P.0.S.B. SAVINGS

Press, Volume CVI, Issue 31085, 14 June 1966, Page 8

P.0.S.B. SAVINGS

‘N.Z.’s Growth Helped’ The people of Christchurch were making a huge contribution to national development through their savings, the Chief Postmaster (Mr M. E. Wilson) said yesterday. Last year, he said, savings of the city and district with the Post Office Savings Bank amounted to £59 million. “This vast sum has enabled the Government to carry on extensive public works and housing projects and is an example of a co-operative scheme on a national basis.” he said. Mr Wilson saw every person with a Post Office savings account as a contributor to the development of the nation by financing big public undertakings including bridges, roads, schools, public buildings and housing. At the end of the last financial year, there were about 250,000 savings, thrift, school and investment accounts with an average deposit in each of about £2OO. Competition in the savings field from trading banks had not seriously affected the balances held in the Post Office Savings Bank. “It is pleasing from our point of view that we are holding our own and enjoying continued public confidence as the people’s bank,” he said. Interest added to all accounts last year totalled £1.5 million. Deposits and withdrawals each totalled about £37 million. Mr Wilson said the Post Office Savings Bank would continue to gain ground as the population of the city expanded.