STATE SAVINGS BANK

Evening Post, Volume CXI, Issue 95, 23 April 1931, Page 14

STATE SAVINGS BANK

NEW SOUTH WALES

ANNOUNCEMENT BEFORE CLOSING

'An unusual announcement in , Sydney Saily papers, and occupying double pages; •was made by advertisement. 'It was signed by the Commissioners of.the Bank. Theprincipal statement 'read:—"State-Sayings Bank of New- South "Wales. Owned by the People for: the People. The management of this ■ bank and the absolute control of its funds are vested-by law in the Commissioners, who, hold their positions free from any political ' control or interference.

"The funds of the bank are held, by the Commissioners as* trustees for the depositors, and are used and invested by the Commissioners solely in the interests of the depositors. ••., '.. - , -,

"Behind the Government Savings Bank of New South Wales are all the assets of New South Wales, estimated conservatively at £2,000,000,000. Because it is owned by the people the bauk operates in their interests and strives less to make profits than to render a nation-wide service. " ■ . . ■

"This is appreciated by its 1,329,801 depositors, by the 19,434 fanners who are benefiting from its loans, and by the 24,374 citizens who are purchasing their own homes with its financial aid. As it is operated for the people, net profit: on the last financial year was only £110,136, of which £100,000 went to the Reserve Fund. This bank has reserves in all departments of £2,600,446. , "At the end >of the last financial year depositors numbered 1,329,801, representing 53.5 p.c. of the population. of New South Wales. Their deposits totalled £70,633,343." ;. . As an inset to these particulars was a letter received by the Commissioners from Mri-J. T. Lang, Premier of New South Wales, and reading as follbws:—

The desire of my Government is to maintain and strengthen this bank in its varied activities, both in regard to the thrift of the public and its functions in assisting home and rural finance. The "bank's deposits, being guaranteed by the State of New South Wales, have behind them all the resources of the country. , .', . "',-.■;

Information of the bank's "activities is also set out, and details are summarised as follows:— . ;■■■ ■'■• ,' ' Branches, 192, of which 94 are in Sydney, 98 in.country towns, and in; addition 639 agencies. ■ V School Savings Banks operate in 1799 schools, in 'which 138,678 accounts are open and deposits total £197,085. ! Securities lodged with the bank 'for safe custody were of the; value of £6,398,250, representing 30,831 separate lodgments. Safe deposit boxes are 'provided, and a free thrift service department was available to depositors to show them how their incomes should be apportioned for wise spending and saving. ',-„. ml m Home savings boxes totalling 101,690 werd issued to encourage thrift, and. savings through the medium of these boxeß amounted to £65,574. ■ ■ The Rural Bank department assisted farmers when their : ordinary, credit resources were exhausted, and during tne last financial year £2,696,210 ;had been advanced, and at the end of that period the bank had lent 49,659 farmers the total sum of £26,392,200.. _ , Advances made by the Homes Department, for assisting citizens to purchase their own homes, amounted .to. £I»A**»----241 fat 30th June last, of which £12,937,----522 was then outstanding. During the past year 2859 loans1 were made, totalling £2,177,759. . . >V Interest on all personal accounts up to •£IOOO was it the rate of 4 per cent, per annum, but the tank paid this rateon all amounts to the credit of. friendly societies, trades unions, institutions, and associations not carried on for trade and profit, and to co-operative societies and C°l>S"tbe last financial .year 1929-30 depositors received in interest £2,b7U,y4y. The announcement concluded: 'You own this bank-use it to help yourself! The date of. publication was 3rd April, T030.: >: , ■■ .:•.•:■..