THE DUNEDIN SAVINGS BANK.

Otago Daily Times, Issue 19276, 13 September 1924, Page 8

THE DUNEDIN SAVINGS BANK.

The diamond jubilee of the Dunedin Savings Bank, which was celebrated at a luncheon gathering yesterday, is an event of considerable local interest. It might be termed a jubilee of thrifty enterprise. Perhaps thrift, regarded as a virtuous aim and practice, is not to generally .honoured nowadays as it was during the second half of the nineteenth century. There is even a school of heretical doctrinaires frankly opposed to the ideas of the old economy. But the lessons of experience are all on the side of a principle which is firmly rooted in the verities of social progress. It has yet to be shown that individual, to say nothing of national, improvidence can spell anything hut eventual discomfort and ultimate disaster. For sixty years the Dunedin Savings Bank has served as a beacon, so to speak, signalling people of all. classes, ©specially those in moderate circumstances, to make forward-looking provision, for economic independence. The social influence for good thus exercised cannot be estimated in terms of statistics, though, the recorded figures tell their own eloquent tale. A concise historical sketch of the institution, interestingly illustrated, has been issued in booklet form by / way of souvenir; and the story of the sixty years’ work, apart from the value of its personal associations, furnishes clear proof that the disinterested aims of the promoters have been amply fulfilled. The Bank has had its non-progressive seasons, corresponding with periods of general depression ; but it is satisfactory to note the remarkable advance in the transactions of the last decade. To quote from the commemorative sketch: “Contrary to the anticipations of many, the war developed thrift. . . There can be little doubt that the fierce spirit of patriotism and self-reliance engendered by the war went far in awakening to an unwonted degree the spirit of personal thrift and of inspiring a new movement in the direction of saving money on the part of literally thousands who had never heretofore done much in this direction.” Anyhow, perhaps owing to more than one cause, the Bank’s record from 1914 has been marked by unparalleled prosperity. The number of depositors has actually been more than trebled. The sum total of all the deposits for the previous halfcentury was exceeded in. ten years by more than 100 per cent.—a truly astonishing development. There was an increase of 800 per cent, in the deposits in comparison with those of the preceding decade. It might perhaps be wished that the writer of the jubilee report had enlarged more folly, in explanatory strain, on the significance of this extraordinary growth of business, to which the circumstances of the war-time cannot have been the sola contribution. Much of the credit, it may fairly be suggested, is due to sagacious and enterprising control; for, in'praising the pioneers, we must hot lose sight of ' the valuable services of later and present management. We alluded just now to the disinterested character of the idea upon which the Bank was originally based; and this feature, which, if not unique, is certainly exceptional, should be admiringly recognised. Money-making has never been a primary concern of the Dunedin Savings Bank, and the history of the distribution of the profits forms an inspiring chapter in commercial and social annals. It may well be claimed that the philanthropic side of the sixty years’ operations represents a substantial asset to the community, more than £27,000 having been allocated to publio institutions furthering general welfare' and advancement. It must be remembered, too, that this wise largesse has not been bestowed to the detriment of the depositors, who from the beginning have received interest at a. rate higher than that granted by the Government through the Post Office Savings Banks. It is to be trusted that an institution in which Dunedin takes a just pride, having passed this significant milestone, will pursue a career of nnchequered prosperity, and be instrumental in a. further, and not unnecessary, development of the genius of thrift.