POST OFFICE SAVINGS BANK

Hokitika Guardian, 3 November 1930, Page 2

POST OFFICE SAVINGS BANK

EXCESS OF WITHDRAW 7 ALS

WELLINGTON, Oct. 31. . The condition of the community is revealed somewhat strikingly by figures published in last nights Gazette of the Post Office Savings Bank deposits and withdrawals for the quarter anded September 30th. Tbe deposits for the quarter totalled £6,246,777, as compared with £7,326,245 for the corresponding three months of 1929, a decline of £1,079,468.

Withdrawals amounted to £7,335,569, as against £7,364,0V2 for the second quarter of the lb-29 financial year. The excess of withdrawals over deposits for the quarter just closed thus amounts to £1,088,792, as compared with £38,657 for the same period last year. The only centre in the Dominion which doen not show an excess of withdrawals over deposits for the last quarter is Greymouth, where there was an excess of deposits amounting to £IO,OBI. The excess of withdrawals in the four anain cities was as follows: £ Auckland 168,258 Wellington ... 71,470 Christchurch 125,352 Dunvdin 82,86$

' It is noteworthy that in some of the town centres of the big farming areas the excess of withdrawals over deposits was very high. The figures are-

Palmerston North 103,899 New Plymouth 98,167 Hamilton 85,546 Wanganui 71,342

Withdrawals for the whole of last year exceeded deposits by £1,014,739, and in 1928 by £859,560. For the two completed quarters of the current financial year, withdrawals are in excess of deposits by £2,197,331. It is (pointed out that the amount of money being placed on deposit in the Post Office iSavirigp Bank this year may have been affected by the sale si”oe last January of Government debentures at 5) per cent offering a more attractive rate of interest than is allowed on Savings Bank deposits.