NOT SPENDTHRIFTS.

Otago Witness, Issue 3870, 15 May 1928, Page 60

NOT SPENDTHRIFTS.

(From Our Own Cobre- ondent.) SYDNEY, April 26. That the people of New South Wales, in the mass, are not spendthrifts is attested by what can be fairly termed amazing figures. The deposits in the Government Savings Bank of 57.34 per cent, of the population of Sydney and suburbs alone total £43,678,588, or an average of £69 3s sd, to be precise. Taking the country also into account, 992,743 depositors stand behind £67,632,598 in the Savings Bank. This is, the State Savings Bank, and is quite apart from the Commonwealth institution. No other savings bank in the Empire except the Post Office Savings Bank of the United Kingdom exceeds those figures. The bank is opening an average of 20,600 new accounts every month. During the last 10 years, depositors have reaped in interest £18,645,707. Before very long now the Savings Bank will be in buildings wortny of it, one of the most magnificent and imposing structures in Australia, or in any other part of the world for that matter. As it is situated now, in Martin place, the Commonwealth Bank, a few doors along, is reaping a lot of business at its expense The Commonwealth Bank, striking a Grecian Doric architectural note, one of the oldest types of the classic group from which many of the most recent buildings in Sydney can be traced in descent, is a handsome structure, but it will look comparatively cheap when compared with the new State Savings Bank.