PRIVATE SAVINGS BANKS.

Wanganui Chronicle, Volume 76, Issue 105, 6 May 1933, Page 13 (Supplement)

PRIVATE SAVINGS BANKS.

Tho results of the operations in the past financial year of the two most important of the private savings banks of tho Dominion are contained in our news columns this morning. They may be regarded as, in all the circumstances, remarkably satisfactory. While the withdrawals from the Auckland bank exceeded the deposits by £86,276, they were £236,056 below the withdrawals in the previous year. This was hardly what might have been expected since the economic conditions of the country were more acute in the later than in the earlier period. But the figures of the Dunedin Savings Bank, which are on a smaller scale than those in AuckInad, present the noteworthy feature that the deposits for 1932-33 exceeded the withdrawals just as they had done in the preceding year. The transactions at tho local institution were not so heavy during the most recent period as in the previous twelve months, but tho excess of deposits over withdrawals (£17,839) was actually greater than in 1931-32, when it was £6154. The legislation affecting interest rates has necessarily reduced the yield upon the bank’s investments, but it is gratifying to observe that at the close of its financial year tho institution was able to show a balance of £125,305 in its profit and loss account. The record of the operations of the bank is one upon which those who are interested in its welfare may certainly find cause for congratulation.—Otago Daily Times.