P.O. SAVINGS BANK

Dominion, Volume 10, Issue 3171, 23 August 1917, Page 4

P.O. SAVINGS BANK

"' THE YEAR'S BUSINESS. The business of the Post Office Savings Bank again shows a remarkable il.crease in the excess of deposits over withdrawals (states tho annual report cf .the Tost and Telegraph Department for the >ear 1916-1917). It amounted to no less than. £1,618,983; and. in addition to this, there was credited to depositors' accounts an amount of .£817,856 for interest. Thus the total amount at credit of depositors waß increased during tho year by iio Ris than £3,msU. The total balance at credit of depositors on December 31, 191 C. was ,£25,603,209. These results are r.n indication of the unabated confidence reposed in the institution by the people of the Dominion. . . There were 11 now Savings Bank offices opened during the year and 12 closed, leaving a total of 766 offices at which savings may be deposited' and withdrawals made. , The new accounts opened numbered 84.833 and 55,846 were closed, leaving 538,072 still in operation at the end ot the vear. This gives a proportion cf one account in every 2,13 of the population The total transactions show a material increase. The deposits reached a total of jE15.57G.W8 and tho withdrawals £12,957 The average deposit amounted to !il3 18s. 7d., and the average withdrawal to XlB lGs. 2d., while the average amount at credit of each depositor was M 7 Us 7d. If tho total at credit bp divided equally between tho entire population it would amount to .£22 ss. 3d. per The working expenses of the Savings Bank amounted to 4.25 d. per.transaction, which gives a cost per cent, on the total amount at credit of depositors of 0.13 per JCIOO. '