DUNEDIN SAVINGS BANK

Evening Star, Issue 18264, 2 May 1923, Page 5

DUNEDIN SAVINGS BANK

POPULAR LOCAL INSTITUTION. The position of affairs disclosed at tho annual meeting of the Dunedin Savings Bank must bo highly gratifying not only to the timstecs, hut W the people of Dunedin, for the bank is a purely local institution, and ono that has grown with tho city. In addition to the usual balancesheet of tho year’s transactions (which is published elsewhere in tin's issue), a specially prepared table was submitted to' the trustees, showing the growth of tho bank’s business Irotti 1914 to 1923 inclusive, a period of ten years. This table, more than anything else, explains the steady progress that”has taken place. The total number of depositors in 1914, for instance, was 2,141. and tho amount lying to their credit £108,221. In 1923 tho depositors numbered 7,668, and the amount deposited £705,633. Another significant statement is that while _ interest credited to depositors in 1914 was £3,773, the amount so credited in 1923 was £32,166. _ This may appear to be an abnormal increase as compared with the amounts deposited, but it is explained by tho fact that the rate of interest hiis been gradually increased during the last few years, until it now stands at 4;J per cent., at which it remains for the current year. The figures quoted include the South Dunedin branch of tho bank, which was established in October of last year. That the trustees were amply justified in the step they then took is evidenced by tho fact, that, during the short period of six months no less than £42,072 has been deposited at this branch.

The Dunedin Savings Bank draws tho whole of its income froni_ interest on its investments, and it is surely proof of tho business acumen of those concerned in the carrying on of tho institution that matters have gone along so satisfactorily. Tho trustees are: Mr G. L- Denniston (vice-president), Hon Mark Cohen, Messrs T. R. Christie. C. W. S. Chamberlain, T. C. Harrison, J. IT. F. Hamel, Geo. Lawrence, D. Larnach, li. A. J,. W. Roscvear, and J. B. Shaddock.