AUCKLAND SAVINGS BANK.

Auckland Star, Volume LIII, Issue 98, 27 April 1922, Page 8

AUCKLAND SAVINGS BANK.

REVIEW dp THE YEAR. The balance-sheet of the Auckland Savings Bank for the year ended March 31, Ur22. which waa presented to the aunual meeting of tin: bank trustees yesterday, showed that the sum received during the year Trom depositors amonnteu to £2,-*84,3!>.j 7 7 nnd withdrawals totalled £-.',«05,U20 17/7, showing an excess of wttbdrawals of 10/. From April 1 to January 31 withdrawals exceeded deposits by '£20Q,41ti. This was accounted fur, to some extent, by the withdrawal of amounts in excess of £I<X). During February and March th e excess of deposits was £J2,7J0 and £76,711 respectively. New accounts opened during the year numbered !Ml7. aud accounts closed 71(ie, tho increase in accounts remaining open toeing 2309. Interest credited to depositors accounts was £3682 greater than the sum so credited last year, although the average at credit of depositors was £46,390 below the figure maintained lust year. This position was created by the increase In the rate of interMt paid to depositors from H per cent to 4* per cent, and the amount bearing interest to £200 during the mouth of March. The average rate of interest paid to depositors for the year was XS IS/ 7 per cent as ncalnst £3 13/4 per cent for the previous period, the factor determining the Increase In the average rate being as previously stated together with the reduction in the amounts of over £100 on. which no interest was paid formerly. Cash received from and paid to depositors totalled '£5,003,0% 5/2. Operation* on account* numbered 402,231. During the year 15 new loans on mortgage, amounting to were cranted and completed, and £ti«,745 (Including 00 mortgages paid and released) was repaid. Interest ■charged on loans on mortgage was now 61 per cent, with the exeeptlou of the few -walch were granted at 6 iper cent, and whose terra of 12 month!) bad not yet expired. From July 1, 1922, all mortgagors would be r»»!*----ine 6J per cent. The average rate on the dally average amount lent on mortgage was £« 5/U per cent, but It must be noted that the extra half per cent (charged for loans did not operate until October 1, 1921. The bank now holds 1098 mortgages, securing '£1,105.303. Government debentures now totalled £978,500, and local body debentures £615,780. An amount of £48,300 was advanced during the year, made up as follows:—Auckland City Council, £26,300 (renewal); Onehunga Borough Council, £15,000; nvaliemat.i Couuty Council. £5000; rakuraugn Itoad Board. £100. Amounts received in payment of debentures were: — Auckland City Council. £2(1,130: New Zealand Government Inscribed Stock. £SB.BOO 5/. The average earning of this class of inI vestment wns £4 J4/3 per cent, as against £4 12/ >per cent last yeur. The profit and j loss account shows tbat the gross income for the year vva* £155.f*21 17/4. compared with £152.1*1 12/ for 1021. Of this cum £110,280 2 .'! has been credited to depositors as interest, and charges absorbed £14..K!4 3.6, leaving an amount of £32,752 IS'7 at the credit of this account. As £1784 TV was brought forward from lset year, the net profit for the year is £30,966 11/7. A donation of £200 was given to Hie 'Auckland Protestant Orphanages fund, nnd £27,903 lf»/ hnd been transferred to the reserve anil investment fluctuation account, leaving an amount of £4849 3/7 to bo carried forward. Tbe gross profits periled on the general average of deposits t'iroualioiit the year wae £1 12/5 per cent, riie workihs costs were 10 '\ per cent, or S?il uer onerattnn. which brought the net it, fir .hi rhe same hasi» to £1 3/1 per cent. The surplus profits, now amounting to £-Xi* <M 0 3.T. were O oual to £8 7/9 D er cent of tin. total liabilities to depositors, as iiEiilUKt E7 11/5 last year.