THE PEOPLE'S SAVINGS

New Zealand Herald, Volume LVII, Issue 17458, 30 April 1920, Page 7

THE PEOPLE'S SAVINGS

AUCKLAND BANK'iS BUSINESS.

AVERAGE- AMOUNT SEDUCED.

EFFECT OF COST OF LIVING. The annual meeting of the Auckland Savings Bank was held on Wednesday, Mr.'A J. Entrican, vice-president, being in the chair. In moving the adoption of tie balancesheet for the year ended March 31 the chairman congratulated the institution on the growth of the business. The branch opened in Dominion Road had relieved the congestion at the Auckland office to some extent. Deposits increased during the year by £287,714, totalling £2.819,036 to the credit of 58,959 depositor,". A total amount of. £5,330,710 'yas handled over the counter during the 12 months, representing a large increase, and doubtless soldiers' gratuities were responsible for this to a great extent. Mort- i gages numbering 212, representing £160,000. had been paid off, and 136 new loans, amounting to £150,000, granted. The moderate sura of £12,830 was outstanding for interest, being less than one quarter s instalment oii the total investments. Only eight mortgagors were in arrears for three months,. four. of whom had subsequently paid up. 1 he year's 'operations had resulted in a net profit of £27,197, of which £2558 had been expended in the maintenance of the head office and branches, said Mr. J-.ntrican, and the fitting up of the Dominion Road branch, while a donation of £200 had been made to the Elam School of Art. After adding the amount carried forward from last year, there was a sum of £38,534 to be dealt with, and £25,000 of this had been placed to the credit of the reserve surplus profits fund, bringing it to £150,000. while the balance of £13,534 was carried forward to next year. Mr. A. S. Bankart, deputy vicepresident, seconded the motion. He stated that' the average amount to the credit of depositors appeared to be £40 12s 4d. While ,ras in excess of last year, when the w.-aufc stood at £59 sd, it did not equoi the rate of progress in savings made since 1914. The figures showed that for the year ending 1915 the a erage depositor was able to increase his posit by 5s Id; in 1916 he was aib'a to add £1 16s 8d to his savings; in 1937 the sum of £2 18s 8d was added. Tha following year be was not able to save so -_iuch, but still added £2 5s 4d; 1919 was a better year, for he added £2 12s sd. but for the year under review he had succeeded in adding only £1 os lid. 'It seemed, therefor®, that in spite of the higher wages ruling in the metropolitan the power .to . save had been restricted.

Analysis of tire accounts, continued Mr. Bankart, showed that 54 per cent, of the depositors in the bank had an average of only £4 10s Id to their credit, being less than 6 per cent, of the total amount on deposit- The next class of depositor numbered 9662, or 14 per <?ent. of the total number of depositors, and had an- average of £35 17e 4d to their credit, or about 12 per cent, of the total funds. .The next -lass, between £50 and £100,' of which i-Nrre were 9292, held slightly over 26 per cent . of the funds, averaging jj79 7s 7d; ■while those depositors who .had over £100 numbered 12,913, and held over 55 percent, oi the total fund, absorbing £1,550,788. Thus the two extremes showed that 54 per cent, of the depositors in the bank held only 6 per cent, of the funds between them, while J8.7 per cent. of the depositors held -5o per cent. of. the funds. The bank had during the last five years lent heavily to" the State, acid £1,030,000 was now invested in Government debentures. At the same tims the bank had not been unmindful of the legitimate requirements of the local bodies administering the districts in which a large proportion of its ; mortgage 'securities were situated. This class of r security accounted for £454,030 of the bank's investments. Mr. J. H. Upton pointed out that the bank had close "on £5,000,000 in' deposits, and that they practically belonged to holders of £100. ? A vote of thanks -wjjjs passed to the manager (Mr. J. M. Barx) and staff for the manner in. "which, .they had performed their duties during the- past vear. Mr. A. J. Entrican was re-elected vicepresident, and Mr. A. S. Bankart deputy vice-president.