DUNEDIN SAVINGS BANK

Otago Daily Times, Issue 22246, 26 April 1934, Page 10

DUNEDIN SAVINGS BANK

OPERATIONS FOR THE YEAR At the meeting of the trustees of the Dunedin Savings Bank on Tuesday afternoon, Mr J. Quaile, the manager of the bank, submitted the balance sheet for the year ended March 31 last. The statement of accounts showed that the balance standing to the credit of depositors amounted to £2,191,200, and that the amount deposited during the year came to £820,040, while the withdrawals wore £845,477. During the year 3300

new accounts were opened in the bank, bringing the total number of depositors to 31,981. Mr Quaile states that it was no doubt as a consequence of the depression that the deposits were slightly below the withdrawals. The compulsory reduction to 3 per cent, had also been a factor in the withdrawals, depositors seeking other avenues of investment. That the bank is, however, serving the purpose for which it was intended —namely, to encourage thrift and the putting by of even the smallest amounts —was amply

borne out by the fact that 3300 new accounts had to be recorded for tbe year just closed. The following table shows the transactions of the bank for the past 12 years (shillings and pence omitted) : Deposits at

close of of year. .•Jo. of WithIncluding deposiDeposits. drawals. Interest. tors. 1923 393,389 350,315 765,633 7,068 1921 161,155 401,719 862,310 9,111 1925 520,151 433,705 990,217 10,716 1926 , , 723,066 542,038 1,221,501 13,945 1927 772,401 652,671 1,400,782 17,207 1928 856,734 744,414 1,580,394 19,548 i 1929 906,701 828,748 1,733.385 22,274' 1930 1,013,295 929,592 1,900,594 25,277 1931 962,058 983,345 1,966.386 27,024 1932 981,906 975,451 2,057,487 29,594 1933 879.579 851,740 2,154,044 30,708 1931 820,010 845,477 2,191,290 31,981