TRUSTEE BANKS

Evening Post, Volume CXXXIII, Issue 100, 30 April 1942, Page 7

TRUSTEE BANKS

EVIDENCE OF THRIFT

(P.A.) AUCKLAND, April 29. An increase in funds for the year of £987,500, an all-time record in the Auckland Savings Bank's history of nearly 100 years, was announced, by the president, Mr. E. Anderson, at the annual meeting of the Auckland Savings Bank trustees today. This brings the funds to £11.675,000, which, adds the report, "is an indisputable an«wer to the oft-repeated claim that thrift in our community is a forgotten virtue." Ordinary deposits exceed withdrawals of £536,000, which, with Interest, imakes a total increase for the year of £808,000, bringing depositors' balances to £10,000,000. National Savings deposits were much higher than last year and still better results were expected, Mr, Anderson said that the putting aside of savings and capital would assist in warding off the menace of Inflation and provide individual spending power in the future when national rehabilitation will be the primary objective. ■ . .

The annual roport .of the Dunedin Savings Bank showed that the year had been very sue-' cessful, with an Increase of £185,635 4s lid in the amount credited to depositors. During the year 444* National Savings groups had been formed, Qompared with 83 In the previous- year, and the amount deposited had been £101,223 4s Sd. In the Bonds for Bombers campaign the bank sold bonds to the value of £29,203. Loans on mortgage amounted to £1,755,682 8s Bd, an increase of £60,464 10s Id over last year. The bank's Investments during the year included £4375 In Bomber Bonds, £5000 In National Savings, and £75.000 In War Loan. Grants totalling £3860 had been made to various organisations in the City.

FOREIGN EXCHANGES. ' Closing telegraphic exchange rates on overseas centres were supplied by the Bank of New South Wales as follows: — T.T. T.T. On» Buyine. Selling. New York, dol. to -SNZ-.- 3.2542 3.2050 Montreal, dol to £NZ 3,6039 3.5290 India and Ceylon, NZ d. to 1 rupee 22 3-16 22% South Africa, £SAIOO to £NZ 123 125 2 6 London, £Stg.lOO to £NZ 124 f 6 125 0 0 Australia, ENZIOO to £A 100 10 0 100 0 0 Fiji, £NZIOO to "£F :.. 00 0 0 88 12 6 OOW JONES SHARE AVERAGES. . (By Telegraph—Pres3 Association—Copyright.) NEW YORK, April 28. Dow Jones (1926 equals 100) :— 20 30 Shares Rails. Indus. sold, April 2 25.17 100.59 372,000 April 27 .... 23.86 93,89 251.000 April 28 .. 23.85 92.92 313,000 Industrials, 1941: High, 133.59; low, 106.34. MUTUAL LIFE PROGRESS. The results of the Mutual Life and Citizens' Assurance Co., Ltd. v nfty-lifth year show that the sound position of the company has been maintained. New ordinary branch business written was £6,111,320 and new industrial branch business £4,218,956. The total income increased by £274,579 to £5,219,680. During the year £941,739 was paid in death benofits, and £1,294,754 to living policy holders. Since its inception the Mutual Life has paid £43,125,40S to policy holders and beneficiaries. Its assets now amount to nearly £31,200,000.