INCREASED INCOME

Evening Post, Volume CIX, Issue 100, 30 April 1930, Page 16

INCREASED INCOME

DUNEDIN SAVINGS BANK

PUBLIC BENEFACTIONS

(By Telegraph.) (Special to "The Evening Post.") DUNEDIN, This Day. The annual meting of the Dimedin Savings Bank was held ycstoiday. Mr. G. L. Dennistou was ie-elected president, and Mr. K. A. Roscvcar was re- , elected, vice-president. Tho balance-sheet for the year ended 31st March disclosed another year of steady progress, not only at the main office in Bowling street, but also at the j branches in South Dunedin and North Dunedin. The amount deposited during (he year was £1,013,295, and the amount withdiawn was £929,592. The amount standing to the credit of depositors at the close of the year was £1,900,591. The deposit account was augmented by tho addition of £83,50{>, which rep.ror scnts the interest due to depositors for the twelvo months. There has been a substantial increase in the number of depositors during the last few years, as is shown by the following figures:—l9!!s, £10,716; 1920, £13,945; 1927, £17,207; 1925, £19,348; 1929, £19,548; 1930, £25,277. Tho balance to the credit of depositors on 31st March, 1929, was £1,733,----385, whereas for the year just ended it was £1,900,394. The bank's income account shows a substantial increase for the year under review, the total reached being £109,750. The trustees had taken eve/y precaution to see that the moneys are invested through suitable channels, and although the prices ruling in the rural districts have not been exceptionally good the bank's interest from farming securities has been well maintained. Every effort has been* made throughout the year to meet local requirements in the way of mortgages, and there is plenty of evidence to show that the institution is fulfilling a really useful function for small borrowers. Tho trustees have made what they consider to bo ample provision for the future, and at the same time they have decided to dispose according to law of a certain portion of the pioiits for the year just closed. Tho list of benefactions is as follows: | Cancer research, £1500; Chair of Obstetrics, £1000; Plunket Society, '£750; Dunedin Fice Kindergarten, £400; Dunodin Museum Extension _ Fund, £250; Dunedin Citizens' Day Nursery, £200; Young AVorncn's Christian Association, £200; Returned Soldieis' Association (Poppy Day Fund), £200; Biitish and Foreign Sailors' Society, £50. Total, £4550. * Tho depositors have received interest ,at the rate of 4$ per cent., and that rate lis likely to be maintained.