THRIFT AND THE COMMUNITY

Evening Star, Issue 23370, 13 September 1939, Page 3

THRIFT AND THE COMMUNITY

DUNEDIN SAVINGS BANK SEVENTY-FIVE YEARS OF PROGRESS JUBILEE SOCIAL GATHERING Seventy-five years ago last night a Mr William M'Lellaud, by depositing the sum of £1 at the Dunedin Savings IBank, opened the institution’s business ; to-day, money at credit of depositors amounts to over £2,500,000. That wide expansion and the growing importance of the bank in civic life was stressed by speakers at a jubilee social in the Tudor Hail of the Savoy last night, when a large gathering, representative of all sections of the community, celebrated the anniversary, Tho president, Mr-D. C. Cameron, who occupied the chair, welcomed the guests, among whom were numerous descendants of early trustees and officials. “ The fostering of thrift is tho first aim of the savings banks,” said tho Chairman. Daniel Defoe, in 1869, had conceived tho idea of savings banks m England, but these institutions received deposits only and allowed no withdrawals but paid pensions when the contributor reached a mature age. After tracing the growth of the movement, the Chairman elaborated the functions of a savings bank. “It is its duty ,to act as custodian of the funds of ambitious citizens who are minded to achieve prosperity and financial independence. Savings banks operate on a large scale and have facilities for helping individuals which are not open to the individuals themselves. But it should be remembered that in all of their investment transactions security is of first importance and profits secondary. They are organised for the purpose of fostering in communities- thrift, which is the cornerstone -of national prosperity. Thrift alone can make and keep a nation resourcefully financially; independent and prosperous,” said the Chairman. “ What the school is to the intellectual welfare, the church to the spiritual welfare, the hospital to the physical welfare of the community, tlie savings bank is to the economic welfare.” PRACTICE OF THRIFT. “ New Zealand is a glorious example of the practice of thrift,” said Cr W. B. Taverner, who represented the city in the absence of the mayor (Mr A. H. Allen). The Dominion was not yet 100 years old, but blessed, as it was with great material resources, as the result of a rapid and substantial development, it would compare favourably with any other young country so far as thrift institutions were concerned. The speaker wished the bank every success, and gave a short message from the mayor, which stressed the value of the institution to city» Tributes to the Dunedin bank were paid by Mr W T . A. Ott, president of the Associated Savings Banks of New Zealand. Thrift, ho thought, was inculcated in the people of the Dominion, as was evident by figures relating to the fine savings banks operating in this country. Deposits at present amounted to approximately £13,800,000; total funds were £15,000,000; while the average amount to credit of each deposit in all the savings banks was £sl. Short addresses were given by Mr J. H. F. Hamel (deputy-president), Mr J. J. Marlow, Mr James Quaile (former manager), and Mr A. Thomas (manager), while Mr J. W. Dove (a trustee) proposed a vote of thanks._ Entertainment was provided during the evening by Miss Gwenda Burt, Messrs J. T. Leech, A. Gorrie, and W. Hilliker (songs), Mr R. Wilson Brown (humorous item), and Messrs A. Pettitt, A. Blythe, and Miss Thelma Lupp (instrumental trio).