WELLINGTON SAVINGS' BANK.

Wellington Independent, Volume XV, Issue 1323, 16 February 1859, Page 3

WELLINGTON SAVINGS' BANK.

The annual meeting of the Manages of the above Institution, held on Monday evening last—although it has come to be regarded almost as a mailer of form—yet is, we think, of sufficient importance to merit at least a passing remark. One reason, which the ltepurt suggests, would be sufficient iv itself lo justify this, and thnt is the fact, as yet without any parellel in the history of public institutions iv Wellington, that it has gone on prosperous for twolvu years nud is still health) and vigorous; still watch ed over by those who assisted in its formation. The rules, which beur dale May 18-16, are in the haudwriting of the gentleman who presided over ihe meeting of Monday evening, and at least five other of the officers of the Bank have been connected with it from the commencement of its operations.

From the questions put by the chairman at the meeting, it appeared tl-rnt the amount ot deposits had steadily advanced for about the first nine years, then for two years it decreased, but during the last year bad slightly increased again. This variation was accounted for by acir.cumstuuce mentioned in the Report of 1858, that dnringihe two years immediately preceding that dale, a second Building Society had been commenced, whose receipts . exceeded £3,000 per annum, Utnd which also received sums on interest, ■ giving for deposits for six months six -per cent, 'interest, while tho Saving's (Bank only gives three per cciil. "'• It was ; further stated that an. expression, used also iv that Report, had been coniiitiled by another year's experience, namely, that the Saving's Bunk still offered facilities for small and .temporary deposits, aud thus assisted in the accutiHiluiiot* of sums which were afterwards more adviin-: tageously employed by thoir respective j owners. Another beneficial feature in I the Saving's Bank which was referred! to, is the use the Natives make of it.! Twenty-one Native accounts wore stated' to bo open, one of them for a sum of, nearly ,-E200; an amount that is under-j stood to be accumulating for the erection/ of a mill. ' '■' !

It is matter-for congratulation to tho: settlors of Wellington that while public! confidence in Savings' Banks in Englandand Ireland has been so grievously; shaken, during tho .last. • three or four, years, ihe Saving's Dank liera lias all ils deposits safely invested ; h»s paid all ils own expenses-; has added interest, however small, to ail the accounts that have been opened.; and has accumulated

a " rust," cr " building fund," of over j £000. The present urnouut of deposits ' also—£3l79 l'Js.—although it may seem small to those accustomed to the amounts deposited in the neighbouring colonies or the mother-country—is reully a large one for this community, in which if a man has but a single hundred pounds, he may find many ways uf profitable investment, or still more profitable use. Circumstances must greatly alter, and that 100 unfavourably, before any very large sum will be allowed to lie comparatively unproductive; and while between £4,000 and £5,000 per annum is being invested in real properly through the agency of the two Building Societies, we cannot regard it as other than a gratifying fact, that still an amount of upwants of £'J,OUO lies in the coffers ofthe ■ Stivirg's Bai-k

One point deserves to be kept in re-membi-ai-.ee. This Saving's Bank was created by and as the effect of a popular niovement, although seconded by the then Governor, Sir George Grey, and warmly .supported by Mr. McDonald the Mxnuge'r of ihe Union Bank. Its first funds were employed in buying up the Dehen fines which ihe previous Governor, Capt. Kiizroy, had issued, and which at ihat lime were the only public securities bearing interest existing in New Zealand. These eventually proved profitable lo the Bank by its being enabled to hold them until they were paid off, but iv tiie meantime the purchase of these debentures liberated considerable sums of money which previously were virtually locked up, tc the great inconvenience of many settlers and traders, Thus while the Saving's iJauk has been self-support-ing through al! its career, and has been fulfilling its legitimate functions by offering facilities ii'id encouragement to habils of prudence and economy, it ha's also by its indirect action tended to the good of the ciiminuiiiiy by whose effort a it was first called into being.