Yet see what it amounts to.

By the last return the savings' banks--the old and the Post Office together--contain about 60,000,000 L.of deposits, and against this they hold in the funds securities of the best kind.

But they hold no cash whatever.

They have of course the petty cash about the various branches necessary for daily work.

But of cash in ultimate reserve--cash in reserve against a panic--the savings' banks have not a sixpence.