DUNEDIN SAVINGS BANK

Otago Daily Times, Issue 24594, 30 April 1941, Page 8

DUNEDIN SAVINGS BANK

ANNUAL MEETING OF TRUSTEES GRANTS TOTAL £3OOO MR H. B. HART NEW PRESIDENT Grants totalling £3OOO were ; made to various local organisations . at, ■ the annual meeting of trustees of the Dunedin Savings Bank yesterday. This sum brings the total amount of grants made since the establishment of the institution up to £80,231. Those present were Messrs J. H. F. Hamel (president), H. B. Hart, D. C. Cameron, M. Connelly. M.L.C., J. W. Dove, Dr D. •G. • McMillan. M.P.. A. Steel, ‘ and RWalls. Grants Made The following grants, which are subr ject to the approval of the Governor-Genefal-in-Council. were made:— ■ ; ■ Dunedin North and Leith Amenities Society .. • • 50 Navy League (Otago branch) Sea Cadets .. . 300 Dunedin Vocational Guidance, Association .. .. 100 Otago Provincial Council. , Rehabilitation Fund i. .. 1500 Otago Provincial ' Council. . Comforts for Soldiers Fund 500 Otakou Centennial Memorial, Maori Hall .... 250 Roslyn District Nursing Association 50 Salvation Army 250 •.-■■■■. Total ' .-V ::- L £3OOO ; , President’s Report The. president’s , report stated .that ‘last yeat.the amount at the credit 'of depositors was £ 2,544.996 10s 4d, while this year it stood at £2,671,870 14s, an increase of £126,874'3s Bd. Deposits amounted to £950.620 9s 5d and withdrawals to £899.721 13,- 9d These

amounts included the sum of £14,499 at the credit of depositors in the national savings investment campaign, which" was launched on October 31, 1940. There had been 83 groups formed with a credit of £2027 8s lid to date, The manager, Mr A. Thomas, was appointed by the Government as organiser for the Dunedin area in the national savings movement. Bonds to the value of £4240 had been sold by the bank. The takings represented approximately £IOOO per week. The gross income of the bank for the year was £114,770 ,12s Id, and the expenditure, which included interest passed to the credit of depositors, together with expens.es of management, including £12,454 17s 2d income tax paid and £2227 8s lOd national and social security taxes paid, was £102,519 11s 2d. The assets of the bank at March 31. i 941; were £2,930,270 17s Bd, and of this- amount the sum of £2,756,708 Is 6d was invested in loans on mortgage?/Government and local body debentures, and fixed ' deposits. The difference. £173,562 16d 2d, consisted of cash v iii. hand and in bank, accrued interest, bank properties, etc. The amount’ at" credit of numerous thrift clubs and school savings bank schemes still continued to show an increase over last year. Loans on mortgage amounted to £ 1,698,217 18s 7d, ah increase Of /'£77,194 13s 2d over last year. Actually,- throughout the year, the sum of £154,728 3s 9d was loaned on morgtage securities. This was very satisfactory, and was due in large measure to the easy terms and conditions offered to borrowers by the bank, r Grants to the. extent of £14.300 were made: during, the year, including ’£lo,ooo paid to the New Zealand Government as-a contribution to war expenses. The sum of £25,000 was taken up in the interest-free loan, so the bank could truly say that it was doing its best to help in the war effort. The new accounts opened during the year numbered 6199, /bringing the total number of depositors to 43,471. ' New President ElectedMr H. B. Hart was elected president for, the ensuing ,year, and Mr J. W., -Dove was elected vice-president. :