AUCKLAND SAVINGS BANK

Hokitika Guardian, 1 May 1931, Page 2

AUCKLAND SAVINGS BANK

TWO RECORDS ESTABLISHED AUCKLAND, April 29. In reviewing the year’ operations ol the Auckland Savings Bank at the annual meeting, Mr John Alexander, president of the Board l of Trustees, said that general conditions in the past year bad given business, financial a_nd other circles of the Dominion, much concern. The pulse of the bank however, the revenue acount, was still beating strongly. The total earned £370,000 constituted a new record, as also did the interest paid to depositors which had increased by over £26,000. The net profit at £67,836 was £3400 lower than last year. It was to be expected, said Mr Alexander, that deposits would contract in conformity with the reduced resources of the community, but it was stimulating to know that the actual deposists winch amounted to £4,262,253 exceeded withdrawals by £63,000 and, together with interest amounting to £271,000 added to depositor’s accounts, the total on deposit was £334,000 greater than last year. The increase in the rate or interest to 4J per cent as from July last was responsible for more than £12,000 extra being added to accounts. The length of time for which the rate could be mnintaind deemed, of course, on the market rate for first-class investments.