The Guardian And Evening Star, with which is incorporated the West Coast Times. WEDNESDAY, APRIL 20, 1927. GRATIFYING PROGRESS.

Hokitika Guardian, 20 April 1927, Page 2

The Guardian And Evening Star, with which is incorporated the West Coast Times. WEDNESDAY, APRIL 20, 1927. GRATIFYING PROGRESS.

Thu annual balance sheet of the Hokitika Savings Bank was made available for the Trustees at yesterday’s meeting. The statement revealed another year of gratifying progress. It bunking returns are a financial guage of the district, then the growth of thrift manifested through the local savings institution, shows that the barometer is still set fair, despite the complaints about dull times and the eroaltings in respect to falling prices. It is pleasing that the position is so, for it gives grounds for reasonable optimism as to the general future of the district. Weathering a period ol stringency with low prices, a restriction of the distribution of wages, to say nothing of the poverty of employment, it is altogether satisfactory that a local institution patronised by over 1600 people from a comparatively small total population, there is a net result which is altogether very gratifying. To turn to some of the figures of the balance sheet, we find that the net receipts are almost on a par with those of the previous year when produce prices were better and wages payments more regular. The net income for 1926 was £611,978 while for that of the year just closed was £63,049. Of the increase, a notable feature is that more borrowed money was repaid this year and less re-invested on mortgage, pointing to a very cheerful financial position. Mortgages were repaid to the amount of £12,188, as against £10.463 the previous year. Th e amount advanced on mortgage during the year was £16,42-3 as against £20.316 in the former yearly period. Not so much money was deposited by the people, by some £3,366 comparatively, but £4,663 less was taken out. Tn 1926. £42,196 was paid in by depositors. and last year £38.830. The repayments to depositors a year ago was £40,039 and last year the amount dropped to £36,486. These comparative figures are again a pleasing indication of the thrift and resources of the public operating. The interest earned on mortgages was greater than in the previous year, as was also the aggregate earning power of the Bank’s financial resources. The total income from interest this year was £6.617 as against £6.521 the previous period. The depositors, likewise, earned more interest. the amount credited to accounts being £4,40.3 as against £4.183 the previous year. The cash balances I total £28,487 for the year closed, as I against £25,836 for the former per-

iod, indicating the growing strength of 111 is financial organisation. There was an expenditure of £3,016 on the Bank premises which, wo take it. practically covers the cost of the fine new permanent chambers in which the institution is now quartered. The building is a credit to the Bank and the town, and affords a pattern for similar institutions when being rebuilt in Hokitika. Apropos of buildings, it is noted in the balance sheet that f” is written off tho profit and loss account this year for the old wooden promises supplanted bv the now brick edifice. Last year the Bank’s funds passed tho one hundred thousand pound sterling mark with a total of 1591 depositors. For the year joclosed. the funds ami depositors again move forward, the 10-13 clients of the Bank possessing £108,235. This is an average of £66 per depositor, n fact which indicates the genuine thrifty nature of the institution. The depositors increased by 52 for the year, and the funds by £7.756. This steady progress of the Bank inusL he a great, .source of satisfaction nil round. I! indicates that the institution has been built up on a sure foundation. Well and truly laid by the originators of the Hokitika. Savings Bank. Apparently It ic same wise judgment in management is being continued. We notice there is a liberal writing off agaiiisl loss on mortgages or probable loss, but notwithstanding, the balance to credit of profit- a lid loss goes up by £1,265 and now stands til {.'19.875 of accumulated hinds this net withstanding the past liberality of tho Trustees in helping deserving local institutions to which the law permits assistance if! lie given. As essentially a local institution it is indeed gratifying to report Ike steady progress and to congratulate those associated with the management oil the uniform success. Tn particular, Mr Wilson, the manager, who is about to take a wellearned holiday, deserves special mention for being able by capable am' careful management, to produce such a healthy balance sheet and statement of accounts as it was possible for him to put before the Trustees yesterday.