Hokitika Guardian & Evening Star THURSDAY. MAY 31. 1917 A PROSPERING INSTITUTION.

Hokitika Guardian, 31 May 1917, Page 2

Hokitika Guardian & Evening Star THURSDAY. MAY 31. 1917 A PROSPERING INSTITUTION.

The years going by continue to teveal the stability of the Hokitika Savings Bank, a prospering institution of tbe town, of whioh the citizens might well be proud. Established to promote thrift its object ia being well attained, as the swelling figures continue to staadily demonstrate. The latest balanoe sheet discloses that daring the year the number of aeoonnts have increased by 42, tbe depositors now totalling 1075. These fortunates have £67,338 to their credit, whioh is an average of £62 12/6, demonstrating the thrifty character of the investments. Daring the year £29,315 was deposited and £25,953 withdrawn, a net increase of £3,882, which is substantial in spite of withdrawals which, it is well known, took place when the Government were offering war bonds and certificates for investment. The bank’s fnnds earned

£6,653 in interest, and that credited in interest to depositors totalled £2376, bo that a profit of £427? was made on the interest amount. The accnmnlated funds thns gained were £7659, while £4,833 was the exaess amount of money lent over mortgages repaid. A donation to war funds of £lO5 and the moderate working expenses of £455, brought the total excess to £5,394, thns showing a surplus for the year represented by the increased cash credit balance at £2,265. In regard to the working expenses it is interesting to note that they stand at about 13/4 per cent of the receipts, whioh is indicative of the economical administration of the institution. A reference has been made tb the war fund donation. It should be noted also that the Bank was one of the first of the public institutions to appear in the list of contributors' to the war loan, when it took, up £IO,OOO in war bonds, a very practical invest, msnt for the good of the community. For the two years of the war the Bank has thus invested £15,000 in Government debentures and bonds to assist the State. The buoyancy of the fnndn have permitted this, for the deposits continue to mount up surprisingly in the light of passing events. Notwithstanding eo many restrictions in living the deposits continue to increase rapidly and dnriDg the past year increased from £61,579

to £67,338, an increase of £5,759 which is indicative of the general stability of the district, and a very comforting fact it ia. The bank is continuing its system of strong finance by having fnnds at ready call m good liquid securities, bank deposits spread over the three local trading institutions. The money advanced on mortgages during the year shows a willingness to extend business as sound investment offers, and no doubt this branch of the working of the local institution has been of great, benefit to the community at large. The Savings Bank has been a developing agency of potency and has assisted many to carry throngh undertakings whioh have provdd valuable for the advancement and permanency of the settlement of the distriot. The evidences of financial success and stability about the local bank disclose the measure of good management. It certainly has bean economical as the cost of handling the turn over proves, and its soundness is indicated by the figures disclosed by the prosperous reading balance sheet we are referring to to-day. The bank is now past its jubilee year, and it certainly has lived wisely and well, and is altogether an institution of credit and renown to the district, the steady advancement of whioh it refleots so satisfactorily.