THE PEOPLE'S BANK

Stratford Evening Post, Issue 18, 16 August 1928, Page 7

THE PEOPLE'S BANK

WITHDRAWALS EXCEED DEPOSITS. WELLINGTON. August 15. A* hopeful note is struck by the annual report of the Post and Telegraph Department in its reference to the position of the Post Office Savings Bank deposits for the current year. "Despite the fact that withdrawals for 1927-2 S exceeded ■ deposits jby £2,973,931, the amount 'standing at credit of depositor was only £1,226,775 less 'than in th e previous 'year," states the report. "In view of the general trade recovery, it is anticipated that not only will there be an increase in the amount of deposits, but the balance at credit at the end of the coming year will be greter than on any previous occasion. ' The number of depositors has increased by 20,898. At March 31 there were 804,725 depositors, wtih a total of £47,758,726 at their credit." . The money-orders issued exceeded those of the previous year, but there was a slight, decrease in value. Th e total number of orders, issued was 803,481, and the value £4,995,090. On September I, 1927, there was offered for sale a new issue of Post Office investment certificates f (in values of £l, £lO, and £100) with a currency of one, two and live years, bearing interest at. the rate of M, 5 > and 5 I_4 Der cent - r ' e " spectively. Up to March 31 hist the? amount, invested in this series reached the sum of £541,789. , Those ...certificates jirbvided" a substitute forHhe reduction in the inaximuin interest-earning deposits of the Savings Bank, and had the added advantage tjhat they are virtually "fixed deposits."