IMPROVEMENT SHOWN.

Waikato Times, Volume 114, Issue 19124, 8 December 1933, Page 5

IMPROVEMENT SHOWN.

POST AND TELEGRAPH. deposits in excess again. SAVINGS BANK RETURNS. (By Telegraph.— Press Association.) WELLINGTON. Thursday. Figures relating to the business of the Post and Telegraph Department were given by the Postmaster-Gen-eral, the Hon. A. Hamilton, in moving the'second reading of the Post and Telegraph Amendment Bill in the Rouse this evening. Mr Hamilton said the reason for. introducing the clauses relating to the Savings Bank was to permit of more modern methods of dealing with the business of that branch.. At present the working of the Savings Bank was restricted by the Act so that modern savings bank methods could not be adopted. The Minister said in 1923 a proper balance-sheet had been inaugurated in the department. Since then the results had been as f0110w5192425, loss of £55,242; 1925-26, loss of £6622' 1926-27, profit of £15,281; 1927-28 profit of £26,968; 1928-29, profit of £35,942; 1929-30, profit of £16,695; 1930-31, profit of £11,616; 1931- profit of £395,308, and £941,000 paid to Consolidated Fund; 1932- profit of £36,878, and £456,000 paid to Consolidated Fund. The Minister explained that these figures excluded Savings Bank profits. Assets More Permanent. The portion of profits paid to the Consolidated Fund had been piovlded by reducing the amount set ■aside for depreciation. The experience since the balance-sheet system had been started Indicated that assets were more permanent than then estimated. . It had been possible by improved methods to curtail the value of- stocks and material held in the department. The values were: 1924-25, £943,427; 1926-27, £654,682; 1932-33. £453,337. The department’s assets at March 31 had been over £14,000,000. The sum of £552,225 had been paid as interest on loans used for all capital expenditure. This represented payment at the rate of £4 7s 6d pei cent. The depreciation reserve was n0w' £3.305,502, and of this £1,805,512 had already been expended • in assets erected leaving £1,500,000 as liouid reserve. “Seeing-, that our capital investment is £14,000,000, •the amount in reserve is not excessive,” said the Minister. Continuing, Mr Hamilton said the staff of the department at March 31 was 8496 (excluding non-permanent postmasters and telephonists, numbering 1753), a decrease of 208 for the year. „ . The total cash value ‘Of the transactions of the department for the year ending March 31 had been £io3,000,000. For the years 1929, 1930 and 1931 the total cash value of transactions had been over £200,000,000. Marked Increase In Revenue. The Minister quoted the following figures regarding ’the movements of money in the Post Office. Savings Bank since April T, 1931: Excess of withdrawals over deposits for nine months ending December 31, 1931, £4,720.300; excess of withdrawals over deposits for the calendar year, 1932, £3,706,14.5. In 1933 the position had ■changed materially for the better, and In January there had been an excess of deposits over withdrawals amounting to £33,411, while for the last seven months, ending November 30, the excess of deposits over withdrawals had amounted to £1,031,761. "It would be safe to say,” added the Minister, “that the Post Office Savings Bank deposits will be increased this year by over £2,000,000.” The Minister said there had been a marked Increase In the revenue of the department durins October this year in all main branches. The revenue in that mopth had been (the revenue for October last year being shown in parentheses) :—Postal, £93,505 (£91,294); tolls, £33,404 (£31,998); telegraph, £21,689 (£21,379); telephone exchange subscriptions £111,07-1 (£105,916). For some months now the number of telephone subscribers had been steadily increasing. In connection with the reletting of mail services In the North Island, now being arranged, the saving was approximately 15 per cent. In those cases -in which a settlement had been effected. The Leader of the Opposition, Mr M. J. Savage, said It seemed- from one clause of the bill that the Minister was eliminating the necessity provided by the main Act for the accounts of the Post Office to be presented to Parliament. Mr W. A. Veitch (Independent— Wanganui) advocated the use of cheques In connection w-ith the Post Ofileo Savings Banks. The bill was read a second time.