THE PEOPLE’S SAVINGS

Bay of Plenty Times, Volume LXIII, Issue 11784, 31 July 1935, Page 2

THE PEOPLE’S SAVINGS

YEAR’S INCREASE OVER 10,000. The Post Office*Savings-bank has very closely reflected economic conditions during the last few years. There was a period when the withdrawals exceeded the annual deposits, showing that money put by to, meet emergencies had, to be utilized. It is some time since this position commfenced jto' show improvement, deposits beginning to exceed withdrawals, and a further reassuring Indication of improving financial resource and of confidence in the future is shown by a remarkable extension last year in the number of - people who have been able to open sav-ings-bank accounts. The number of depositors at 31st March of this year, compared with those at the corresponding period of 1934,.was as follows: ■■ ■ ■ 1935 817,617 1934 798,262 Increase 19,355 J The increase shown above includes; approximately 17,000 new accounts of under £SOO, the majority of : these, being new depositors who have commenced with small balances of-under £IOO. / The average amount at the credit of each account reached its highest point in March, 1925, when it was £63 17s'3d. This average decreased steadily until 1932; the lowest point being £49 6s 4d. The popularity of the Post Office Savings-bank with the small - investor is demonstrated .by the fact that there are 817,617 accounts with no fewer than 693,000 for amounts under £IOO.