Trustee Savings Bank Proposal

Press, Volume C, Issue 29469, 22 March 1961, Page 14

Trustee Savings Bank Proposal

The committee organising a trustee savings bank in Christchurch deserves full public support for its renewed application to the Government for permission to begin operations. The local advantages of having such an institution in Canterbury are plain enough; and the national advantages have been so clearly demonstrated by the new Waikato Savings Bank at Hamilton that the Government can now hardly withhold approval The Monetary Commission’s recommendation that additional trustee savings banks be allowed was not adopted largely because of the departmental conten-

tion that they would add only to the overhead cost and not to the total of savings. The figures quoted by the member of Parliament for Riccarton, Mr Connelly, show that the Treasury and the Post Office were wrong. In six months of operation the Waikato bank apparently increased total savings in the district by nearly £400,000. That was good business for those who saved the extra money and for local enterprise in the Waikato. It also fitted in very well with the needs of the national economy. Surely Canterbury can do at least as well as the Waikato.