PEOPLE'S BANK.

Auckland Star, Volume LXIV, Issue 189, 12 August 1933, Page 4

PEOPLE'S BANK.

ESTABLISHED 66 YEARS. SAVINGS IN THE POST OFFICE. Sixty-six years ago the Post Office Savings Bank was established in Now Zealand. Since the first deposit was accepted 011 February 1, 1867, many million pounds of the people's savings have been placed in the custody of the Po6t Office. Deposits received by the savings bank in the first eleven months of its existence, the period ended December 31, 1867, totalled £96,372 7/10, and withdrawals amounted to £26,415 18/9. For the year ended March 31 last the deposits amounted to £16.933.176 8/l, and withdrawals to £19,635,028 4/9. Figures showing the business of the Post Oflice Savings Bank were recently published in the Gazette. The returns from 18GS to the end of 1918 are given by ten-year periods, and thereafter in yearly periods to the year ended March 31, 1933. A study of the tables proves entertaining and informative. Tho largest total deposited with the Post Office in any one year was £31,833.631 9/5 for the year ended March 31, 1926. Figures for the past twelve years ended March 31 in each ease (shillings and pencc omitted) are as follow:— Excess of Withdrawals

In 1920 the termination of the Savings Bank year was altered from December 31 to March 31, with effect from March 31, 1921. For the fifteen months ended that day deposits totalled £44.302,852 5/4, and withdrawals £41,102j456 9/10. The excess of deposits over withdrawals was therefore £3,140,365 15/0. In 1919 deposits amounted to £29,758,448 9/7, this representing an excess of deposits over withdrawals of £3,796,070 7/1. The trail of the depression is clearly shown in the latest movements, for in three years the withdrawals have exceeded deposits by over £12,000,000.

With- over Deposits. drawals. Deposits. Year. £ £ £ 1933 .. 16,933.178 19.635.92S 2,702,7,11 1932 .. 19,463,985 25,488,081 6,024,095 11)31 . . 24.531,569 . 28,003,338 3,031,769 1930 .. 28,561,854 29,575,993 1,014,139 1929 .. 27,252,381 28,111.940 859,559 192,S ..27,611,066 30,584.997 2,973,931 1927 . . 29,456,383 30,149,628 693,245 1926 .. 31.833.621 32,602,505 768,884 1925 .. 29,582,897 30,413,609 830,712 1924 .. 29,f>98,372' 29,510,320 *88.051 1923 .. 26,682,426 27,769.262 1.086.836 1922 .. 29,125,997 30,236,231 1,110,283 •Excess of deposits over withdrawals.