HOKITIKA SAVINGS BANK.

Hokitika Guardian, 30 May 1921, Page 4

HOKITIKA SAVINGS BANK.

At the meeting of the Trustees ol the Hokitika Savings Bank on Friday ofternoon, the Manager placed before the meeting the audited balance sheet for the year ended March S’st. last. The statement of the accounts reveals the local institution to be in quite a satisfactory and even still improving financial position. The net result of the year is a further increase in the balance of excess of assets over liabilities from £14,620 in 1920 to £15,582 in 1921. The year opened with a cash credit (apart from mortgage securities jitc.) of £31,460, and closed with £34,753. Ir addition on the assets side there are Government bonds and debentures to the value of £21,000 and £1.605 on County debentures. This amount iff available cash assets', is very satisfactory indeed. During the year tin substantial amount of £17,709 wetu paid off mortgages, as against less than £IO,OOO the previous year, showing the securities to be in a good liquid condition. The net reduction on mortgages ! for the year (allowing for advances', was from £48,255 to £44,682.

Nearly £40,000 wore lodged by depositors during the year. This is some £B.OOO less than the previous year when there was the benefit of the gratuities and other payments coming to soldiers and dependents. The number of depositors increased liowevei' from 1210 to 1255 accounts. Over £3,100 were paid to depositors in interest for the year, an advance on the previous period, while the gross sum nt the credit of the depositors at the end of the finan cial year, increased from £85,300 4 o £86,713. The withdrawals by depositors for the year were £41,119, as again;,' £43,749 in the previous period. Th.* only liability of the bank is the amount due the depositors and against the sum of £86,713 standing to the credit of the depositors, t"here are assets (made up chiefly of cash, bonds and investments on mortgage) to the value of £102,245. This gives a surplus of £15,532 as security in favor of tiedepositors, which is an assurance of sound financial strength. From the foregoing it will he seen that the Bank continues to be a vor\ popular institution locally. It serves a very useful purpose in 'ho district, and well deserves the confidence it en joys. The margin of cash, bonds .vd debentures available to meet the claim-' of the depositors is over sixty-live recent ,which is a highly liquid posili: v indeed. The management evidently lias been watchful in regard to its oper - tions, for the year’s accounts rev -p' quite a satisfactory finan-ml state . affai.rs. During the year the Bank trustees invested a, further sum of £3,000 in Government bonds and also £1,005 in local body debentures, whirl is a safe and useful way of lending assistance to both the country and the district. Evidently this old established hank enjoys a well deserved popularity and as a very popular local' institution of far reaching benefit to the thrift J' the community, it is to be hoped 0 will long remain in high esteem, ami continue its very useful service to the people patronising it.