'In May, 1920, a Savings Banks Act was passed which amended
existing enactments in respect of the limitation on deposits, the law regarding deposits of deceased depositors, etc. This new Act
abolished the limitations on savings bank deposits, but provided machinery whereby the Treasury might limit the amount to be received
in any one year.
'The Municipal Bank, by its regulations of 1919, was safeguarded on the question of limitations, and it was
not considered necessary to take any step at that time, but when the Treasury imposed limits upon trustee savings banks, action was
taken to amend our regulations.
'The Bank Committee gave the matter serious consideration, and several interviews took place
at the Treasury before the amendments were agreed upon. The number of alterations and amendments made it difficult to distinguish
between regulation and rule, and it was decided to amalgamate them and issue amended regulations in 1925.
'The main differences
between the regulations and rules in 1919 and the amended regulations of 1925 relate to (1) deposits, which are now limited to £500
per year, without any limitation as to the total amount which may stand to the credit of a depositor; (2) withdrawals, which can now
be made on short notice, in case of emergency, where the amount required exceeds the amount payable on demand; (3) improved procedure
in respect of nominations; (4) alterations in procedure regarding accounts of deceased depositors; (5) rate of interest on house-purchase
advances, which is now at the discretion of the committee; (6) revised procedure in respect of house-purchase transactions; and other
'In considering the amendment of regulations, questions were raised as to obtaining further powers for the benefit
of depositors, but it was found that parliamentary sanction would be necessary. For instance, requests have been made for moneys awarded
to persons under the Workmen's Compensation Acts to be deposited in the Bank, which the committee would have liked to meet. We were
told, however, that County Court procedure would have to be altered before that could be arranged. It is strange to the lay mind,
that a High Court Judge can direct, and has directed, that moneys awarded to children of a deceased workman should be paid into the
Bank, but a County Court Judge, who deals with many cases of compensation, has, apparently, no such authority. Solicitors have made
application in open Court for the privilege, but without success. Another matter of importance is the question of assisting allotment-holders
to purchase their allotments. To be able to help these cases would be a real benefit.'