DUNEDIN SAVINGS BANK

Evening Star, Issue 19559, 18 May 1927, Page 3

DUNEDIN SAVINGS BANK

ANNUAL CIOS FROM PROFITS PUBLIC LIBRARY AND UNIVERSITY ' BENEFIT Each. year the trustees of the Dun•did Savings Bank make an allotment Bf gifts from the profits accruing from the business done during the period. They'are enabled to do this under a section in the 1923 amendment of the Savings Bank Act, the amount allotted aot to exceed one-half of the profits. A number of applications are made annually, but many of the institutions so applying aro ineligible under the Act. ■ ,>, . . „ At the ordinary,monthly meeting oi the bank yesterday the question of the disposal of surplus profits was considered by the trustees, and it was igreed k> grant £I,OOO to the Dunedin Free library and a similar amount to the Dtago University, in each case as an endowment. A grant of the same amount and under similar conditions was made to the library in 1910, so that this institution will now receive the benefit of Interest on £2,000. The trustees are pf the opinion that the purchase of books by such an institution means lhat the public as a whole will benefit by the gift. It is understood that vlio grant of £I,OOO to the Otago University general fond will carry with it a Government £ for £ subsidy. Both grants are To institutions well within the scope of ihe trustees’ powers, but in tfle terms <;f the Act are, as yet, subject to the consent of the Governor-iu-Touncil.