"FROZEN ASSETS"
NEW SOUTH WALES STOCKS
BANK'S POSITION
(deceived 23rd April, 10 a.m.) SYDNEY, This Day. An examination of the State Savings Bank's position discloses that accompanying the persistent withdrawal movement tlio'rp was an increasing "frigidity" in tho bulk of securities hold as cover for a portion of its liabilities. Its holdings in New South Wales Government stocks last June ' were £30,382,907. Political and econo-1 mic factors intruded, and it became im-1 possible to liquidate such assets freely without undesirable results. The bank is, therefore, in possession of a large portion of its assets in a more or less frozen form. , Its advances for homos totalled Jioarly eleven millions sterling, and money at short call soventoe7i millions, which is well above the statutory requirements.
A display advertisement occupying two full pages of the "Sydney Morning Herald" of 4th April appeals to the people of New South Wales: "You own this bank; use it to help yourself." The advortiscniont states: "Tho management of this bank and the absolute control of its funds are vested by law iin 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 tho interests of the depositors. Bohind the Government Savings Bank of New South Wales were all tho assets of New1 South I Wales, estimated conservatively at £2,000,000,000." The announcement adds that the bank has 1,320,801, depositors, that 19,434 farmers aro benefiting from its loa,ns, and that advances for house purchase have been made to 24,374 persons.
The Commonwealth Savings. Bank, with which it is proposed the State Savings Bank should amalgamate, was separated from the Commonwealth '< Brink three years ago. Deposits to its credit amounted on 30th June, 1929, to £50,600,000 in 1,281,000 accounts. At that dato it was doing a considerable business in New South Wales, where its accounts totalled 368,000, with credits of £11,832,000. 'It has already absorbed tho savings banks of two States, that of Tasmania in 1913, and of Queensland in 1920. s
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/EP19310423.2.66.6
Bibliographic details
Evening Post, Volume CXI, Issue 95, 23 April 1931, Page 11
Word Count
351"FROZEN ASSETS" Evening Post, Volume CXI, Issue 95, 23 April 1931, Page 11
Using This Item
Stuff Ltd is the copyright owner for the Evening Post. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in