Savings Bank of Glasgow

The Savings Bank of Glasgow, Central office, 99, Glassford Street.

    It is scarcely possible to over-estimate the value of those institutions which have for their object the encouragement of thrift, saving, and economy among the masses, and in this respect there are few places more fortunate than the city of Glasgow. Prominent among these institutions, and occupying a position of deeply rooted confidence in the minds of her citizens, is the SAVINGS BANK.

    Commenced, in a small room on the ground floor of Hutcheson's Hospital, No. 2, John Street, on Saturday, the 30th July, 1836, the receipts of the first day amounted to 497 14s. 6d., and the number of depositors ninety-two. At the end of the first financial year, 20th November, 1836, the number of depositors was 1,906, and the amount deposited was 19,242 2s 1d. The amount now in the bank, as per balance sheet November 20th, 1887 has reached the large sum of 4,680,472  13s. The assets of the bank exceed the liabilities, the money invested with the Government being more than the bank owes to depositors. This has been a feature of the bank for many years. The number of persons having open accounts with this bank shows an increase this year of three thousand five hundred and forty-one and has now reached a total of one hundred and thirty nine thousand four hundred and seventy-seven.

    The bank now occupies seven offices, the chief or central is situated in Glassford Street, in property erected by the bank for its own use, at a cost of 15,000. The branch offices are situated respectively at 36, Bridgeton Cross ; 2, Dumbarton Road  ; 101, New City Road ; 27, Bridge Street ; 812, Govan Road ; 276, Dumbarton Road, Partick. They are open every day from ten to three, and on the evenings of Monday and Wednesday from six to eight, Saturday five to eight. This bank receives sums of one shilling and upwards ; the interest allowed is at the rate of 2 15s. per cent. Besides opening branches, this bank has been largely instrumental in fostering penny banks, of which there are now (1888) two hundred and thirteen in full operation. These are instituted for the training of the young in saving habits. They are highly appreciated, and are frequented by sixty-seven thousand depositors, whose transactions in a year exceed 780,000.

    The board of trustees and managers includes names of many of the most eminent citizens of Glasgow, among whom may be mentioned the Hon. Sir James King, LL.D., Lord Provost of Glasgow, Sir Michael Connal, J.G.A. Baird, Esq., M.P., James Campbell, Esq., of Tulliehewan, ex-Provost Ure, David Guthrie, Esq., Anthony Hannay, Esq., James Reid, Esq., Hugh Brown, Esq., Thomas M. Fergusson, Esq., Thomas Reid, Esq., James Reid Stewart, Esq., George Younger, Esq., &c., &c. Mr. William Meikle, the actuary of the bank, is a gentleman possessing the advantage of long and thorough financial experience, and it is worthy of special mention, as showing the very high esteem in which he is held, that on the occasion of the jubilee of the bank the trustees and directors presented him with a address in a handsome silver casket, testifying in most eulogistic terms to the ability, zeal, and energy which have characterised his management of its affairs during his forty-six years of office.

    The facts already stated respecting the vast increase in the funds of the bank and the number of depositors speak more forcibly than words of the great trust and confidence placed in this institution by the public. Small savings truly are the primary source of wealth and riches, and an institution like the Savings Bank of Glasgow, founded as it is on such sound financial principles, and managed with such ability, care, and energy may well be regarded with the utmost confidence, and rank with the most useful and beneficent institutions in the kingdom.

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