NATIONAL THRIFT.

Lyttelton Times, Volume CXXII, Issue 15714, 6 September 1911, Page 10

NATIONAL THRIFT.

WHAT THE PEOPLE PUT BY,

SAYINGS BANKS HOLD FOURTEEN MILLIONS.

[Fp.o.i Our CbratEsroOTEJJT.] WELLINGTON, September 5

Last year thirty-three how savings banks wero opened and sis closed, leaving G 47 open at tho end cf 1910. There wore 78,566 accounts opened and 57,895 closed, the not gain on the year's working being -20,871. Tho number of accounts on Dcoeraber 31, 1910, was 380,585, and tho proportion per head of population was one in 2.76 as compared with one in 2.87 at the end of tlio previous year. Tho deposits numbered 768,827, representing £10,708.933 ToslOd, an average cf £l3 18s 7d. The withdrawals numbered 520,413 for £9,695,514 16s id, an average of £lB 12s 7d for each withdrawal. The not amount added by depositors to tfheirsavings during the year was therefore £1,013,424 0s 9d plus £424,668 Is interest earned and credited, making a total si £1,438,092 Is 9d. Tho total amount at credit cf depositors increased from £12,663,897 17s 5d at tha close of tho previous year to £14,104,989 19 3 2d on December 31 last, representing a sum equal to £l3 8s 7d per head of the entire population and £37 Is 3d to each dopositor. Tlie interest credited to depositors since the post office savings banks wero established in 1867 now amounts to £5,001,125 18s 9d. The cost of working tho savings banks amounted to 5.21 d per transaction, or £28,000 for the year. The cost of management per cent on the total amount at credit oj depositors was 0.20 uer cent, or 4s psr £IOO.