The Guardian And Evening Star, with which is incorporated the West Coast Times. THURSDAY, MARCH 17, 1927. PROGRESSING WITH THE TIMES.

Hokitika Guardian, 17 March 1927, Page 2

The Guardian And Evening Star, with which is incorporated the West Coast Times. THURSDAY, MARCH 17, 1927. PROGRESSING WITH THE TIMES.

At the function at the Hokitika Savings Bank this week when the Board of Trustees took up their quarters for the first time in the new banking chambers recently erected in. Hamilton St., the President (Hon H. 1.. Michel) spoke very interestingly of the. early history of the Bank. When it was ’. I established something like 61 years ago, it began a work which lias been carried on very successfully fnrough the years. Its object was to assist the thrifty,, and Ivy its name to encourage the people to use their savings to the best advantage. The people showed their confidence in the institution by depositing their money, till to-day, starting from zero over sixty years ago, the depositors have over one hundred thousand pounds to their credit. In order to pay the depositors the. interest on the money so deposited, additional money required had to be earned. Tt was in this task that the Trustees have done such good work. The Bank is a lending institution and as such has to loan its money carefully. When the Bank first commenced here the initial loan issued carried in less than twenty per cent, interest. There was nothing amiss with the security to demand such large interest, but. the instance gives some idea of the value of money over sixty years

! ;,go. At the same time, the Rank of | New Zealand was paying the Savings I Rank six and a half percent, on money I lodged with it at that period. Alat- ! tors have changed very greatly since those days and the Savings Rank by careful maaagpment lias .progressed with the times. Naturally in connection with such it class of business a ’treat deal denemls upon the executive ability with which such an institution is conducted. I lie Rank lias been very fortunate with its managers on whom so much responsible detail lulls. Alan.y of the oresent generation "ill rcall some of the earlier managers of the Rank, and in particular Mr Archibald Scott, who was Air Duncan’s predecessor. .Mr Duncan, however, was more familiarly known to tho people, ami the Hank was a > doubt fortunate in securing his services—for he brought with him in noli general hanking experioiKC and an intimate knowledge ol the people and district. A hanking business is necessarily a personal one. There lias to he intimacy and knowledge on ho Ili sides. Air Duncan j lined the Rank. too. at a critical period, in tile history of the Cons!. After the “rush” days came the slump and a general set hack, and there was a period of stringency which had its concerns for all classes of hanking. The tightness of the money market, and the depression in trade, naturally affected hanking in particular, and it was not surprising that those connected with the Hokitika Savings Rank had a period of anxiety. Hut consistent good management had its ultimate effect, and it is due to those associated with the Rank in those days, and Air Duncan in particular, to appreciate that was accomplished in the face of difficult- times. Since the passing of that period the time which marked the transition of trade and industry in Westland, from goldniining to farming and other pursuits, the Hokitika Savings Bank has progressed steadily with the- times. With the passing of Afr Duncan, Afr AY. Wilson (tiro present Alnnnger) took charge, and lie had an excellent example before him. There had been an atmosphere created about the institution and Afr Wilson did not disturb it. The same careful and attentive application to the business of the Rank continued to hear fruit. I ill to-day, ns Afr Afichel remarked on Tuesday, the institution was in a splendid financial position and able to treat its customers liberally. The solvency of the Rank is disclosed by the cash supplies in hand over and above the amount of the deposits. There is again every reason to lie proud of the focal institution and to appreciate the good work done in connection with the Hokitika Savings Rank.