KEENLY OPPOSED.

Auckland Star, Volume LVIII, Issue 167, 18 July 1927, Page 5

KEENLY OPPOSED.

MINISTER'S SUGGESTION.

SAVINGS BANK FUND. "USE FOR NATIONAL üB-IECTS." i On a good many l;:il people of Auckland are not unanimous, t'iu they are united in opposing the sttg'_es-:

tion made by the Minister of Finance | I (the Hon. W. Downie Stewart ) during a I 1 discussion in Parliament on the : Bank Amendment Bill that the pror.i-; - of private savings banks should be a-- | voted to national objects. | The Auckland Saving- Bank. whien ; the Minister evidently had in \ie\v, is a i bank for working people. in- j dividual deposits are restricted to £2i'o. , but the rate of interest is 4] per cent ; compared with 4 per cent on amounts up | to £500 in the Government's institution. Founded in Auckland SO years ago, l'J • years previous to the inauguration ot tt.« I Post Office Savings Bank, the Auckhn \, bank now has eight branches, and it-1 funds aggregate JC3.274.933, of \vh:c!i . £4.794,810 represents savings of the! people. In the past 20 years £104.3.i0! has been donated to various worthy | causes in the city. Present System Best, j "I cannot conceive that a State Department could possibly do this work aj effectively or as economically as under j the present system of management."! j said the chairman of the Auckland Savings Bank trustees (Mr. E. AndoTson '• 1 this morning. j Mr. Anderson said lie had not had the \ opportunity of discussing the matter; with his fellow-trustees, but he was sure : that they would be unanimously of the } opinion that the bank's protits should, as j in the past, be applied to the assistance > jof deserving Auckland institutions. The j trustees had a great pride in their bank. : J and it was a pride that was shared by : | Auckland citizen*. He was sure that; j the latter would take strong exception to' the suggestion made by the -Minister j j that Auckland profits, in-tead of being ■ available solely for Auckland need-. ; should be merged in a general national- | fund. ! Referring to the operations of the! Auckland Savings Bank Mr. Anderson' said that they had always subscribed , liberally to Government loans, and by' March 31 last had invested in that class ; of security no less than £1.130,000. ■ Mr. Anderson pointed out that the trustees gave their services purelv from . altruistic moti\es, and as the result of . efficient business management the bank , had had a most prosperous career. • "In regard to the .suggested diversion I of profits made by the Auckland Savings . Bank, I do not think for a moment that . it would be tolerated by the Auckland ; public." said the president of the Auckj land Chamber of Commerce, Mr. A. G. Lunn. -The money is deposited by the people of Auckland."' continued Mr." Lunn. "It is administered by Auckland trustee-, who, from the bank's ligupres, have made the institution a great success. I cannot conc-en e that any Minister ot the Crown would attempt any diversion of the bank's protits for national purposes."' Th© bank s affairs in the past have been administered by Auckland citizens of repute," concluded* Mr. Lunn." and the results achieved show that the greatest r I care has been taken of the bank's funds."