The Guardian (And Evening Star, with which is in corporated the West Coast Times.) TUESDAY, 13th MAY, 1924. A FLOURISHING INSTITUTION.

Hokitika Guardian, 13 May 1924, Page 2

The Guardian (And Evening Star, with which is in corporated the West Coast Times.) TUESDAY, 13th MAY, 1924. A FLOURISHING INSTITUTION.

Ovkk the week end the figuies for the annual balance sheet of the Hokitika Savings Bank were made available for the trustees, and an advance copy has been placed at the disposal of the press. The statement reveals the Bank to bo in a nourishing position, and enjoying the public confidence to a greater extent than heretofore, despite the belief. that times are quieter and there is less money in circulation. If the latter lie true then tho figures seem to say tlu»t- the volume of money in cir-

dilation is less because tin* jvople- or a considerable section of them ate more thrifty. This is so because the liiianciitl year just dosed is a record one so far as the money iVpiMlcd is (oiiccitied. The total at date is £88,219 as against £82.951 a year ago. Not only is there this ineroa.se of £3.208, hut the nunt'-cr of depositors have im-rei'ie <1 also from 1304 to 1 122. a gain <>i nearly 00 lor the year. The highest amount on deposit previously was during tin* war period when soldiers' money uas being deposited for sale keeping. On that occasion the total went to t'SO.OtX) Olid, but the year just closed, wliiiji was a purely normal year. i- over £2,00!) greater. While, on the subject of deposits it is interesting to note the solvency of the Bank, as although thole is a total amount of £8.8.219 slue to depositors, the cash readily available to meet this amount in the event ol any emergency, is £49.000. ••• greater than 10s in the 2. which is. of course, a strong, financial position. '1 lie credit balance over the year increased from £10,92 to £18.204. a gain of 21322 in profit, which is extremely satislaelmy indeed. During the year £8.090 va-n-paid on account of mortgages, and 28554 advanced on new mortgages. 3 Intot d amount the Bank has on lust mortgages ol freehold land is £m.048. During the year depositots lodged £39,402, and the amount repaid or withdrawn was 237.7-59. In addition to this increase in savings of £2.i03, there we,c 23504 added In tin* depositors m-<-oiiltts for accrued interest, so that the total gain by the thrift of the depositors was £0,207, or over £SOO |or month. Of the Bank’s investments, the 257,048 on mortgage returned over £0.2 )>cr cent, while the average return from the cash investments on fixed dr-po* its. war bonds etc., was £4.4 per cent. Those figures assuie liesafety margin in regard to the security for tin* motley of the depositors. Generally therefore, the figures disclose the pleasing position of the Bank, and being a local institution now for over fifty years, a good deal of ] leaxuro and pride ran he fell in the achievement, The hank has been very helpful to the district in many ways, assisting in regard to the public institutions. Whatever has been done in that direction has not impaired the stability of ibe Bank, and all connected with the institution have reason to lie highly satis, lied with the record it is placing to its credit year by year. Lately the adjoining premises have been acquired, the intention being to build a new hanking ehamlrer of permanent material. A two-storey building is proposed with suites of offices to lot, so that tho chamber will ho as useful as it is ornamental. This is a sign of material progress, anil tin* enterprise proposed will he a form ol pleasing advertisement of the Bank which will relied altogether to tlio future niivnntujje of tho iowtt :w»«I to those mo.st intimately as*oc*i«ti*(l with tho of tin* flouri.shiiijT local institution,