POST OFFICE PROFIT £1m
(New Zealand Press Association) WELLINGTON, June 14. The Post Office last year made a net profit of more than £1 million and its revenue is rising faster than its expenditure.
The Controller and AuditorGeneral (Mr B. D. R. Greig) in his report tabled in Parliament today said that in 196566 postal revenue rose by £1,951,058 to £13,075,400, and telecommunications revenue by £2,605,832 to £30,273,796 a total of £43,480,930. The effect of the increase from October 1, 1954, in postages and telephone rentals was reflected in the higher revenue from those sources for the first full year’s operations.
Expenditure, which Included provision of £4,409,380 for depreciation and insurance, was £42,444,852 £4,151,955 greater than the previous year.
Increases in salaries and wages of £3.3 million and in cost of carriage of mails, £360,000, accounted for a large proportion of the increased expenditure. Net profit of £1,036,078 was £408,750 higher than in 196465. For the Post Office Savings Bank, a higher yield of £414,620 from investments—making a total of £16,228,282 interest received—resulted in a revenue surplus for the year of £642,847. Management expenses at £2,572,306 were £90,234 higher. Depositors’ balances at March 31 were £435,686,084. Interest credits during the year were £13,024,452. The number of accounts increased by 27,834 to 2,580,111. Excluding national savings, accounts, there was an excess of withdrawals over deposits of £422,757. The comparable figure for 1964-65 was an excess of deposits of £8,039,838.
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Press, Volume CVI, Issue 31086, 15 June 1966, Page 3
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238POST OFFICE PROFIT £1m Press, Volume CVI, Issue 31086, 15 June 1966, Page 3
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