THE AUCKLAND SAVINGS BANK

Auckland Star, Volume XXXVI, Issue 30, 4 February 1905, Page 4

THE AUCKLAND SAVINGS BANK

The Auckland Savings Bank continues to retain its position in popular favour. From the annual accounts, which are . published in another part of to-day's isj sue, it appears that the number of de- • positors increased 1984 over the previous year, the largest amount of growth ret corded in the history of the institution. On the 31st of December there were no fewer than 33,713 depositors at this bank havinf to their credit £$02,765. In keep

ing with the experience of other savings j banks throughout Australasia, the aggregate amount of. withdrawals during ISO 4 was exceptionally large. The de- ' posits at the Auckland Savings Bank exceeded the withdrawals by £2000, but in j many of the Australian banks the with- j drawala exceeded the deposits. This is not necessarily an unhealthy sign. In the case of New Zealand, it indicates ■ more remunerative investment for money outside. The large number , of loans placed on the market by the General Government and local bodies at rates of interest higher than those offered by savings banks, and the more numerous outlets for money on mortgage, have tended to reduce the average amount standing to the credit of depositors in savings banks: but it is satisfactory to know that the number of those who are able to save | is steadily growing. _ : The penny bank connected with the ; Auckland Savings Bank does a good work by encouraging thrift. On the 31st of December there were 10.742 accounts open at this branch, with a total of £9090, or less than a pound per account j to credit. This cannot, of course, be a profitable business for the bank, but it is of service to the community, and the trustees should be commended for their efforts to inculcate prudent habits among the juvenile population. The financial position of the bank is a very strong one. Its funds, as will be seen from the balance-sheet, are safely invested in first-class mortgages and public securities. It paid more than £26,000 in interest to its depositors during the year, and after making provision for all liabilities has a surplus profit of £74,867. We heartily congratulate the manager, Mr R. Cameron, and ilr S. G. Rountree, the accountant, upoji these very gratifying results.