DUNEDIN SAVINGS BANK

Otago Daily Times, Issue 18675, 3 October 1922, Page 8

DUNEDIN SAVINGS BANK

SOUTH BRANCH OPENED. Yesterday the Dunedin Savings Bank opened a branch office in Duke's now buildings at '-’Cargill's Corner, South Dunedin. The extension is part of the deliberate policy of the trustees to bring the bank within easy reach of the thickly-populated parts of the city, and the convenient situation of the new branch in the centre- of (he Fiat wiil no doubt enlarge the number of the bank's deposit holders. The new office is finished in the best modern style, with ornamental plaster ceiling, Oregon panelled and plastered walls, reflecting electric lamps, and office furnishings similar to those in the High street chambers. ft is also well lit in daylight, and cross-ventilated. The bank was established in 1864, under “The Savings Bank Act. 1858,” so it is in its fifiv-seventh year. Eor something like 40 years it has been boused in its present chambers in Lower High street, and they wore just recently remodelled and refurnished throughout. Restrictions are imposed by the Act with regard to profitearning and distribution, and it has always been the aim of the trustees to give deposit holders (ho benefit of ns high a rate of interest as possible. At present the rate is 43 per cent. Any surplus profits have been distributed to the Hospital, educational, and benevolent institutions of the city, so the money lias been kept in local circulation. The present board of trustees is composed of Mr G. L. Denniston (vice-president), the Hon. Mark Cohen, Messrs T. It. Christie, George Lawrence, 0. W. Chamberlain. J. B. Shaddock, E. A. Rosevear. D. Burundi. T. C. Harrison, and J. F. Hamel. Mr Denniston has been a trustee since 1889, and vice-president since 1906. r lbe vice-president is actually chairman of the trustees, as the president, under the provisions of the Act, is the Governor-General. The first manager of the bank was the late Mr Edmund Smith. Ho was succeeded by bis son. Mr Fred Smith, and on the retirement of the latter in November. 1920, the present manager (Mr -las. Qnailc) was appointed. . As an indication of (bo way in which the bank’s business lias grown, it may bo added that on March 31 there were 6395 depositors’ accounts, as compared, with 4328 in 1918. The amount actually standing to their credit was £690,407 17s, as compared with £256,895 17s 7d on March 31, 1918.