STATE SAVINGS BANK.

Franklin Times, Volume 9, Issue 753, 4 August 1922, Page 6

STATE SAVINGS BANK.

RETURNS FOR LAST YEAR. WITHDRAWALS EXCEED DEPOSITS. The Savings' Bank returns are generally looked upon as a safe guide as to the prosperity of the country and ■the earning capacity of the poorer classes. The report, on the financial year 1921-22 shows that there was credited to depositors’ accounts an amount of £1,599,907 for interest, and the total amount at credit of depositors was increased during the period ■by £489,673. The total balance at the. credit of depositors on March 31, 1922 was £43,841.704. These results are an indication of the unabated confidence repose 1 ;! in the institution by the people of the Dominion. There were 23 new savings-bank offices -opened during the period and 11 closed, leaving a total of S3l offices open. New account 9 to the number of 89,859 were opened and 75,748 closed, leaving GTS,930 still in operation at the end of the year. This gives a. proportion of one account to every 1.93 of the population. The deposits reached a total of £29.125,997, and the withdrawals £30.236,231, The average deposit amounted to £23 14s Cd. and the average withdrawal to £27. while the average amount at credit of each depositor was £64 Ils 6d. If the total of credit were divided equally among the whole of the people the amount at credit of each person would he £33 7s 3d. The working expenses of the Savings Bank amounted to 6.13 d per transaction, which gives a cost per cent on the total amount at credit of depositors of ». 15d. The’ system of transfer of accounts between the Dominion and the United Kingdom respited in £77.290 being transferred to the United Kingdom and £56,581 to Xew Zealand. A similar arrangement with the Australian Savings Bank resulted in £161.786 being transferred to Australia and £126.423 to Xew Zealand. From April 1. 1920. the rate of interest on sums not exceeding £3OO at the cred’t of depositors was increased from 3:7 to 4 per cent, and on sums exceeding £3OO from 3 to 3. 1 , per cent. From January 1. 1921, the maximum amounts on which the respective rates .of interest are payable were raised from £3OO to £SOO and from £IOOO to £SOOO.