DUNEDIN SAVINGS BANK

Otago Witness, Issue 3335, 13 February 1918, Page 39

DUNEDIN SAVINGS BANK

REVIEW OF ITS HISTORY. AN IMPORTANT PUBLIC INSTITUTION. The fact that the Dunedin Savings Bank i& about to enter into the occupation of its re-built premises in Lower High street marks a furthor stage in the progressive developmerit of this important public institution, and at the same time presents a suitable opportunity for reviewing its career of usefulness during a period of over half a century. An element of obscurity seems to shroud the actual inception" of the concern away backin tho early sixties, but there is still in existence an official record of a preliminary meeting held in the Custom House on Juno 28, 1864, which was attended by some of the original trustees in the persons qf Messrs A. C. Strode, W. H. Reynolds, John Gillies, John Bathgate, R. B. Martin, R. S Cantrell, O. H. Street, A. W. Morris, and Thomas Dick—names which to many older citizens will call up vivid memories of business associations of 50 years ago. The institution was formed under " The Savings Bunk Act of 1858," and during its early operations the bank account was guaranteed by some of the trustees themselves—probably not an overwhelming responsibility for them to assume. In those early days, which go back to a time before the existence of the Post Offioe Savings Bank, _ the institution was moulded largely on thropic lines, tho idea of the trustees being to give working people an opportunity of saving their money in small sums. Tho axiom " tako care of the pence and tho pounds will look after themselves" seems to have been better heeded by the past generations than it is by the present, and it was no uncommon thing for the trustees of the Dunedin Savings Bank in the early days to recoivo from their clients sums of one shilling, two shillings, and half-a-crown. Hence, in those days the title "Savings Bank" fitted tho institution with a very special appropriateness. EARLY PREMISES AND METHODS.

The original office of the bank consisted of a little room in Farley's buildings, where Messrs Stewart, Dawson's premises now stand, and here the trustees themselves used to be in attendance on one evening of the week between the hours of 5 and 7, in order to receive deposits. In March, 1868, the bank removed its premises to an office in Princes street, owned at that time by Mr Charles Reid, and occupying the present site of Mr Gardham's fish shop. At this office two of the trustees attended on two nights a week in rotation to accept investments and give acknowledgments for these to the depositors. As the business of the bank began to prosper its value to the public became more generally recognised, the trustees felt the need of having premises of their own, and consequently in December, 1874, the High street site, which has been the location of the bank's business ever since, was purchased and a suitable building erected. After a period of usefulness extending over 44 years this structure was partially pulled down some months ago and the substantial new premises that now grace the site will probably bo the means of retaining the bank in its familiar quarters for a great deal more than half a century. The contract price for the alterations was £2145, and the total cost will probably be in the vicinity of £2500. The building is now almost ready for occupation, and it is expected that within another few weeks the business will again be carried on in the High street premises. PUBLIC BENEFACTIONS OF £25,000. It should be made clear that the Dunedin Savings Bank is not conducted in the interests of private enterprise, but that it is a public institution of importance to the whole of Otago. Its affairs are managed by a board of trustees appointed by the Government, and its financial operations arc pubject to strict Government audit. The importance of the institution to the public generally consists in the fact that the whole of its surplus profits, over and above 10 per cent, of its liabilities, may be applied to charitable, educational, and other purposes of a beneficent nature, and in all these directions the bank has played a useful and valuable parti since its earliest days. These benefactions are made under the authority of the Savings Bank Act, and the only restriction imposed by law is that the money must be applied to one or other of the objects named above. Under this heading the Dunedin Savings Bank has in the past made donations to the Benevolent Institution totalling no less a sum than £11.000; tho University of Otago has benefited to the extent of £8000; the Dunedin Hospital has received £1000; the Art Gallery £500; the Free Public Library £1000; the Dunedin and Cargill Road Kindergartens £600; the Technical School £ISOO, and tho Society for the Protection of the Health of Women and Children £SOO. These figures represent a total outlay of almost £25,000, and demonstrate very clearly that the institution has been of great value to the community and the province generally. SOME OF THE OLD NAMES. A glance through the old records of the bank reveal the fact that at every period of its existence the management of its affairs has been entrusted to the leading business men of the town —a factor that has unquestionably had a potent influence in making for its success. The Governor (and in more recent times the Governor-general) has always held the position of president, ex officio, and there have been only four vice-prcsidente at the head of affairs locally since tho inception of tho institution."' The first of these was Mr A. O. Strode, who resigned in January, 1852. The Hon. W. H- Roynolds was then appointed, and he held tho office until February, 1899, resigning shortly before his death. Mr Keith Ramsay followed, and upon his death in May, i 906, Mr. G. L. Denniston, who still holds the position, was appointed to fill the vacancy. Mr Edmund Smith, the original manager, conducted tho business of the bank from 1864 until the time of his death In Juno, 1895, when his son, Mr Fred. Smith, the present manager, was appointed to succeed him. Amongst those connected with the ooncern in its very early days were Mr George Hepburn, Mr Wm. Mason, Dr F Richardson, Mill?. T. Wright, Mr James Rattray, the Horf. Richard Oliver, MiHenry Driver, Mr Henry Tewsley, Mr James Wilkio. Mr W. A. Hill-Jack, Mr R. A. Lawson, and Mr John Logan. Coming down to comparatively more recent times tho names of Messrs E. 0. Quick, Wm. Langlands, Alerf. Rennie, John Roberts, C.M.G., A. Bartieman, and J. T. Macker-

ras are found to have been associated with tho bank from the early eighties onwards. Tho present trustees of the bank are as follow:—Messrs G. L. Denniston, M.Cohen, T. R. Christie, C. W. S. Chamberlain, T. C. Harrison, D. Larnach, G. Lawrence, E. A. Roscvear, and J. B. Shacklock. THE AUDITORS. A point of interest in connection with a review of the bank's history is that the original auditors —Messrs William Brown and Thomas Moodie—who were appointed to the position in 1876, are still living. Mr Moodie continues to act in that capacity, and the work is also shared by the firm of Messrs William Brown and Co. Prior to the appointment of these two gentlemen the duty of auditing.the bank's books was carried out by two of the trustees, who were appointed annually. Thd record of Messrs Brown and Moodie, however, who have held the position for 41 years, continuously, is a remarkable one.