BIG INCREASE IN DEPOSITS

Press, Volume XCIX, Issue 29293, 26 August 1960, Page 13

BIG INCREASE IN DEPOSITS

P. 0.5.8. Figures For Last Year

(»tew Zealand Prat Association) WELLINGTON, August 25. Mor the seventh successive year tbw Post Office has shown a profit on the year’s trading. After providing for depreciation and reserves, last year’s profit would ba about £50,000, saya the annual report of the Poet Office tabled House ot Representatives Depodts in the Post Office Saving* Bank exceeded withdrawals by £.11.8 million—a strong contrast to the previous .tear when withdrawals exceeded deposits by £1.77 million. Deposits totalled £158.15 million find withdrawals £146.49 million. Savings held by the Post Office at March 31 this year reached i'a record total of £338 million, and the over-all average of balances in each account rose from £148.4 million in the previous year to £154.9 million. For the wide variety of agencies carried out by the Post Office for other Government departments, £835,926 was received during the year. The rapid expansion of New Zealand was again reflected in an increase at Post Office business in all branches. Articles posted rose to the new record figure of more than 464 million, and toll calls to 57.5 million. A total of 53,600 telephones was installed, brtneins the total subscribers to 496,054. and 7.3 million telegrams were sent To cope with the rapid development of towns throughout New Zealand the Post Office had 37 new buildings under way, including a new chief post office at Masterton, and major automatic exchange projects at Palmerston North, Tauranga, and Te Awamutu, the report said.