WARTIME SAVINGS

New Zealand Herald, Volume 81, Issue 24878, 27 April 1944, Page 6

WARTIME SAVINGS

THE AUCKLAND BANK

FUNDS OVER £15,800,000 YEAR'S RECORD INCREASE In wartime, with the call to provide funds for national requirements, goods and services in short supply,, no unemployment, women being called upon to assist in essential undertakings, thereby becoming wage-earners, and extra income from overtime, it was natural that deposits must grow, said Mr. G. W. Sanders, president of the Auckland Savings Bank, in presenting the 96th report to the annual meeting of the trustees yesterday. A record increase in the bank's funds or o,oi-j to a total of £15,826,359 was shown in the report. This was £601.898 more than last vear's previous record gain, or £1,774,645. Danger ol Inflation "National currencies have had to Be expanded to meet the war conditions and a, large amount of unexpended money is in. circulation," Mr. Sanders ! added. "This has caused a gap in our national economic system and, unless (strong measures are taken to bridge i this gap, there is danger of inflation, j That this possibility exists is recognised ! by Governments and leaders of finanI cial institutions, both in New Zealand and abroad, and it is reassuring to find that steps are being taken to avoid trie | evil by instituting monetary control and stabilisation enactments." Apart from national war savings lodged with the bank, depositors' balances totalled £13,660,457, including interest amounting to £286,026. The gain was steady throughout the year, except in June, when, it was estimated, £300,000 was withdrawn by depositors and invested in the Third Liberty Loan. I New accounts totalled 25.246 and, after | deducting closed accounts, there re- | mained the huge total of 236,649. The | number of transactions exceeded 1,466,000. Nearly £7,000,000 In Deposit.3 Deposits at £6,952,335 were the j highest yet reached and withdrawals ! amounted to £5,388,831, making the total turnover £12,341,166, compared with £10,098,435 in the previous year, j Pupils in the 72 schools with school | banks had responded well, the increase (being over £7OOO, bringing the total to 1 £34,902. This gain was a record. Thrift ! clubs in the business houses and factories, numbering 383 with 11,985 accounts, improved their balances by ! £30.000 and the total amount was now j £121,593. National war savings balances I showed an increase of well over 100 j per cent. The total deposits in the 122,899 accounts now exceeded £BOO,OOO. ! The bank had, in addition, sold national j war savings bonds on behalf of the Government amounting to £229.480. Apart j from the bank's own subscriptions to I war loans, subscribers during the year had lodged applications through the I hank for £78,1:30. ! Mr. Oliver Nicholson was 1 president and Mr. G. W. Sanders j deputy-president. REHABILITATION TASK FARMING INTERESTS PROTEST FROM WAIKATO (0.C.) HAMILTON. Wednesday A combined meeting of representaI tives of the rehabilitation committees of I Hamilton, Morrinsville. Huntly and ■ Cambridge was held at Hamilton to-day ] to protest against the recent legislation : under which farming sub-committees I will not be permitted to function at ; any of these centres, except at Hamilton. A resolution of protest was sent ito the Minister of Rehabilitation, the ; Hon. C. F. Skinner, asking that these t committees should be reinstated imI mediately, as otherwise they would j have to review their present position | seriously. Mr. C. Cates, farmers' representative : on the Morrinsville rehabilitation cora- ' mittee. said it was absurd that rei habilitation matters in the richest farming area of New Zealand should be cenI tralised to .such an extent when in the j South Island very small localities were j being permitted to retain their subI committees. In view of the large num- | ber of applications from returned serI vicemen which were received at Morrins- } ville, it would cause much waste of time if they all had to be considered at Hamilton. Some kind of advisory panel of farmers would have to be set up in the centres where no sub-committee was permitted, and it would be far more satisfactory if this was giveli official status. DISPERSAL OF INDUSTRY COUNTRY TOWNS' CLAIMS (0.C.) THAMES, Wednesday The decentralisation of industry is interesting the Thames Borough Advisory Committee, which is investigating the prospect of obtaining further industries in Thames. At the annual meeting of the Chamber of Commerce, the borough commissioner, Mr. A. L. Burk, said he did not subscribe to the f'iew.that at the end of the war factories in Thames would collapse and slump. The aim of everyone who had the interest of the town at heart should be to introduce fresh capital to it, added Mr. Burk. The location of many industries in the cities had created a strain on the services of these cities, but in places like Thames social services could be more fully utilised. Mr. J. Thorn, M.P., said no proper reconstruction could be carried out unless there was a dispersal of industry to the country. Industries in the cities had already created huge problems. The moral aspect of young people leaving their home towns to obtain employment was deplored by Mr. Thorn, lie' referred to the difficulties facing voung people in small towns where no industries existed. They had to leave | home to obtain employment, receiving | wages which were inadequate to keep j them. Parents still had to keep them, but they had to live away from home j at a time when they were in need of i parental guidance. Young girls sent to Wellington had no guidance and all sorts of temptation.

TIIE COUNTRY QUOTA DANGER OF ABOLITION (0.C.) WHANG ARE I, Wednesday The Leader of the Opposition. Mr. S. G. Holland, speaking at a meeting in WhangareL predicted that the Government would attempt to abolish the country quota of representation in Parliament and warned the people of the danger if this interference with their privileges were allowed. Two attacks had been made against the primary producer, said Mr. Holland. The first was the Land Sales Act, and then came the Local Elections and Polls Amendment Act. The third would be the removal of the country quota. In a country electorate there were 28 per cent fewer electors than in a citv electorate, ensuring by a basis laid down in 1881 that the farmers had adequate representation in Parliament. The Labour Government was now seeing the writing on the wall —that it was going out of office, Mr. Holland added. Therefore, pressure groups and union organisations were now moving to abolish tlie country quota. If the quota had not been in operation at the last election the National Party would have secured only 25 seats, instead of 34. and the Government 52 instead of 45. The only way to oppose the abolition of the country quota was for public opinion to be forcibly expressed, but always within the law, so that the Government would not proceed in face of the people's will.