THE SAVINGS BANK

Timaru Herald, Volume CXXXVII, Issue 19299, 28 September 1932, Page 3

THE SAVINGS BANK

WITHDRAWALS EXCEED DEPOSITS.

An excess of withdrawals over deposits of £6,024,095/13/6 is shown by the annual report of the Post Office Savings Bank for the year ended March 31, 1932. This excess is nearly £2,500,000 greater than last year’s, though the actual withdrawals were £2,574,257 less than last year, the excess of withdrawals being accounted for by a decline of deposits by £5,067,584. Withdrawals have exceeded deposits ever since 1924, though that year’s excess of deposits (£88,051) was preceded by two years in which withdrawals were over £1,000,000 greater than deposits. Before 1923 deposits regularly exceeded withdrawals. The figures for the four main centres are:—

Wellington (£1,260,763) shows the greatest excess of withdrawals over deposits, with Auckland next, closely followed by Christchurch. Only three centres have higher average deposits per account than Christchurch, Timaru heading the list with £SB, Palmerston North being next with £57, and Oamaru third with £56/18/9. The position for the Dominion over the last six years is set out in the following table:— Year ending Excess of Total all Avge.

Avge. Deposits. Withdrawals. Tl. Credit. Act. £ £ £ £ Auckland 3,089,306 4,086,567 6,807,860 47 Wellington 3,806,101 5,106,864 7,670,140 49 Christchurch 3,064,546 4,026,181 7,113,151 54 Dunedin 1,301,618 1,834,795 3,742,408 51 Dominion total 19,463,986 25,488,081 43,255,499 49

March Withdrawals. accounts. act. £ £ £ 1932 6,024,096 43,255,499 49 1931 3,531,769 47.668,547 54 1930 1,014,139 49,436,491 58 1929 859,559 48,644,217 59 1928 2,973.931 47,758,726 59 1927 693,246 48,985,502 62