SAVINGS BANK RETURNS

Dominion, Volume 14, Issue 253, 20 July 1921, Page 4

SAVINGS BANK RETURNS

AN EXCESS OF WITHDRAWALS. An excess of withdrawals over deposits is revealed by the Post Office Savings Bank returns for the month of June. This is attributed to the issue of bearer bonds bearing attractive rates of interest in various parts of the country, many depositors having withdrawn money from the Savings Bank in order to invest in these bonds.

The Postmaster-General (Hon. J. G. Coates) said yesterday that the returns for the month disclosed an excess of withdrawals over dejjosits of £85,600. “Tho districts more particularly affected by the recent issue of bearer bonds in connection with certain commercial, companies are those which show the greatest excess of withdrawals. 1* or example, in Auckland the excess of withdrawals amounted to £64,000 ; in Gisborne to over £10,000; and in Napier to £26,000. New Plymouth and "Wanganui, which are farming districts, show excesses of withdrawals amounting to £23,000 and £lO,OOO respectively. These excesses are probably due to tho same cause. Wellington, which may be regarded as cosmopolitan and probably contributing a certain sum to all the various ventures, shows n excess of withdrawals of £24,000. On the other hand, Christchurch where the bearer bond scheme originated, seems to have recovered, and shows an excess of deposits amounting to over £.3,000.