The Birkbeck collapse. (1911)

From the July 1911 issue of the Socialist Standard

We are always being told about “the savings of the working classes” and the vested interest they have in the banks and allied institutions in this country. But when the Birkbeck Building Society’s Bank closed its doors, another story was told by our good capitalist Press.

We then heard of the hundreds of pounds being lost by this investor and that one, and day by day the story was continued of 10s. in the £ amounting to one, two and three hundred pounds, being carried away.

Much was written about the struggle of this shopkeeper and that professional man, etc., to save up his little hoard.

Once for all, then, the anti-Socialists give the lie to their own cry. that it is the savings of the workers invested in these institutions. They themselves amply prove that the banks are filled with the money of others than members of the working class

Even the small savings of the working class are at the mercy of the capitalist financiers. The workers do not control the money, which comes into the hands of the capitalists, who use it to exploit the toilers.

The sequel to the bankruptcy supplied backing to the Socialist contention that the control over capital concentrates into relatively fewer hands as this system develops.

The business of the Birkbeck was acquired by the London County and Westminster Bank, one of the premier banks, with a capital of 14 millions. That is the usual way—the small concern dies the large one grows greater at its expense.

Adolph Kohn