1913, $25. Withdrawals: June 23, 1911, $75; Sept. 16, 1911, $ 150; Apr. 21, 1912, $100; June 11, 1912, $60. Find the balance due Jan. 1, 1913, interest compounded semiannually Jan. 1 and July 1, at 3% per

annum.

3. Deposits: Nov. 30, 1911, $600; Apr. 20, 1912, $ 100; Aug. 10, 1912, $100; Oct. 3, 1912, $150; Jan. 25, 1913, $200. Withdrawals: Dec. 20, 1911, $200; Apr. 29, 1912, $50; Sept. 5, 1912, $ 300; June 20, 1913, $175. Find the balance due July 1, 1913, interest compounded quarterly Jan. 1, Apr. 1, July 1, and Oct. 1, at 3% per annum.

POSTAL SAVINGS SYSTEM

(This information is from a circular distributed from the Post Office Department.)

306. Object. The Postal Savings System is established for the purpose of providing facilities for depositing savings at interest with the security of the United States Government for repayment.

307. Who may Deposit. Accounts may be opened and deposits made by any person of the age of 10 years or over in his or her own name, and by a married woman in her own name and free from any interference or control by her husband. No person may open a postal savings account at any post office who is not a patron of that office. Deposits will be accepted only from individuals, and no account will be opened in the name of any corporation, association, society, firm, or partnership, or in the names of two or more persons jointly.

308. Service Free. The service of the Postal Savings System is free, and no charge or fee is collected or required in connection with the opening of an account or the withdrawal of money deposited.

309. How to open an Account. When a person applies to open an account, he must furnish the necessary information for the postmaster or his representative to fill out an application, which he will then be required to sign. If the applicant signs by mark, his signature must be witnessed by a disinterested person.

310. Deposits. Deposits are evidenced by postal savings certificates issued in fixed denominations of $1, $2, $5, $10, $20, $50, and $100, each bearing the name of the depositor, the number of his account, the date of issue, the name of the depository office, and the date on which interest begins. The postmaster or his representative will make out a duplicate of each certificate issued, which the depositor will be required to sign and which the postmaster will retain in his records.

No account may be opened for less than $1, nor will fractions of a dollar be accepted for deposit.

No person is permitted to deposit more than $100 in any one calendar month nor to have a total balance to his credit at one time of more than $ 500, exclusive of accumulated interest.

Savings certificates cannot be transferred or negotiated and will be payable only to the person to whom issued.

On opening an account a depositor is supplied with an envelope in which he may keep his savings certificates. On this envelope is printed information for his guidance, and also a blank ledger record on which to keep an account of his deposits and withdrawals.

In case a savings certificate is lost or destroyed the depositor should notify the postmaster.

311. Savings Cards and Stamps. Amounts less than $1 may be saved for deposit by the purchase of 10-cent postal savings cards and adhesive 10-cent postal savings stamps. Each postal savings card contains blank spaces to which savings stamps may be affixed from time to time as purchased, and a postal savings card with nine 10-cent savings stamps thus affixed will be accepted as a deposit of $1 either in opening an account or in adding to an existing account.

312. Interest. Interest will be allowed on all deposits at the rate of 2 per cent per annum, computed on each savings certificate separately, and payable annually. No interest will be paid on money which remains on deposit for a fraction of a year only.

Deposits will bear interest from the first day of the month next following that in which deposited.

Interest will continue to accrue on a savings certificate as long as it remains outstanding, certificates being valid until paid, without limitation as to time.

Compound interest is not allowed on an outstanding certificate, but a depositor may withdraw interest payable and include it in a new deposit, which will bear interest at the regular rate.

313. Withdrawals. A depositor may at any time withdraw the whole or any part of his deposits to his credit with any interest payable by surrendering savings certificates, properly indorsed, for the amount desired.

When a depositor desires to withdraw merely the interest payable on any certificate, instead of indorsing and surrendering the certifi cate as in case of full payment he will be required to give his receipt in duplicate for the amount of the interest paid.

314. Postal Savings Bonds. A depositor will be permitted to exchange the whole or any part of his deposits in sums of $20, $40, $60, $80, $100, or multiples of $100 up to and including $500, for United States registered or coupon bonds bearing interest at the rate of 2 per cent per annum, payable semiannually, and redeemable at the pleasure of the United States after one year from date of issue, both principal and interest payable 20 years from such date in United States gold coin. Such exchange may be made under date of January 1 and July 1 of each year, provided such bonds are then available.

A depositor desiring to convert his savings deposits into bonds on January 1 and July 1 of any year must make application at least 15 days before either of the dates named to the postmaster.

Exercise 83

1. If I open a postal savings account and deposit $ 3, what certificates will be given me?

2. What will be given you at the post office if you deposit in postal savings $1.50?

3. How much money may one person deposit in one month in postal savings?

4. If I open a postal savings account Nov. 11, when does interest begin on my first deposit ?

5. If I add a deposit of $25 to my postal savings account July 15 of the current year, when does interest begin thereon? What is the rate of interest? When may I draw the first year's interest on this deposit?

6. If I add a deposit of $50 to my postal savings account Feb. 20 of the current year, when does interest begin thereon? When may I draw my first year's interest on this deposit, and how much?

7. A savings certificate for $10, one for $20, and one for $50 were issued to me Nov. 20 of last year. On what date each year may I receive interest on these, and how much?

8. On Jan. 1 of the current year I exchange postal certificates to the amount of $400 for United States bonds. When may I draw the first interest on these bonds, and how much?

9. On July 1 of the current year I exchange postal certificates to the amount of $300 for United States bonds. When will I receive the first interest thereon, and how much?

10. After having opened a postal savings account, what is the least amount that I may deposit? Explain how I may save 20 for deposit.