A DIAMOND JUBILEE.

New Zealand Herald, Volume LXIV, Issue 19550, 1 February 1927, Page 10

A DIAMOND JUBILEE.

Probably no other public institution is more intimately associated with the national welfare than the Post Office Savings Bank, which today attains the 60th anniversary of. its opening for business. As the records of its first year's operations prove, it catered for a general need from the outset, and throughout its history it has continued to serve the public, modestly and-efficiently, until to-day more than half the population are numbered in its ledgers and to its care have been entrusted savings to the amount of £48.,000,000 —a greater sum, indeed, than the private deposits in the great commercial banks, which represent roughly the working capital of all the industry and commerce of the country. Of course, those millions are not merely a static accumulation of the fruits of thrift — the year's transactions through the many branches of the bank represent a vast turnover, Hut year by year, the total has risen, for even in latter times of adversity the bank's clients have, in effect, drawn only upon the interest of their savings, each year showing a gain in the total funds. Not only has the bank been an important agency in the encouragement of saving, but through it a great host of citizens have been able to assist in the national development, for the bulk of its funds has been invested in State securities. In this long chapter of its history, the State savings, bank has faithfully observed the traditions of British banking institutions—sedate, conservative, implicitly faithful to its trust. That it will now proceed to many more jubilees of useful service and public confidence there can be no doubt.