STATE SAVINGS BANK.

Hokitika Guardian, 21 August 1924, Page 4

STATE SAVINGS BANK.

PiMIGHKSS IX AFS II! A 1 lA. ACCKLAXI). An,;;. 19. The workinp if the State Savinps ijiinlo. in Australia forms the subject o. an iiitcre-t inp res -n presented, to the president of the Auckland Savinps Rank l-v th" a- :• met a nt. Mr T. N . Smallwoi d. The rei'err sbo'Ws that in New S nih Wales, v.illi Id!' hraueltes ad ,)21l cp.'lii i.'s, the let:il fund' nre .o er £!!(:. !'93; in \’ictiii'ia. w illi l)S liriiiiel.es and 37) al"• i 1 -1:• s. e.)3J«::».!! : and in South A !•""( I ill. with 32 hrum-br; and MB; apeucies. £ 17.9. Interest v. ,'s | aid (111 sum.- up to £19!") at the rat" el four hit icnl. on to and t ben alter at t lire" ami a-h 'll' per ceil I in X.".v South Wales ami Victoria. In Ad"!a : i|e I lie I'll ; e at. pic -cut was lour and a-ludf p-T icnl. oil £3(1.1. but 1 I lie rat" dep: uded "n the pi'olit I'.n- tl.“ year. .Mr Smallw on! lound the system ol depo-iis and withdrawals was mu"h slower 'bon i 1 1 : 1 1 at t ! -' te-hlaiid Savinps Rank. Facli Slat" Inn! develui ad a larpe nmm'.v-b ix 1 111 >i 111 "- on simule liii's; a depositor iniplii pui'eli.'-e a h ix for -ixpeiae ami ukoiever the box was reiorued a lew one was i-sil'd l i ce. The Coininriiv. eallli Bank Bad ‘■o -It b e;.'. n»; -a!" in the 'holts. The penny I oiks in Victoria and 8 mill \ osl re lia p' rl icnla rly were a fan I nre of Ihe hu-l"'cs in A ini lab i, and iiad be n t l.'.rouphlv explored. The head 1 1 '.'I (her ill eac!i !l(i 'I was a;■,. je ted api 11 1 of the l ank in South Australia. where the t "aeher ottend"d to the I 'ink iup busiue-- Ire' of eluirpr. bill in Yietoria t lie banks naiil a •oiu-

mi.-.-ian of live per cent. The hanks regarded tlii- penny hank business as a very valiiahle foumla t ion lor (he future thrift v i -1:. s s o| deposit or. \'ii'toria had a uiihiiie l eal lire in I lie credit, linancier o! housing loans, in connection with which the hanks eainloy.'d their own archil eel aval stall'. The elerk of works called for tenders and sup Tri.-ed all c.uist ruction. fn three years the Yicteria Stale Savings flank had under construction or completed I’CIL houses. Loans were limif'd to JCS-VI for wooden houses and £!)"!) in hriek. or alternatively 0:1 rer cent, of the valuation. When, applying for a loan, the person wa- shown a hook of thirty ex.-ellen; designs of hom: s. and fram that I ink he . mild make his i Imirc. ■Should lie desire some minor alterations in unv of the details there was no difficulty. si long as ihe 1. >t n 1 f es f was not exceeded: or he could have :d! 'rations made a I his own tost if they exceeded if. I'ntil a p i- m had paid, off Ll> per cent, of tpo loan, the house remain.si in the hank'-- name. Imt on payment of twenty per cent, the batik I would pul the property in the borrower's name and take a. mortgage hack. The w hole scheme of course, was intended mcr.'lv for the people that actually wanted houses and did lot lend i:<cif to speculative building. Air Small mentioned that nr I 'iih. the enthusiastic head of the department had itilormed him that plans were maturing for putting no concrete houses at a cost not- higher than that mentioned as the ei.st of wooden ones. i