SOUTH AFRICAN SAVINGS BANK

Wanganui Chronicle, Volume 79, Issue 31, 6 February 1935, Page 11

SOUTH AFRICAN SAVINGS BANK

uri.in DEPOSITS INCREASING. JOHANNESBURG, Doc. 14. With 58,198 depositors In the South African Post, Offi'co Savings Bank and a total amount to their credit at March I 31, 1934, of £9,364,449, the average i balance to the credit of each depositor I was £2l 2s 2d., as against £l4 J9s lOd. tit the end of the previous year, indicating the advance in thrift made in I the Union and the happier economic 'conditions of the country. Native depositors in the Post Office Savings Bank numbered 74,036, and they had to their credit £615,149, re presenting an increase of 8,887 and £120,082 respectively, as compared witk an increase of 5,785 and £24,933

spcctively, in 1932 1933. Phenomenal Rise. I The ordinary account balance in :lm I Post Office Savings Bank rose from £6,599,519 at tho end of 1932-1933 to £9,304,449 on March 31, .1934, an increase of nearly 42 per cent.; and the “certificate” account balance from £762,400 to £2,060,600. an increase of over J7O per cent. “Never during any year since the Bank was instituted at the Cape over 50 years ago, was the rate of progress remotely comparable to that reflected last year,” the Postmaster-General declares.

Interest Rate. Since Union the rates of interest granted on ordinary account, and certificate deposits have usually been lower than the rates allowed by other institutions catering for the savings of the people, with the result that the Post. Office has been at a disadvantage in this connection. Owing, however, to the recent general reduction in ’he rates of interest paid by other institutions, to the same and even lower level than that paid by the department, the disadvantage has disappeared, and the Savings Bank is, in consequence, reaping the benefit in greatly increased business. “It is noteworthy that the average balance to tho credit of each depositor, which was £l4 19s lOd. at March 31, 1933, rose to £2l Is 2d. on March 31,