SAVINGS BANK.

Waikato Times, Volume 108, Issue 18166, 3 November 1930, Page 2

SAVINGS BANK.

THE LATEST RETURNS. EXCESS OF WITHDRAWALS. WELLINGTON, Saturday. During the quarter ended September 30, the deposits in the Post Office Savings Bank totalled £6,246,777, compared with £7,326,245 for the corresponding three months of 1929, a decrease of £1,079,468. The withdrawals amounted to £7,335,569, ,as against £7,364,902 for the second quarter of the 1929 financial year. The excess of withdrawals thus amounted to £1,088,792, as compared with £38,657 for the same period last year. The only centre in the Dominion which does not show an excess of withdrawals over deposits for the last quarter is Greymouth, where there vyas an excess of deposits amounting to £IO,OBI. The excess of withdrawals in the four main cities' was as follows: —Auckland, £168,258; Wellington, £71,470; Christchurch, £125,352; Dunedin, £82,863.

It is noteworthy that in some of the town centres of the large farming areas, the excess of withdrawals over deposits was very high. Some of the figures are:—Palmerston North, £103,899; New Plymouth, £98,167; Hamilton, £85,546; Wanganui, £71,342. The withdrawals for the whole of last year exceeded the deposits by £1,014,739. In 1928 the figure was £859,560. For the two completed quarters of the current financial year, the withdrawals are in excess of the deposits by £2,197,331. It is pointed out that the amount of money placed on deposit in the Post Office Savings Bank this year may have been affected by the sale sipce last January of Government debentures at 5* per cent., which offer a more attractive rate of interest than is allowed on savings hank deposits.