DUNEDIN SAVING BANK.

Otago Witness, Issue 2762, 20 February 1907, Page 36

DUNEDIN SAVING BANK.

A TEAR OF STEADY PROGRESS.

A full meetfhg of the trustees of the Dunedin Savings, Bank was held yesterday. The report of tho manager (Mr Fred Smith) for the 12 monthe ended December 31, 1906, was as follows: — The amount received from depositors wag £42,539 15s 3d, and the withdrawal £42,02-1 &s sd, while the total standing to credit of depositors js £105,715 0s Bd, showing an increase since last balance of £3859 12s 3d. Interest, 3J per cent., credited to depositors amounted to £3350 5s sd, baing an increase of about £70. A sum of £7989 was lent on mortgage, and £5230 was repaid, leaving a balance under heading of loan account of £61,724 15a. During the year the special and deposit accounts with the National Bank was closed, and the balances placed upon fixed deposit at 3 per cent, with that bank. The fixed deposits accordingly show a large increase to £26,000. I have once more the satisfaction to report that the business of the bank has shown steady progress and, notwithstanding a reduction in interest obtained on bank deposits and an increase in expenses, the profit for the year is £572 14s sd, as against £532 7s 5d for the previous twelve months. It hp.s not been necessary to write anything off for losses, and the balance at credit of property suspense account (£1173 14s) still remains).