AUCKLAND SAVINGS BANK.

Auckland Star, Volume LXIV, Issue 98, 28 April 1933, Page 6

AUCKLAND SAVINGS BANK.

The congratulations that arc due to the Auckland Savings Bank on its strong position come at the end of what the president describes as the most trying year in this country's history. The deposits account is a barometer of' the depression. In 1930-31 the decrease in deposits was £60,000; in 1931-32 it was £246,500; last year it was £380,000. Times being as they are, the position in this respect might be worse. The net result of the year's operations, however, is that the bank holds to the credit of all depositors nearly £7,000,000, an increase upon the previous year of £165,000. The totals of operative accounts in the Savings Bank proper, and in the thrift clubs and schools' bank department, have increased, but the penny bank department shows a decrease. That the average account, exclusive of 'these smaller departments, is £63, shows how predominantly this is a bank of the small depositor. The assets stand at £7,702,000, of which £3,348,000 are mortgagee investments, and £3,271,000 Government and local body stocks. The net profit, £47,750, is less than that of the previous year, which, considering how much Auckland has benefited by gifts from the bank, is a matter that touches the local public. Moreover, the bank has now to pay income tax. It may well'be asked again how it is that the C-Jovernment, in casting round for new objects of taxation, chooses savings banks and overlooks municipal trading concerns.