THE THRIFT OF THE PEOPLE.

Hawera & Normanby Star, Volume XLII, Issue 7386, 12 February 1902, Page 2

THE THRIFT OF THE PEOPLE.

A mattes which has lately engaged the attention of the thoughtful is the question whether the increased wages of the workman in New Zealand ha? resulted in habits of thrift and in the accumulation of wealth by the people. It has not escaped notice that if the wages have increased so havfi the opportunities of spending provided by the numerous I holidays. Of late, besides the fixed holidays, there have been numerous occasions of jollification in the despatch and reception of troopers to the war and on their return ; but these are abnormal, and will net be recurrent when once peace is es- ; tablished. But tradesmen ia this district, and probably in others, have 1 taken account of the enormous numbers of people in the country districts who fly to the centres of population on fixed holidays, and especially at Christmas and New Year, and possibly there is a temporary exodus from one city to another. One observant storekeeper in the Hawera district calculated that at least 5000 people went North ard South, by train and steamer, to Auckland, Wellington, and the South Island during the recent Christmas holidays, and, plaoing the average expenditure at £10 per head, the conclusion was arrived at that £50,000 went out of the district. But his anticipations did not stop there. He apprehended that it was not only tbe people's savings which would suffer, but that the tradesman who supplied them would have I for a time a difficulty in getting their money. And we hear that his anticipations have been verified. Last week the Auckland Weekly News' published the annual balancesheet of the Auckland Savings Bank, whioh it truly Bays is the wot king man's bank. In the increase of the number oi depositors the record year was the one during which the new bank premises were op&ned, when they increased by 2104 ; and the -runner up for this record was last year, when depositors increased by 1869. lhat appears very satisfactory,' the credit balance of the whole of the depositors being £763,518, as against £705,014 of last year, an increase of £58,529, or, as our contemporary calculated, of over £1125 per week. There are 28,836 depositors, of.wbom 19,190 have balances of £20, and under. Says the News :— •• During the twelve months under notice, the customers of the Savings Bank deposited £604,588 18s 3d, while they also withdrew, presumably for in vestment purposes., no less a sum than £567,998 6s 6d." It would be interesting to know the dates of «he more numerous withdrawals, if they are more numerous at one time than another. If they are more numerous about holiday time, then it would appear that the bank is made use of chiefly as a medium for hoarding money till it is required for purposes of enjoyment, but if the withdrawals are evenly spread over the year, then <-,he presumption that the money is required for investment purposes is probably correct. Of the total increase placed to the credit of depositors during the year, viz., £58,529 14s 6d, the sum of £21,994 6s 9d was added to open accounts by way of interest. If we deduct the interest from the total increase, we shall get the amount of £36,585 as the amount deposited by 28,386 depositors over and above withdrawals during the year. This is not a large amount per capita, and we must suppose that the money is not left long in the hands of the bank on account of better investment elsawhere, or that it is withdrawn to be spent. The accounts, however, show that the people have command of a large amount of money, and that, taking deposits and withdrawals, as our contemporary olaimp, transactions aggregating no less than £1,172,531 6s 6d, or over £1125 per week, show a wonderful degree of financial activity for bo small a community.