MILLIONTH ACCOUNT

Press, Volume CV, Issue 30982, 11 February 1966, Page 12

MILLIONTH ACCOUNT

Seven-year-old Peter Randle, a Standard 1 pupil of Avonhead School, yesterday morning became the millionth child to open an account in the Post Office Savings Bank’s school savings section. Peter was presented with a brand-new £5 note by the Chief Postmaster (Mr J. W. Lincoln) to mark the occasion. Peter, who lives at 26 Toorak avenue, had left home intending to deposit Is in his first savings account. Mr

Lincoln presented him with a pass-book bearing the number 1,000,000 at the school assembly, with the extra £5 to be deposited in his name. When Mr Lincoln shook Peter’s hand, he said he hoped the figure 1,000,000 was symbolic. “I hope you become a millionaire,” he said; Mr Lincoln said the school savings bank had been in operation for 32 years. Yesterday was a memorable day for him, too. 6 “Forty years ago today I e joined the Post Office, and I is shall retire next month.” r Mr Lincoln told the pupils

that he intended to travel overseas in his retirement. This would be possible because of money he had saved during his career in the Post Office. Each year schoolchildren made more than 3,000,000 deposits amounting to almost £600,000, he said. In the Christchurch postal district school banks operated in 228 primary schools, and last year 229,000 deposits totalling more than £58,000 were made. Post Office Savings Bank college thrift clubs were also in operation in 29 secondary schools. Last year £70,000 was deposited in these accounts.