P.O. SAVINGS BANK.
EXCESS OF WITHDRAWALS. During the year ended March 31, 102:>, tTie Post OllU-e S.ivinj;s lianlc li"-ures show that the withdrawals exceeded the deposits by X. I .llSC.S.'jtl. while in the proceeding year the excess of withdrawals was iZl.lld.'iT.. so that for two years in succession those who make use of the savings bank have been drawing on their capital. It may !'<■ that the money has been used in investments, more particularly in the purchase of house property. Some of the money has no doubt gone into gilt-edged securities and probably some has been usen as living expenses.
The deposits have contracted rather sharply in the past, two years, while the withdrawals have tended to increase. (In March 31, 1022. the amount at the credit of depositors was C-13.841,"1>4. For the past year there ir. nil excess ot withdrawals as shown above, but tl;e amount of interest due on deposits is about £1,680.000, so that the amount, at credit of depositors must show a small increase.
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Bibliographic details
Auckland Star, Volume LIV, Issue 106, 5 May 1923, Page 9
Word Count
168P.O. SAVINGS BANK. Auckland Star, Volume LIV, Issue 106, 5 May 1923, Page 9
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