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Hokitika Guardian, 22 June 1928, Page 2

The annual balance sheet of the Hokitika Savings Bank for the year ended March 31st. reveals a year of useful service as a depository for the thrift of the people. There are now some 1773 depositors who have accumulated deposits to a capital total of £111,793. The fact thnt the savings have well passed the one hundred thousand mark is a tribute to the solvency of the district. The assets of the Bank are substantially in advance of the deposits, and mere is n book surplus of over £20,000. A large proportion of the assets represent very liquid securities, so that the financial stability of the institution is very fully satisfactory. The management exercised is of evident care, and it is noticeable that there has been a writing down of mortgage securities to assure full value in the estimated surplus. The value of thrifty savings per medium of such an institution is evidenced by the fact that not only is the money deposited saved for the future use of the depositor, but while remaining at credit a total of ■£4,SSO was earned in interest, which passed to the credit of depositors, thus enhancing their thrift very considerably. The savings of the peoplp afc a

time when finance is stringent and employment difficult, is a creditable result in all the circumstances, and speaks well for tho stability of the district. The lending value of the institution is another aspect of the Bank. Its ability to lend on freehold security must be of service to clients, and in that respect the Bank has been of assistance in building up the fortunes or the district. The money is not dear—it is governed generally by the market—and advances are made with a margin on estimates to give security. In some centres to further the uso of Savings Banks, thrift clubs and deposits in school banks are encouraged. In Auckland, for instance a large annual saving is made by numerous people of small means. The savings aw an insurance against adverse times, and thrift in that direction is a useful disposition on the part of young and old alike. The local institution out of its profits has been helpful in various directions. Its assistance to the local hospital in regard to the building programme lias been outstanding and thus affords a community value of special merit. The Hokitika Savings Bank is doing its work very satisfactorily, and its healthy balance sheet for the past year confirms that view.