Savings Bank Returns.

New Zealand Tablet, Volume XXX, Issue 28, 10 July 1902, Page 18

Savings Bank Returns.

If the industrial malcontents who condemned Mr Seddon 1 glowing pictures of New Zealand's prosperity had studied the returns of the Post Office Savings Bank they might have been less vociferous in their denuaciation. The Post Office Savings Bank is the barometer of the Colony's industrial condition. Though it is extensively used by numbers who are in a small way of businees, and who require to make periodical payments, it is the resort of great numbers of persons of small means, who are saving their earnings. Though it is somewhat difficult to reconcile this fact with the magnitude of the average deposit, which for last year was £12 2s 2d, yet the small average amount to credit (£29 17s 10J) confirms it. It is also a satisfactory indication of prosperity to note that while 35,018 accounts were closed during the year, 50,046 were opened. The total amount to the credit of depositors lis £6,350,013 which includes interest accrued during the year to the amount of £159,108. The bank is managed with a startling degree of economy for the reason that postmasters perform the duties without any charge for their services. Hence it comes about that the cost of turning over the large sum of £4,230,193, which was the amount paid out during the year, and £1,611,456, which was the sum paid in, was only £11,500, or 4 - 39 d per transaction. As indicating the fluidity of the accounts it will be noted that while at the end of the year there remained £6,350,013 to the credit of depositors, the amount paid out was £4230,19 5, which proves that almost the entire savings are turned over in a yeir. No doubt the Post Office bank has benefited to some extent by the charge recently instituted by the commercial banks for keeping their customers' accounts, but for the Baying class of persons with limited means the former will always be a favorite medium because it allows interest on current balances. It may bo added that the command of upwards of six millions of money at a low rate of interest is an appreciable advantage to the Colony. The Post Office Savings Bank, and the nature of the business done by it, are features in which New Zealanders must be congratulated.