RECORD YEAR

Manawatu Standard, Volume XLVI, Issue 198, 22 July 1926, Page 8

RECORD YEAR

POST AND TELEGRAPH DEPARTMENT. ECONOMIES EFFECTED. [".By Telegraph.—Special to Standard.] WELLINGTON, July 22. The business of the Post and Telegraph Department has reached the highest point on record. The excess of receipts over expenditure was £690,840. The income from postages exceeded the of the previous year by £89,214, while the telephone receipts show ail increase of £113,065. The abnormal increase in telephone revenue is due to two causes: firstly, to a change in the method of collecting telephone subscriptions and, secondly, to the creation of the new postal district of Palmerston North. Had the district been created the telephone sxibscriptions in the Palmerston North district would not have been collected until April. With the creation of the new district the telephone subscriptions became due on January 1. Tne expenditure has been very closely watched during the year and where possible economies have been effected. The result is decidedly satisfactory the expenditure for the year being £6701 less than that' for the previous year. That there has been a decrease in expenditure despite the marked increase in business, indicates the extent to which business methods are applied in one of the largest organisations m the Government service. The money order business continues to show a steady increase. The orders issued last year exceeded those of tho previous year in number by approximately 25,000 and in value by approximately £285,000. There has been a marked increase also in the number and amount of money orders issued oil Great Britain and Ireland. This is due no doubt to the substantial reduction in the rate of commission which was made from April 1, 1924. On April 1, 192 0, arrangements were made for a direct exchange for money orders between New Zealand and the Irish Free State. The withdrawals for the year exceeded the deposits by £768,885. A comparison with the business done during the year 1924-25 indicates that there has been a slight improvement. The amount at credit of depositors at March 31 last was £47,911,322. an increase for the year of £962,694. Tho fact that the total amount standing at tho credit of all open accounts has increased by such a large amount affords a clear indication of the continued confidence in the people’s bank. On December 1, 1920, a system or savings bank letters of credit was inaugurated. Under this schemo it is possible for a depositor to obtain a letter of credit for an amount up to £SO and to withdraw the amount as required at any Savings Bank qinecin the Dominion. There is no doubt that this facility will, as it becomes better known to the travelling public, be availed of to a largo extent. . Hie popularity of the system may be judged from the fact that up to March 31. 1926, no less than 1895 letters of credit of a total value of £48,287 had been issued.