PEOPLE'S SAVINGS

Wanganui Chronicle, Volume 79, Issue 266, 13 November 1935, Page 9

PEOPLE'S SAVINGS

CLOSING OF ACCOUNTS. STATEMENT BY' MINISTER. [ Per Press Association. ) WELLINGTON, Nov. 12. “My attention has been called to a statement made by Air. R. Semple, M.l’. for Wellington East, that in a little over three years 80,000 people had lost their savings in the Post Office Savings Bank, the inference drawn by Air. Semple being that this was due to the economic measures of the Government in reducing salaries, wages, etc., and compelling depositors to draw on their savings in the Post Office Savings Bank,” said the Hon. R. Masters in an interview to-day. “Jt is quite correct that the number of accounts closed during 1932-33 exceeded the number of accounts opened by approximately 80,000, the figures being: Accounts opened 72,000; accounts closed 152,000. The explanation of the closing of such a large number of accounts in that year is to be found in operations under the Unclaimed. Aloneys Act. This Act was amended by Section 2,j of the Finance Act, 1932 folic win which all amounts lying- in savings banks -nd other bank accounts which had not been operated on for 25 years or more were paid to the Government as unclaimed moneys. The result was the closing of a large number of ‘dead’ accounts, some ol which had not been operated on for nearly half a century.”