DEPOSITS OF £2.lm

Press, Volume CII, Issue 30145, 31 May 1963, Page 10

DEPOSITS OF £2.lm

Savings Bank Sets Record

The Canterbury Savings Bank yesterday set a record. With deposits totalling £2,103,000, it became the first trustee* savings bank in New Zealand to have more than £2m in funds after only 10 months'- operation. This was announced last evening at the bank's first annual meeting by the deputypresident (Mr W. G. V. Fernie).

In the first eight months of operation to March 31, the bank earned a net profit of £1629 16s 6d—a splendid achievement when the costs of establishing the bank were considered, said Mr Fernie. presenting the annual report “From the outset the public of Canterbury have stood behind the bank and success has been assured by the continuance of that support. The bank is destined to play a prominent part in the social, industrial, and economic life of the province,” he said.

By March 31, £15,485 6s lOd interest had been paid into depositors’ accounts, and £6437 5s 8d had accrued on investment accounts, the report said. The trustees had decided that in lending money on mortgages of freehold property, they would give preference to depositors, said Mr Fernie.

Mr Fernie praised the work of the retiring president (Mr M. A. Connelly. M.P.), who is overseas. The bank's record progress had been a result in no small measure of Mr Connelly's efforts, he said.

Mr Fernie was elected president, and Mr M. J. Russell deputy-president.