SAVINGS BANK.

Auckland Star, Volume LXVII, Issue 134, 8 June 1936, Page 13

SAVINGS BANK.

RECORD OF PROGRESS

EIGHTY-NINTH ANNIVERSARY

To-day is the eighty-ninth anniversary of the establishment of the Ancklanil Saving Bank, which commenced in a small r way. The fund's for the first year's operations were but £21(i; on March 31 last the total funds amounted to £8,500,000, an increase of £328,000 for the year. The founding of the bank was attended by some troubles, and the first meeting was held at the store of Messrs. Brown and Campbell when a number of citizens prominent in Auckland at that time agreed to start the bank and act as trustees. c At first Ihe bank was opened for two days a week, and after the opening ho vera 1 day# elapsed before the first deposit of £10 was. made. From that time the record was one of steady progress. Tile bank has known various phases of national prosperity and depression, but at no time lias its stability or soundness been under suspicion. In September, 1933, there was a sensational run on the bank as the outcome of rumours regarding its stability. A number of tlie depositors withdrew their savings, but the panic was quickly over, and next day people who had hastily withdrawn their money returned and put it back. There is no share capital, no fees are payable, and the efforts of the .pioneer trustees showed that they wanted to foster the ideals of thrift in the community. Apart from the State Advances Corporation the bank is probably the largest lending institution in New Zealand, and the amount of business done is evidence of the influence it exerts. Rapid expansion of business during recent years has necessitated the establishment of branches in the. various Auckland suburbs, while in addition thrift clubs have been establishment and school banking lias also been encouraged.