The BWI Archives
1892 ~ The Penny Bank
At their meeting of 8 August 1891 the Managers of the Ruislip School, in line with the Elementary Education Act 1891, had agreed to abolish the charging of fees to parents of children who attended the school. It is likely that at the same meeting the Vicar (Rev. T.M. Everett) had put forward a suggestion that parents be encouraged to place the money saved through the provision of 'free education' in a savings account for their child's future - The Penny Bank - and that this would be run by the school. The Manager's reaction is not recorded on this occasion, though from comments the Vicar made in the January edition of the Parish Magazine that they were not very supportive of the idea, and this is reinforced when we find a record of the Vicar again raising the subject with them at their meeting of 9th September 1893. The reason for their unwillingness to support the venture was totally appropriate: the Vicar was asking that school funds be used to guarantee an appropriate interest payment to 'investors', should the Post Office Savings Bank fail to deliver a certain level of intrest - clearly the paying of 'interest' to private individuals was not an appropriate use of what were effectively public funds! In the event, the Vicar still went ahead and made the suggestion to parents that they pay the 'School Pence' into a savings account for their child at a meeting held by the Managers with parents on the 19th October 1891. The School Penny Bank was duly set up in November 1891 (see the 1891 article on the Penny Bank). Having received appropriate approval from the Post Office Authorities, the Vicar set out in some detail how the scheme would work in the January 1892 edition of the Parish Magazine. Mr Garrett, the Master, also refers to it several times in his Log Book entries.
I am sorry that
the Managers of the School did not see their way to join me in the
Trusteeship of the Bank, owing to their disinclination to guarantee the
annual interest which would be required.
I therefore pledge the interest on my own responsibility as
Treasurer. But I have not the
least doubt that there are some parishioners who will help me to raise the
necessary sum, and thus encourage those who deposit in the Bank on the
principle of “helping those who help themselves.”
There is scarcely a better method of helping our cottagers, or their
children, than by encouraging them to be thrifty, and if that lesson be
learnt in childhood and youth, it may last on through riper years.
Ruislip Church of England School Penny Bank
First uploaded: 21 April 2018
Last revised: 28 April 2018