P.O. SAYINGS BANKS.

Auckland Star, Volume LXVI, Issue 269, 13 November 1935, Page 20

P.O. SAYINGS BANKS.

"DEAD" ACCOUNTS CLOSED;

EXPLANATION BY MINISTER,

(By Telegraph.—Press Association.) WELLINGTON, Tuesday. "My attention, has been called to a statement made by Mr. E. Scmple that' in a little over three years 80,000 people had lost their savings in the Post Office Savings Bank, the inference drawn by Mr. Scrapie being that this was due to tho economic measures of the Government in reducing salaries, wages, etc., and compelling depositors to draw on their savings in the Post Oflice Savings Bank," said the Minister of Industries and Commerce, Mr. Masters, in an interview to-day. "It is quite correct that the number of accounts closed during 1932-33 exceeded the number o'f accounts opened by approximately 80,000, the figures being: Accounts opened, 72,000; accounts closed, 152,000. The explanation of the closing of such a large number of accounts in that year is to be found in the operations under the Unclaimed Moneys Act. "This Act was amended 'by section 25 of the Finance Act, 193:;, following which all amounts lying in the savings' banks and other bank accounts, which had not been operated 011 ior 25 years or more, were paid to the Government as unclaimed moneys. The result was tho closing of a large number of 'dead' accounts, some of which had not been operated on for nearly half a century."