AUCKLAND SAVINGS BANK

Otago Daily Times, Issue 23796, 1 May 1939, Page 13

AUCKLAND SAVINGS BANK

NEW RECORDS CREATED STEADY RISE IN FUNDS (Special to Daily Times) AUCKLAND, Apl. 29. “The review of the year’s work shows that good progress has been made, although the increase in funds and depositors’ balances is not as high as last year,” stated the ninetyfirst report to the board of trustees of the Auckland Savings Bank, presented yesterday at the annual meeting of the board by the president, Mr Oliver Nicholson. “ The total funds this year reach a new high level, and are only £37,000 short of the £10,000,000 mark,” the report says. “ The increase in funds is £382,000. and it is noteworthy to record that in the last two years the accretion has been £1,000,000. The previous million increase took three years, whereas the first million was not reached until the bank had been in existence 58 years.” Record In Deposits The total number of depositors continued to grow, and stood at 189,889, the report stated. The increase was 5623. A total of 16,242 new accounts was opened during the year, the figures for the two previous years being 16,456 and 16,067. Of those accounts, 10,900, or 67 per cent., were for sums under £2O. Deposits were a record at £5,297,000, an increase of £240,000. The gain was not as large as the previous year, but the increase was still a source of congratulation. The average amount of deposits was £7 4s 4d. The withdrawals showed an increase of £506,500 and just exceeded £5,200,000. Compared with the previous year the greatest average increase in the withdrawals was in amounts under £IOO. The net gain in deposits for the year was £83,590, as against an increase the previous year of £350,000. Net Profit of £85,628 Cash in hand and at bankers had increased by £IO,OOO. After providing for the usual »depreciation the net profit was £85,628. Based on the previous year’s assessment rate the bank would be called on to pay £25,928 as income tax, and £4511 would be payable as social security tax. In addition it appeared that the bank’s depositors would be required to pay social security tax on the interest received by them in respect of their deposits.