P. AND T. DEPARTMENT.

Timaru Herald, Volume CXXXVII, Issue 19625, 20 October 1933, Page 14

P. AND T. DEPARTMENT.

ANNUAL REPORT. By Telegraph—Press Association WELLINGTON, October 18. A reduction of £421,298 in the revenue collected by the Post and Telegraph Department during the year ended March 31 last is shown in the annual report of the department, which was tabled in the House of Representatives to-day. The sum received was £3,293,932, compared with £3,715,230 for 1931-32. Payments for the year in respect of wprking expenses totalled £2,688,120, this sum including interest on capital liability amounting to £546,009, and £122,818 provided out of the depreciation fund. The excess of receipts over payments was £605,812. The sum of £456,000 was paid to the Consolidated Fund. Deposits in the Post Office Savings Bank amounted to £16,933,176, compared with £19,463.986 for the previous year. Interest credited to the depositors was £1,475,874. Withdrawals totalled £19,635,928, compared with £25,488,081. The excess of withdrawals over deposits amounted to £2,702,752, compared with £6,04.096 for the year ended March 31, 1932 The total amount at the credit of depositors at the end of Mrrch last was £42,028,621, a decrease of £1,226,878 compared with the previous year. The amount accumulated in the Post Office Savings Bank at March last represented an average of £27.4 per capita for the Dominion. ‘‘The savings bank position." the report continues, ‘‘has shown a marked improvement since January, and the deposits exceeded withdrawals for the months of January, May, June, and July of this y :ar. In July the excess of deposits amounted to approximately £IBO.OOO. This is a satisfactory change and has been brought about by the increase in deposits ar.d falling off of withdrawals mad' by depositors generally, and is Indicative of the return of the Dominion to normal conditions.”