transfer post-office order, or finally by a pay-order in the cheque service of the Post Office Savings Bank, not to pay the same in cash, but have it immediately entered in the deposit-book.

Beyond the entry which the Post Office Service makes in the deposit-book, the depositors receive, and so, relatively, payers, upon each deposit an acknowledgment of receipt from the Post Office Savings Bank at Vienna, forwarded every time to their address or toposte restanteas they desire. Should this acknowledgment of receipt not have reached a depositor within 14 days, or should it contain some errors with reference to the sum or name or in some other way be erroneous, the depositor has to find in his deposit-book, «Complaint», and to separate the paper, fill it in conformity with the case, andto forward it in an envelope, No42o, which he will receive gratis at any post office.

Other blank forms of complaint are gratuitously supplied at every post-office.

For entries of interest and coupon the Post Office Savings Bank does not give receipts.

Should a deposit-book be lost, the loser must notify the fact to the Post Office Savings Bank at Vienna, on a printed form, supplied gratuitously at every Receiving Office, stating the peculiar marks of the lost book as exactly as he can possibly remember them, also the particular circumstances under which the loss took place, as well as his full address, enclosing at the same time 10 kreutzers in postage stamps and the notice of withdrawal book, requesting that a duplicate of the deposit-book lost may be given him. Should the notice-book be also mislaid, this is to be notified on the printed form and the sum of five kreutzers added for a new notice-book.

The Post Office Savings Bank notes down the loss and until further notice makes no payment on the lost deposit-book.

Meanwhile arrangements will be made for its annulment and if during the space of a month no claim is raised, a duplicate book will be issued and forwarded.

If no room can be found in a deposit-book for further entries, or it has become torn or so dirty as to become useless, the depositor has to send it with the printed form, No11, properly filled up to Post Office Savings Bank at Vienna for exchange. Books filled up will be exchanged gratuitously, for a spoilt book, however, the sum of 10 kreutzers is to be added to the request. In case the notice book is also spoilt, the sum of 5 kreutzers is to be added for issuing a new one.

Deposits begin to yield interest at three per cent per annum from one florin upwards.

Interest begins from the 1stor from the 16thday of the month which follows on the deposit and ends with the 15thor with the last day of the month which precedes the arrival of the notice of withdrawal from the Post Office Savings Bank.

On December 31stof each year the interest accruing will be added to the capital and from that time it will, in like manner bear interest.

To each depositor, the Post Office Savings Bank sends at the close of the year an interest-order, valid for two months with an announcement of the amount of interest which has accrued to him for the year ending December 31st. The depositor must cause the amount of this interest to be entered in his deposit-book within the prescribed two months, on presentation of the interest order at some Receiving Office.

If a depositor has not within the time allowed caused the entry of the capitalised interest to be effected as per order received, he does not lose the interest, only he has to forward his book to the Post Office Savings Bank for the purpose of having it entered there.

The determination of § 1480 of the general Civil Code according to which claims on arrears of interest lapse after three years, do not apply to the interest on deposits in the Post Office Savings Bank.

With reference to the lapsing of Post Office Savings Bank deposits the general legal decisions are valid.

This lapsing will be arrested by any fresh deposit, by any fresh notice or by any fresh entry of interest in the deposit-book.

A depositor or the legal successors or authorised agents of a depositor are entitled at any time to require through the prescribed notice the payment back of any part of the deposit or the whole deposit. Sums less than a florin can, however, only be recalled if the deposit-book proves that the total amount deposited does not exceed the amount recalled. Notice of withdrawal is given on a special document, that ison a leaf out of the notice-book which the depositor receives gratuitously at the same time as the deposit-book. These leaves are to be detached according to the order determined by the numbers printed on them, to be duly filled up and forwarded undercover (document No42b) to the Post Office Savings Bank.

For the Notice of Withdrawal the following rules are to regarded:

1. The Notices must always bear the signature which according to instructions was received in the deposit-book, or communicated to the Post Office Savings Bank on document No14.

2. The address to which the order should be sent must, whereposte restanteis stated, in every case give the receiver's full name. Addresses in figures cannot be used, because they are not allowed on registered letters, and the orders for payment are always sent for the greater security of the depositor by registered letter.

3. The watchword chosen by the depositor must be added to the Notice.

If the Depositor has forgotten his watchword he can at any Receiving Office desire the issuing of a request to make it known to him anew. To obtain this favour he must present his deposit-book to the Post Office officials and prove himself the Depositor (Payer). In case he is not personally known to the officials, he must bring some witness who is known to them, or a document capable of giving this proof (passport, certificate of being naturalised, Work-or Service-book).

4. If the Depositor cannot write he must add his mark to the notice-form and this mark must be attested by a witness.

Should the witness be the same one who attested the Depositor's signature on the Counter-cheque and in the Deposit-book, the Notice with the mark of the Depositor and the signature of such a witness can be sent without further delay to the Post Office Savings Bank.

But should the signature of this person be no longer adducible, the Depositor has himself to go to a Receiving Office and establish his own identity.

In the case of depositors who cannot write but have a watchword, its declaration and the attestation of the mark by any witness is enough.

The right is reserved to give Notice to withdraw the balance to the Depositor's credit and to give a receipt for the same to the Official Assignee, should the depositor fail,—to the Guardian appointed by the authorities, should the depositor become incapable of managing his affairs,—to the executor of the estate with relation to the person to whom the right of inheritance to the deposit-book belongs should the depositor die. The persons designated, are required to address their memorials direct to the Post Office Savings Bank, sustained by the documents necessary to form a judgement of the case together with the deposit-and notice-books. The deposits of a deceased Depositor are to be withdrawn in full by notice from the person who has the right of inheritance.

If a Notice-book has been used up, or in any way has become useless, or a depositor has lost his notice-book, he can on form No5dwhich will be supplied at all post offices gratuitously, request the Post Office Savings Bank to forward him a new Notice-book.

In the case of Notice-book lost or spoilt the sum of five kreutzers must be added in postage-stamps; in that of an ordinary used up Notice-book, a new one will be substituted gratuitously.

Consequent on the Notice of withdrawal the Post Office Savings Bank sends to the Depositor, to the address he has named Payment-order valid for two months.

The order is sent as a rule by return of post, but in any case soon enough for the repayment to take place within the limit named by the Law of May 22nd1882:—upon notice of sums between 10 and 100 florins within 15 days, upon notice of sums between 100 and 500 florins at the latest within a month, and finally, upon notice of sums over 500 florins, at the latestwithin two months of the arrival of the notice at the Post Office Savings Bank.

On delivery of this order,the Depositor, in the presence of the Post Office Official, putting his signature in receipt to the Payment Order, and on producing the deposit-book, in which the sum paid back will be entered by the Post Office official and deducted from the sum total of the balance, the repayment to the depositor will follow at the pay-counter.

The Depositor can authorise any person he pleases to receive payment of a sum thus withdrawn by notice. If he possesses a watchword he needs only to duly fill in the form, No15 (authorisation) and to give or send it by the person authorised with the deposit-book and the payment-order. On this person presenting the authorisation and signing the payment-order, and at the same time presenting the deposit book, the sum will be paid.

But the Depositor can in like manner also request in the Notice that the payment-order be sent to the person he has authorised to receive it and whose address he has given. Then the Depositor sends the deposit-book together with the authorisation to the person he thus authorises to receive the payment. But for payment of the sum the person thus authorised must, if not personally known to the post office officials, produce a document for his identification or establish his identity by bringing with him a witness.

For authorisation without the watchword, the legalisation of the signature of the withdrawer, either in a law court or by a notary is requisite.

But also without having to send a previous notice to the Post Office Savings Bank, a Depositor (Payer) can at once at any post office obtain repayments of sums from 1 to 20 florins.

Repayments can be made without delay on producing the notice drawn out according to the regulations together with the last acknowledgment of receipt or abstract of the credit account with at the same time an entry of the sum in the deposit-book.

Repayments made without delay are not allowed on authorisations, also the whole balance of the depositor's account cannot thus be withdrawn, but a sum of at least 50 kreutzers must remain in the book. This sum as well as the interest can then in the usual way be withdrawn by notice.

After each repayment made without delay, the depositor receives a statement from the Post Office Savings Bank with reference to his remaining balance (Statement of Credit-account), on the ground of which he can again obtain a repayment without delay.

Repayments without delay cannot be made with reference to annulled deposit-books, or, with reference to deposit-books concerning which a protest, recognised by the Post Office Savings Bank has been made.

The Post Office Savings Bank sends out no acknowledgements of receipt upon entering and carrying to the depositor's credit, interest and coupons,—the last receipt or statement of balance of account is therefore valid for a repayment made without delay; but the sum to be repaid must not include the credited interests or coupons.

After repayments in the usual manner or after such payments as the Post Office Savings Bank at Vienna itself makes as well as after other debit entries in the deposit-book, as for example purchases in the stocks, no statement with reference to the remaining balance is given, the acknowledgement of the receipt of the last deposit remains therefore in like manner valid until the next repayment made without delay.

In the same way a statement with reference to the remaining balance retains its validity without regard to these repayments or debit entries, until in its place comes another acknowledgment of receipt in consequence of a new deposit, or a new statement with reference to the balance of the account in consequence of a new payment made without delay.

It is evident of itself that a higher sum than the balance remaining at the depositor's disposal after deduction of the last repayment and entered in the book cannot at any time be paid.

Should it happen that owing to the Post Office Service theacknowledgment of the receipt of the last deposit has not come into the depositor's hands, the previous receipt-acknowledgment, or statement of balance will be considered valid; the last deposit, not yet confirmed cannot however be included in the payment requested.

If after a payment made without delay there remains less than 1 fl. 50 kr. to the credit of the depositor, the Post Office Savings Bank will issue no statement of the balance of the account, since in such a case there can be no further payment made without delay until there has been a new deposit paid in followed by an acknowledgment of receipt.

At the bank of the Post Office Savings Bank at Vienna repayments can be made without delay every day from 8 o'clock in the morning until 6 o'clock in the evening (on Sundays and holidays from 9 until 12 at noon) without regard to the amount of the sums required.

To this end it is necessary to present at the Cashier's sliding window the Notice-paper filled in and signed by the person empowered to do this together with the deposit-book; bringing the last receipt acknowledgment or statement of balance is not requisite.

For sums above 20 florins, the depositor, in case he has no watchword must prove his own identity.

When the Savings account of a depositor's exceeds 1,000 florins, the Post Office Savings Bank is obliged to request the depositor by a registered letter to lessen the amount of his saved up capital.

If within a month after the request the depositor has not lessened the amount of his capital, there will at the expiration of the time, be bought on his account in the course of the day, bonds of the only stock issued in notes, to the amount of the sum required to reduce the account to 1,000 florins, in any case for the nominal sum at least of 200 florins.

The price of this purchase will be entered to the debit ofthe depositor's account as repayment; the bonds bought will remain under the care of the Post Office Savings Bank and a Stocks-book will be forwarded to the depositor.

A Depositor (Payer) who has in the Post Office Savings Bank an adequate sum at his disposal can at any time request the Office to make purchases for him in the Public Funds.

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