HOKITIKA SAVINGS BANK

Grey River Argus, 3 May 1934, Page 8

HOKITIKA SAVINGS BANK

BALANCE SHEET. The annual balance sheet of the Hokitika Savings Bank as at March 31 last, shows deposits now total £137,620, and depositors numbers 1985. The Bank was opened for business on the 17th November, 1866, and 33 depositors were registered that evening. At the end of December, 1866, there were 77 depositors with a total of £7Ol. There are five of these institutions in the Dominion, viz., Auckland, established in 1847; New Plymouth in 1850, Dunedin in 1864. Invercargill in 1864, Hokitika in 1866. The Bank’s investments are all made within the Provincial District of Westland and Nelson, and it goes without saying that it serves a useful purpose in encouraging settlement and enterprise. Mr G. A. Perry. President of the Bank, in his annual report states that 157 Societies. Sports Clubs and Associations have deposited accounts in the Bank. The number of youthful depositors is continually increasing he says, and the figures can be regarded as a financial barometer in respect to the thirfty members of the community. The sum of £38,609 was lodged by Depositors during the year and £45.429 was withdrawn; £4,019 interest was credited to depositors’ accounts. Last year was the first time in the Bank’s history that income tax has been imposed. Tt was anticipated that the amount of the deposits would have shown a substantial reduction for the year just ended, but the result shows that nowithstanding the acute depression, the people are conserving their resources and the amount to their credit has been reduced by the comparatively small sum of £2BOl, the total deposits now being £137,620, divided among 1985 depositors. There were 101 new accounts opened during the year under review. After making provision for possible mortgage losses, payment of all charges, etc., and income tax, the sum of £1077/10/10 has been added to the Reserve Fund which now stands at £24.023/13/11. The proportion that the easily converted liquid resources in the assets bear to the liabilities, shows that the Bank is in a very strong postion, and such facts strengthen the confidence of the depositors. The total funds now stand in the balance sheet at £161,643. During the past year we have to sorrowfully record the loss of two of our Trustees. Mr. Charles Evans had been a Trustee for twenty years, and Mr. ,T. D. Lynch for thirty-two years, and their knowledge and experience were of signal service to the Bank. My thanks are due to the Deputy President, Mr. W. E. Williams, Trustees Dr. C. Teichelmann, Messrs D. J. Evans, T. W. Duf F , R. Wild, S. ,T. Preston and H. L. Michel, for their assistance and careful consideration of the Bank’s affairs, and the continued progress and success of the institution nlso merits a tribute to the Manager (Mr. W. Wilson), and staff for their zeal and efficiency.

The balance-sheet shows the amount due to depositors as £137,619/13/-, while the assets are as follows:—First mortgage on freehold land £85,964 17/6; Inscribed Stock at cost £26,008 10/-; Fixed Deposit, Bank of New South Wales £14.200: Fixed Deposit. Bank of New Zealand £14.200. Fixed Deposit, National Bank of N.Z. £14.250; Current Account, in Banks £3,082/3/10; Bank Premises and furniture £2,250; Interest accrued £1,687/15/7; total £161.643/6/11, showing a balance over liabilities of £24.023. The profit and Loss Account is as follows: Debtor: Written off Mortgages £1.036/14/10: Charges £716/5/3; Balance £24,023 13/11; Credit: Amount at Credit, Profit and Loss 1/4/33, £22.946/3/1; Interest Account £2.830/10/11; total £25,776/14/-; Balance carried forward £24.023/13/11.