DUNEDIN’S STABILITY

Evening Star, Issue 19757, 6 January 1928, Page 7

DUNEDIN’S STABILITY

SAVINGS BANK BUSINESS SOME ILLUMINATING RETURNS Dunedin’s stability is mirrored in the returns of business carried out by the Dunedin Savings Bank for the nine months from April 1 to December 31 of last year. Deposits exceeded withdrawals by £96,907. As the past year was considered to bo a bad one. commercially and financially, the Savings Bank returns clearly show that the Dunedin people are thrifty. Business houses complained of an easing off in spending during the winter, and, although unemployment was serious for a lengthy period, the bank returns show that in the middle of winter the average deposits were maintained, while withdrawals were not above tho aormal. • The figures for the nine months’ period just ended are ns follow:

£665,188 £568,281 The excess of deposits over withdrawals was on a par with the returns for the previous year, but the volume of business increased _ greatly. _ Ihe Dunedin public have laith in their own bank, the profits from which arc distributed among charitable organisations and worthy public objects. The withdrawals during December were particularly heavy, but the adverse balance is always expected, _as money is taken out for the usual Christmas holiday expenses and for tho payment of city rates Over £2,000 was also distributed among tho various thrift clubs. So far as the bank’s receipts from interest on money borrowed are concerned, arrears have been reduced to an absolute minimum for the nine months’ period. The borrowers had been able to meet their labilities, and if the reported winter depression had been so serious there might have been a different story to tell. A total of 3,848 new accounts were opened at the bank in the three quarters, the numbers being:—Head office, 2,485; Valley branch, 581; South Dunedin branch, 782. It is a matter for congratulation that since the head office removed from High street, where it had been situated for nearly fifty years, to the new premises in Dowling street on September 31 962 new accounts were opened in the office up to December 31. The number of new depositors shows that tho change has increased rather than decreased the hank’s name, and that the public arc becoming more thrifty.

Deposits. Withdrawals. April Mav £64,869 82,572 £65,918 72,688 June 71,848 56,274 July 76,028 53,960 Aucust 77,734 61,344 September 72,120 54 ,UUh October 68,635 59,969 November... 77,147 57,968 December ... 74,225 85,552