LOGIN TO YOUR ACCOUNT

Username
Password
Remember Me
Or use your Academic/Social account:

Congratulations!

You have just completed your registration at OpenAire.

Before you can login to the site, you will need to activate your account. An e-mail will be sent to you with the proper instructions.

Important!

Please note that this site is currently undergoing Beta testing.
Any new content you create is not guaranteed to be present to the final version of the site upon release.

Thank you for your patience,
OpenAire Dev Team.

Close This Message

CREATE AN ACCOUNT

Name:
Username:
Password:
Verify Password:
E-mail:
Verify E-mail:
*All Fields Are Required.
Please Verify You Are Human:

OpenAIRE is about to release its new face with lots of new content and services.
During September, you may notice downtime in services, while some functionalities (e.g. user registration, login, validation, claiming) will be temporarily disabled.
We apologize for the inconvenience, please stay tuned!
For further information please contact helpdesk[at]openaire.eu

fbtwitterlinkedinvimeoflicker grey 14rssslideshare1
Ross, D. (2002)
Publisher: Cambridge University Press
Languages: English
Types: Article
Subjects: HC, HG
This paper explores the extent and nature of ‘Penny bank’ saving in Glasgow during the second half of the nineteenth century. Penny banks existed as part of the network of philanthropic organisations in the quintessential industrial city, and they were frequented by the poorer sections of the working class – those for whom saving represented a difficult and occasionally sacrificial effort. They were a voluntary and individualist decision to engage in saving, in contrast to the mutual organisations, such as friendly and industrial welfare societies which also proliferated in this period. The enormous success of penny banks in Glasgow, and throughout the United Kingdom, is powerful evidence that a great deal of saving was happening, even amongst the poorest sections of society. Careful examination of the activities of two penny banks suggests that they operated both as short-term liquidity stores and as vehicles for longer-term and larger-amount savings.
  • The results below are discovered through our pilot algorithms. Let us know how we are doing!

    • 10 P. Johnson, 'Risk, redistribution and social welfare in Britain from the poor law to Beveridge', in Daunton, Charity, Self-Interest and Welfare.
    • 11 See, for example. E. O. A. Checkland, Philanthropy in Victorian Scotland: Social Welfare and the Voluntary Principle (Edinburgh, 1980), p. 136.
    • 12 A history of the Post Office Savings Bank remains to be written, but see Daunton, Royal Mail.
    • 13 See also his discussion in M. Gorsky, 'Mutual aid and civil society: friendly societies in nineteenth-century Bristol', Urban History, 25, 3 (1998).
    • 14 M. Moss and A. Slaven, From Ledger Book to Laser Beam: A History of the TSB in Scotland From 1810 to 1990 (Glasgow, 1992).
    • 15 Holmes and Green, for example, discuss the 'distinct shift in attitude' in the 1890s towards deposit gathering as a measure of a bank's power: A. R. Holmes and E. Green, Midland, 150 Years of Banking Business (London, 1986), p. 100. Saville notes that this is partly explained by the change in legislation which allowed higher amounts to be deposited in savings banks, so making that market more competitive: R. Saville, Bank of Scotland, A History 1695-1995 (Edinburgh, 1996), p. 381.
    • 16 P. Johnson, Saving and Spending: The Working Class Economy in Britain 1870-1939 (Oxford, 1985).
    • 17 H. O. Horne, A History of Savings Banks (Oxford, 1947).
    • 18 P. L. Payne, 'The Savings Bank of Glasgow, 1836-1914', in P. L. Payne (ed.), Studies in Scottish Business History (London, 1967).
    • 19 Johnson, Saving and Spending, p. 102.
    • 20 G. Alter, C. Goldin and E. Rotella, 'The savings of ordinary Americans: the Philadelphia Saving Fund Society in the mid nineteenth century', Journal of Economic History, 54 (1994). The life-cycle hypothesis has recently received support from Mats Larsson and his students at Uppsala University, Sweden. See, for example, L. Falting, H. Hellgren, T. Petersson and A. Sjolander, Both a Borrower and a Lender Be - Savings Banks in the Economic Development of Sweden 1820-1939, Uppsala Papers in Financial History, Report No. 12 (2000).
    • 21 Johnson, Saving and Spending, p. 104.
    • 22 S. Smiles, Thrift (London, 1882).
    • 39 GUABRC: TSB63/15/14/1, Penny Savings Bank Association letterbook, Colville-Cruickshank, 11 Jun. 1867.
    • 40 GUABRC: TSB63/15/14/1, Penny Savings Bank Association letterbook, List of Penny Banks, showing the year when each was closed.
    • 41 GUABRC: TSB 63/15/14/1, Penny Savings Bank Association letterbook, Hamilton-Cruickshank, 26 Feb. 1867.
    • 42 GUABRC: TSB63/15/2/1, Annual Report of the Penny Banks Association, 1869.
    • 43 GUABRC: TSB 63/15/14/1, Penny Savings Bank Association letterbook, Hamilton-Cruickshank, 19 Oct. 1866; Donaldson-Cruickshank, 8 May 1868.
    • 44 GUABRC: TSB63/15/2/1, Annual Report of the Penny Banks Association, 1869.
    • 46 GUABRC: TSB 63/15/2/1, Report of the Penny Savings Banks, 1873, 1874.
    • 47 See Horne, History of Savings Banks, pp. 194-5.
    • 48 Glasgow City Archives [hereafter GCA]: D-ED 1/1/1, Glasgow School Board Minutes, 13 Jan. 1879.
    • 49 GUABRC: TSB 63/15/2/1, Quotation from the Conference of School Managers, Liverpool, 28 Jan. 1878. Report of the Penny Savings Banks, 1878.
    • 50 GCA: D-ED 1/1/1, Glasgow School Board Minutes, 15 Mar. 1880.
    • 51 Horne, History of Savings Banks, pp. 196-7.
    • 52 Dickens, Household Words.
    • 53 Horne, History of Savings Banks, ch. 10; and Payne, 'The Savings Bank of Glasgow', p. 156.
    • 54 GUABRC: TSB 63/15/14/1, Penny Savings Bank Association In-letters Book. Advertisement for Tron Penny Savings Bank, 1 Dec. 1866.
    • 55 GUABRC: TSB 63/15/14/1, Penny Savings Bank Association In-letters Book, Letter from Alex Wood to Meikle, 19 Mar. 1866.
    • 56 GUABRC: TSB 63/15/6/1/1, Busby Penny Savings Bank, Managers' Minute Book, First Annual Report, 14 Jan. 1853.
    • 57 GUABRC: TSB 63/15/6/1/1, Report of Busby Penny Bank for the Annual Soire´e on 16 Jan. 1856.
    • 58 GUABRC: TSB 63/15/6/1/1, Busby Penny Savings Bank, Managers' Minute Book, 1st Annual Report, 14 Jan. 1853.
    • 59 GUABRC: TSB 63/15/6/1/1, Busby Penny Savings Bank, Managers' Minute Book, Letter from Mr Crum, 26 Dec. 1855.
  • No related research data.
  • No similar publications.

Share - Bookmark

Cite this article

Cookies make it easier for us to provide you with our services. With the usage of our services you permit us to use cookies.
More information Ok