London Gazette - Naval Savings Banks

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Naval Savings Banks

1909 04 13
Correction - Payment of Interest
Whereas by section 5 of the Naval Savings Banks Act, 1866, it is enacted that it shall be lawful for Your Majesty in Council from time to time to make, by Order in Council, such Regulations as to Your Majesty in Council seem meet for the management of Naval Savings Banks, and that such Regulations shall be binding on all parties interested in the matters to which they relate as if they were enacted in that Act;

And whereas under the said Regulations, which were graciously sanctioned by Your Order in Council of 22nd October, 1906, it is provided that, on a Depositor being discharged from the Service or ceasing by promotion to be eligible to continue a Depositor, no further interest shall accrue on his deposits;

And whereas this intention was not clearly expressed in previous Regulations framed from time to time by Order in Council;

And whereas we are of opinion that it would therefore be inequitable to apply this provision to Depositors who, prior to the issue of the present Regulations, ceased to be eligible to continue as such owing to discharge from the Service or promotion;

We beg leave humbly to recommend that, in pursuance of the Act aforesaid, Your Majesty may be graciously pleased by Your Order in Council to direct that actual Depositors discharged or promoted prior to 26th October, 1906, the date of issue of the present Regulations, may withdraw the amount of their deposits with interest calculated to the last day of the month preceding the date of withdrawal, instead of as provided in the Regulations aforesaid.

1929 03 26
Disposal of Balances Standing to the Credit of Depositors when a Ship is Paid Off
At the Council Chamber, Whitehall, the 21st day of March, 1929.

And whereas there was this day read at the Board a Memorial from the Right Honourable the Lords Commissioners of the Admiralty, dated the 19th day of February, 1929 (C. (3) 10539/28), in the words following, viz. :-

Whereas by Section 5 of the Naval Savings Banks Act, 1866, it is enacted that it shall be lawful for Your Majesty in Council from time to time to make, by Order in Council, such Regulations as to Your Majesty in Council seem meet for the management of Naval Savings Banks, and that such Regulations shall be binding on all parties interested in the matters to which they relate as if they were enacted in that Act

And whereas by Section 10 of the same Act it is also enacted that the Commissioners for the Reduction of the National Debt shall from time to time, on the requisition of the Admiralty, sell any Stocks, Annuities, or Securities for the time being standing in their names under that Act, and shall pay the proceeds of any such sale to the Cash Account of His Majesty's Paymaster General at the Bank of England, and that the same shall be applied subject and according to the Regulations

And whereas Your Majesty was graciously pleased by Order in Council dated 25th June, 1924, to sanction Regulations respecting such Banks

And whereas we are of opinion that provision should be made for the disposal of any surplus funds which may arise from the operations of the Banks

And whereas we are further of opinion that it is desirable to revise the procedure regarding the disposal of balances standing to the credit of Depositors when a ship is paid off, and that the description of the Banks situated in H.M. Dockyards should be amended

We beg leave humbly to recommend that in pursuance of the Act aforesaid and of all other powers in that behalf enabling Your Majesty may be graciously pleased, by Your Order in Council, to direct:

  1. that any surplus funds arising from the operations of the Banks after due provision has been made to meet the claims of Depositors and the expenses of management and administration and to establish a sufficient reserve may be paid to Your Majesty's Exchequer or be otherwise disposed of as the Lords Commissioners of the Admiralty, with the concurrence of the Lords Commissioners of Your Majesty's Treasury, may direct:
  2. that Article 32 of the Regulations shall be revised and have effect in accordance with the following, viz. :

32. When a ship is paid off the balances of Principal and Interest standing to the credit of Depositors will be transferred to a Naval Savings Bank situated in one of H.M. Dockyards or (in the case of Marines) to a Marine Bank for the purpose of continuing the investment unless application is made for the amounts to be disposed of in one of the following ways:

  1. Paid in cash by the Accountant Officer in the presence of the Commanding Officer or his Deputy, at the time the Crew are paid their wages, or,
  2. Remitted for payment at their own homes, or,
  3. Transferred to a Receiving Ship or Naval Barracks for payment, or,
  4. Assigned for payment at the Admiralty Office, or,
  5. Transferred to the Accountant General of the Navy for investment in a Post Office Savings Bank, on the distinct understanding, however, that it is not with a view to Depositors shortly withdrawing the amounts so transferred

and (iii) that wherever in the Regulations the expression Dockyard Bank is used the description Naval Savings Bank in H.M. Dockyard shall be substituted.

The Lords Commissioners of Your Majesty's Treasury have signified their concurrence in this proposal.

Now, therefore, His Royal Highness The Prince of Wales, the Lord High Chancellor of Great Britain, and the Prime Minister and First Lord of the Treasury, being authorised thereto by His Majesty's said Commission have taken the said Memorial into consideration, and do hereby, by and with the advice of His Majesty's Privy Council, on His Majesty's behalf approve of what is therein proposed.

And the Right Honourable the Lords Commissioners of the Admiralty are to give the necessary directions herein accordingly. M. P. A. Hankey.

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