EIGHTY-TWO YEARS OLD.

Auckland Star, Volume LX, Issue 134, 8 June 1929, Page 21

EIGHTY-TWO YEARS OLD.

AUCKLAND SAVINGS BANK

£176 TO OVER FIVE MILLION,

Fluttering gaily, as if proud of the reason for which it has been hoisted, the flag flying from the top of the Auckland Savings Bank to-day, is there to mark the 82nd birthday of the institution. And proud it might well be, for in the years of its existence the bank has built a record that has won it the confidence of all Auckland.

While it lias made its own sound progress, the bank has played no small part in ensuring the prosperity of Auckland. When it opened in 1847 the bank had nineteen depositors, whose funds amounted to £170 4/. The balance-sheet of March 31 of this year showed that there were now 139,146 subscribers with deposits amounting to £5,645,514. The total funds at that time were nearly six and a quarter million pounds, with a strong reserve of over half a million. The total of the bank's contributions to deserving causes in Auckland is over £100,000.

Only once has the bank experienced the thrill of a "run." This was in 1893, when, after a financial crisis in Australia, it was rumoured that the Auckland Savings Bank had stopped payment and was tottering. Hour after hour the tellers paid out to the panicky subscribers, and when all doubts as to the bank's ability to meet its demands had been disproved, the "run" stopped as suddenly as it had started. In its 82 years the bank has had only six managers. Mr. Joseph Coombe was the first, find he was followed by Mr. Eicharcl Camsron, with 48 years service; Mr. G. Rowiitree. Mr. J. M. Barr and Mr. Clem Bartley. Until his death a couple of weeks ago, Mr. J. H. Upton was the oldest surviving trustee.