PEOPLE'S SAVINGS

Auckland Star, Volume LXXVI, Issue 304, 24 December 1945, Page 3

PEOPLE'S SAVINGS

N.Z. TOTAL £148,058,000

BIG IXCREASE Kf PAST YEAR

Savings bank deposits in New Zealand at the end of October reached the all-time record of £145,058,000. This was £20.404,000 higher than the total of £127,634,000 a year previously, and was more than double the amount in 1939.

Deposits in Post Office and trustee savings banks have shown an almost unbroken rise oyer the past six years, with the greatest increase in the past three years. In few months has the long sequence of excess of deposits over withdrawals been interrupted, and then only to a slight extent.

With funds at their present level interest credited to depositors' accounts totals more than £3,000,000 annually. Post Office and trustee savings bank deposits for the past six and three-quarter years are shown in the following table (totals in thousands of pounds):— Year to Post Office Trustee Bank March 31 Deposits Deposits 1930 £60.710 £13,866 1940 £58,002 £13,907 1941 £62,957 £14,759 1943:::::;;;;: £84U70 £1^320 1944 £98,615 £20,914 1945 (Oct.) ".'.'. £122|528 £25i530

It is noticeable that the growth is fairly well distributed between the two groups of savings banks.