£43,000,000 AT CREDIT

New Zealand Times, Volume XLIX, Issue 11295, 22 August 1922, Page 6

£43,000,000 AT CREDIT

IN POST OFFICE SANK CREDITS INCREASED BY £489,000 DURING YEAR. 678,930 ACCOUNTS, The following is a statement of thl business done by the Fast Office Sav. ings Bank last year:— There was credited to depositors’ accounts an amount of £1,599,907 for interest, and the total amount at credit of depositors was increased during the period by £489,673. The total balance at credit of depositors on March 31st, 1922, was £43,841,704. These results are an indication of the unabated confidence reposed in tbe institution by the people of the Dominion. There were 23 new savings bank offices opened during the -period and 11 closed, leaving a total of 831 offices open. New accounts to tbe number of 89,859 were opened and 75,748 closed, leaving 6"8,930 still in operation at the end of the year. This gives a proportion of one aocount to every J. 93 of the population. Full particulars as to the number of deposits and withdrawals are given in the tables. The deposits reached a total of £29,125,997, and the withdrawals £30,236,231. The average deposit amounted to £23 14s 6d, and the average withdrawal to £27, while the average amount at credit of each depositor was £64 lie 6d. If the total at credit were divided equally among the whole of the people the amount at credit of each person would be £33 7s 3d. The working expenses of the saving* bank amounted to 6.13 d per transaction, which gives a cost per cent, on the total amount at credit of depositors of O.lod. The system of nomination by deposit, ors in favour of relatives who receive moneys at their credit in ease of death continues to grow in favour- During the period 310 nominations were made. The system of transfer of accounts between tbe Dominion and the United Kingdom resulted in £77,290 being transferred to the United Kingdom and £56,581 to New Zealand. A similar arrangement with the Australian savings banks resulted in £161,786 being transferred to Australia and £126,423 to New Zealand. From April Ist, 1920, the rate of interest on sums not exceeding £3OO at the credit of depositors was increased from 3} to 4 per cent., and on sums exceeding £3OO from 3 to 3J per oent. From January Ist. 1921 the maximum amounts on which the respective rates of interest are payable were raised from £3OO to £3OO and from £IOOO to £SOOO. The termination of the Savings Bank year has been altered from Docerabei 31st, to March 31st in each vear, Um change taking effect from March 31st