ings represent an enormous amount of self-denying frugality), being induced to invest their all in the bubble scheme of heartless speculators, that bursts in a few months, without leaving a wreck behind. In general, it may be assumed that any tempting prospects of unusually large returns for money are attended with increased risks, and are therefore unsuitable as investments for the working classes. Misled by such tempting offers, many have discovered, at the very time when they hoped to be enjoying the fruits of their industry, that the whole was inevitably lost.

The following are some of the plans that present themselves as suitable to the circumstances of the working classes :

1. SAVINGS' BANKS, when guaranteed by the national security, have the benefit of great safety, great convenience, and almost constant accessibility. The recent multiplication of these institutions in connexion with the Post Office, has brought them within reach of persons resident in all parts, whether of town or country. At any time during the hours of business, they receive deposits from a shilling upwards; they pay a fair rate of interest, better than most other banks; while the depositor has complete control over the money, and may at any time withdraw it in whole or in part. If a lad of eighteen

were to commence depositing a shilling weekly, and to continue doing so to the age of sixty, he would by that time have paid in the sum of £109, and, besides this, he would be entitled to upwards of £80 of interest. If his deposit were two shillings a week, the sum to which he would be entitled would be close on £400. Even in cases where it is not designed to keep the money constantly in the Savings' Bank, it affords the opportunity of depositing it in weekly or other instalments until it shall have accumulated to the sum necessary for some other investment.1

1 Perhaps we cannot convey a better idea of the benefits of the Savings' Bank than by quoting the following letter from a young man, that appeared a few years ago in the columns of an Edinburgh magazine :—“ Arriving at Edinburgh about three years ago, with difficulty, like many strangers, I succeeded in getting a little to do, when an acquaintance suggested the great importance of depositing now and then a few shillings in the Savings' Bank, mentioning what a blessing it would prove to be in the event of sickness or accident. I thought it was foolishness for me to imagine to save any money, when my wages would not average five shillings a week-at other times perhaps not three-never exceeding ten and sixpence. However, I formed a resolution, and made what I thought a great effort, entering the Savings' Bank, for the first time, on the 15th of February 1844, depositing six shillings. Shortly thereafter I entered service; from which time I had statedly eleven shillings a week, afterwards increased to twelve. Instead of getting my wages on Saturday, I generally got it on Monday, proceeding immediately to the Savings' Bank with a little. It matters little what sum may be brought there; the poor man's shilling is as welcome as the rich man's pound. I would urge all those who may deposit any portion of their savings, to sce the necessity of doing so on receiving; for, as my own experience taught me, if delayed on Monday, the consequence was, it was not done at all-there are so many temptations in the way leading a man

2. Another plan that offers itself for receiving the savings of the working classes is that of FRIENDLY SOCIETIES. These societies usually propose, 1st, to provide members with an allowance during sickness; 2d, to pay for funerals; and, 3d, to provide an an-· nuity for old age. It appears that the progress of these societies has been impeded by the want of that perfect security which attends savings'-banks. Not a few friendly societies have become bankrupt at the very time when members were attaining old age, and expecting to enjoy the fruits of past economy. For that reason, it is strongly recommended that from doing good. About two years and a half soon passed away, till, on the 17th November 1846, I became sick, confined to bed, a medical gentleman regularly in attendance twice a day. So far as I remember, there were only a few shillings in my possession at the time, which speedily disappeared. I lay on bed, imagining what I should have done if this pittance were all which I had laid up against the day of sickness, or any other event that might happen; now placed among strangers, some hundred miles from friends, and, it may be, soon thrust out on the mercy of a reckless world, none to care for me; aggravated, no doubt, by the thought of an aged mother living on some bleak mountain's brow, looking for a little assistance from her sou, when, to her sad misfortune, the half of her living had been blasted by a visitation from Providence. But, amidst all these perplexing ideas, what consolation I experienced on recalling to mind that I had laid up in the Savings' Bank the large sum (it appeared so to me) of £21, 5s. 7d.; here is a sufficient supply for me until able to work, also competent to meet the necessities of a tender mother. May I also add (not in the way of boasting) that, during the short time which I have been a depositor, I felt more disposed to give for Christian purposes than all the rest of my life. Being unable to go to the bank, I requested of my comrade to search the pocket of my coat, in which he would find a small book with a blue cover; also, please to call at the Savings' Bank for some money. He looked very

workmen should not join a friendly society having only a few members, or less than one hundred; and likewise, that they should not join a society, the calculations of which have not been revised by an accountant or actuary, authorized by Act of Parliament to certify the tables. With the view of avoiding the risks of friendly societies, the plan of yearly societies has been adopted to a considerable extent. The defects of these are so obvious as scarcely to require to be pointed out. They may be of service to the operative in any slight or temporary illness; but as the allowances grow small by degrees, and cease entirely at the end of the year, if not sooner, they give no help to old age, nor to those protracted and serious illnesses which are by far the most formidable to the working man and his family. The principle of equal rates for all the members, for the man of fifty, and the lad of fifteen, cannot be defended. The management is often such as to lead strange, no doubt amazed to see such a large sum, in so short a time, collected by one in such circumstances; for neither he nor my landlady expected any more save the few shillings already mentioned. By this request I was led to understand this was the first time he entered a Savings' Bank; but I can say now, without any hesitation, that he has gone thither since on business of his own, and will probably profit by it at some future period. I have now only to add, that I wish I had had the advantage of such a useful institution sooner. The example of this excellent youth is yet destined, we trust, to have more followers; nothing is easier than to open an account; and the day when wages are paid, one of the first acts of the young workman should be to attend, and make his deposit.

to want of confidence; when the managers hold their meetings in a public-house, it is no wonder if unpleasant consequences follow. The general feeling is, that yearly societies should be superseded by permanent friendly societies; and Parliament has lately passed measures that seem well calculated to give stability to the latter class of institutions.

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3. A third mode of investment suitable to the circumstances of the working classes is the plan of ANNUITIES, immediate or deferred. Transactions of this kind are sometimes gone into by friendly societies, and sometimes by savings'-banks and assurance companies. An immediate annuity offers an annuity for life for payment of a specific sum, varying according to the age of the individual. paying down £100, a person aged 60 will receive an annuity of about £10 a year during the rest of life; while to one aged 70, the annual payment is about £14. But, perhaps, the plan of deferred annuities will suit the working man better. A lad of 20, by paying a shilling a week until he is 50, secures an annuity of £11, 8s. 6d. during the remainder of his life. That is, at the age of 50, he ceases to pay the weekly shilling, and receives a sum equal to more than four shillings a week. If the transaction is made with the National Security Savings Bank, and if, at any time previous to the