annual deposit was raised to
L50, and the interest is now rather less than 3 per cent. An Act of 1833 had provided for the purchase of Government annuities by depositors either for life or for a term of years; and an annuity of any amount up to L100 may now be obtained. Depositors in savings-banks (by an Act of 1880) can also have their money invested for them in Government stock, the banks collecting and paying the dividends; and when accrued interest raises an account above L200 the excess is now so invested for the depositor. The total amount invested by one person in Government stock is not to exceed L500, nor L200 in one year. These banks are managed by local trustees having no personal interest in the business, and by certain paid officers. A new class of savings-banks, namely, _Post Office Savings-banks_, was established in Britain in connection with the money-order department of the Post Office in 1861. Any sum not less than a shilling is received, provided that the total amount banked does not exceed L50 in one year, or more than L200 in all; the excess of accrued interest above this being invested in Government stock. Interest is paid on every complete pound at the rate of 2-1/2 per cent. For the deposits the Government is responsible, and they may be drawn from any Post Office Savings-bank in the kingdom. These savings-banks have become very numerous, and much of the funds formerly in the trustees' savings-banks has been transferred to them. The total amount deposited in the old banks is now about
L52,000,000, in the new about L157,600,000. The regulations regarding the purchase of Government stock and annuities correspond with those given above. Savings-banks are now well known in all civilized countries, and the good they have done is incalculable. In the United States there is an enormous amount of money deposited in them. Post Office Savings-banks have been proposed to be established in the States, but have not yet been so. In Canada, Australia, and other British colonies they are established, as well as savings-banks of several other kinds. School savings-banks are the most recent institutions of this kind, and have had a marked effect for good.
_Bank Holidays_, in England and Ireland, Good Friday, Easter Monday, Whit Monday, first Monday in August, Christmas and following day, or 27th (if next day is a Sunday); in Scotland, New-Year's Day, first Monday of May and August and Christmas.
BANKRUPT (from It. _banca rotta_ 'bank broken' or 'bench broken'. Dr. Johnson said that the word originated from the Italian custom of breaking the bench of an insolvent money-changer; but _rotta_ also means 'interrupted' or 'stopped', and is here used more in the sense of our colloquial word _broken_, and means 'insolvent'), a person whom the law does or may take cognizance of as unable to pay his debts. Properly it is of narrower signification than _insolvent_, an insolvent person simply being unable to pay all his debts. In England up till 1861 the term _bankrupt_ was limited to an insolvent trader, and such traders were on a different footing from other insolvent persons, the latter not getting the same legal relief from their debts. In all civilized communities laws have been passed regarding bankruptcy. At present bankruptcy in England is regulated by the Bankruptcy Acts of 1883 and 1890, which have as one chief feature the intervention of the Board of Trade in the proceedings, with the object of obtaining full official supervision and control. A bankruptcy petition may be presented either by a creditor or a debtor. A creditor's petition must be founded on a debt of not less than fifty pounds, due to one or more creditors,