Note 178 — Chapter VII

The Times (Parliamentary Debates), 15th June 1864. The Money Order Office dates from 1792. It was first known as “Stow & Co.,” being started as a private undertaking by three Post Office clerks; and its mission was to enable small sums of money to be safely transmitted to our sailors and soldiers. Later, all classes of the community were included in the benefit, the remittances to be forwarded being still restricted to small sums. Each of the three partners advanced £1,000 to float the enterprise, and division of the profits gave to each about £200 a year. The commission charged was 8d. in the pound, of which 3d. each went to the two postmasters who received and paid the orders, and 2d. to the partners. The Postmaster-General sanctioned the measure, which clearly supplied a felt want, but refrained from interference with its management. In 1838 “Stow & Co.” ceased to exist, becoming thenceforth an official department, and the then partners receiving compensation for the surrender of their monopoly. The fees were thereupon fixed at 6d. for sums not exceeding £2, and 1s. 6d. for sums of £2 to £5, the rates being still further reduced in 1840.