A RECORD YEAR

Nelson Evening Mail, Volume LVI, 20 April 1923, Page 3

A RECORD YEAR

AUCKLAND SAVTXGS RANK (United Press Association). AUCKLAND, April 20. A most- satisfactory state of affairs was revealed at the annual meeting of the trustees of the Auckland Savings Rank. The vice-president (Mr Oliver Nicholson), in moving the adoption of the balance-sheet, said: "The financial year ending 31st March last is a memorable one. All previous records have been exceeded. Dunne the period of depression ranging fas far as this bank is concerned) from December, 1920, until Februarv, 1922, the withdrawals have exceeded the deposits by an amount equal almost to one-tenth of total deposits. During February, 1922, however, the Savings Bank Act was amended authorising the trustees to pav interest on sums up to £2OO. The effect of this amendment- was a large increase in the deposits, amounting to £459.540. Exclusive of the interest allowed to depositors (at the end of the financial vearl, the gross income for the year was'£lß7,46o 2s 4d. Of that sum £134.260 5s Id has been credited to the depositors as interest, and charges absorbed £15.153 7s. The net profit is therefore £38,046 30s 3d, to which has been added the amount brought forward. £4649 3s 7d. The net. profit is £7078 better than last year, and the, total is also a record for the bank, the total funds now amounting to £3,788,065 9s lid. equal to approximately £lO7 19s per cent, of (lie liability -io depositors. The result of the year's transactions, as disclosed bv the profit and loss account and totals evidenced on the balance-sheet, constitute a record in the history of the bank."