PEOPLE’S SAVINGS

Gisborne Herald, Volume LXVI, Issue 20101, 22 November 1939, Page 8

PEOPLE’S SAVINGS

HEAVY WITHDRAWALS EXCESS OVER DEPOSITS ] 3TH SUCCESSIVE MONTH For 13 successive months since ■September, 1938, withdrawals from the Post Office Savings Bank have exceeded deposits, and the total excess of withdrawals over deposits during that period is £9,149,144. Deposits declined sharply during September, the last month for which figures are available, while withdrawals increased substantially, states the Abstract of Statistics. Deposits amounted to £1,891.625 and withdrawals to £3,025,477, leaving an excess of withdrawals of £1,133,852 for the month. At the end of the financial year on March 31 there was an excess of withdrawals of £4,163,418, which was the first time since 1933 that withdrawals exceeded deposits, while the amount of the excess has only once been higher in the past 11 years. During the first six months of the current financial year, however, the excess of withdrawals already has reached £4,183.295, .or more than that for the last complete financial year. A similar trend is shown in figures for trustee savings banks. The position after the first six months of the past five financial years in both Post Office and trustee savings banks compares as follows: — Post Office Trustee Excess Deposits Excess Deposits

tExcess of withdrawals. It will be seen that the movement is identical in both cases. After steady improvement, the peak of excess deposits during the period was reached in the 1937-38 year. There was a setback in the following year, while the severe reaction in the current year is most marked.

6 months £ £ 1935-36 .. 1,458,574 111,269 1936-37 .. 1,757,964 201,088 1937-38 .. 2,823,093 318,478 1938-39 .. 672,157 230,832 1939-40 .. 4,183,2951 365,7191