Greymouth Evening Star. AND BRUNNERTON ADVOCATE. SATURDAY, JULY 15th., 1933. SAVINGS BANK.

Greymouth Evening Star, 15 July 1933, Page 6

Greymouth Evening Star. AND BRUNNERTON ADVOCATE. SATURDAY, JULY 15th., 1933. SAVINGS BANK.

‘JpiIOSE who claim that the totalisator figures form the best barometer of national finance, will feel gratified that the turnover at the Wellington rqces, this week, increased so largely over last year’s similar meeting, and the various Clubs, particularly those in the country districts, will hope that their experiences will be in the same direction. Many of the executives are hard put to keep things going, and none should begrudge them any little encouragement they receive, to persevere. Those who look in other directions to see if the financial outlook is set fair, will find in the improved railway returns, cause to share Mr. Sterling’s gratification that affairs look more hopeful, and the Railways Board is to be congratulated on the success

of their endeavours to make the railways less a burden on the national treasury. . Another financial table, issued this week, dealt with the Post Office Savings Bank, and here, on the surface, the developments do not, appear so encouraging. Withdrawals again exceeded, deposits, if not to so large an extent as in the previous year. The depression has been obviously felt, and. it is well that matters are no worse. Some of the extent of the withdrawals was probably due to the lower interest rates, and, of course, are in no way due to any fear of the stability of. the Savings Bank. Deposit totals were nearer those of withdrawals, during the past year, than in its immediate predecessor, and the fact tha't nearly 17 millions was deposited has its cheering significance. The number of accounts decreased by about 80,000, but as it is 800,000 accounts are still open, which is really good seeing that the Dominion’s population is only about 1| millions, and. no person may have more than one account in his, or her, name.

However, taking the most optimistic view it is clear that the Post Office Savings Bank might do more business if it made real effort, to attract it. In Britain and elsewhere, the Department has jettisoned its age-old refusal to chas-se business. Publicity campaigns, -which were 'once scorned by the die-hards, are regularly resorted to, the great British public being urged to use the telephones or to save and deposit their money in the P.O. Savings Bank, sundry help being given to them to assist pennies to become pounds. It is difficult to believe that what is found profitable in Britain, would not be remunerative in the Dominion. In this.country, the Department relies on its own dry-as-dust circulars and handbooks for its appeals to the public, the response being what might be expected. True, the P. and. T. Department has the great advantage of a monopoly for most of its wares, and, thus, the public has no choice of action in many of its dealings with the Department. Where the savings banks, and, say, telephones, are concerned, the potential customers are less driven, and many hold aloof, who could be persuaded by tactful publicity to be greater customers of the Department. The regulations of the Savings Bank could be revised in various directions, with the aim of increasing customers’ convenience, but loyalty to traditional methods, and reluctance to make experiments, have, hitherto, been obstacles.